HDFC Bank Revises Interest Rates After SBI
After SBI now HDFC Bank the largest private sector lender has increased its interest rates for multiple tenures. The interest rates are increased for the fixed deposits of less than 2 crores by 5-10 BPS.
According to the bank’s official website, it has increased the interest rates of FDs, for the tenure of 1 year by 10 basis points to 5 per cent from 4.9 per cent. And for the tenure of 3-5 years, FD rates are increased by 5 basis points to 5.45 per cent from the previous rates of 5.40 per cent.
Further, the website states that the bank will continue to provide the additional 25 basis points to senior citizens. But their FD amount should be less than Rs.5 Crore and the tenure amount should not be less than 5 years. The existing premium that the bank is already providing is 50 basis points and this special offer will be given in addition to it. But there are two conditions, first, it is applicable for only new renewals and NRIs cannot avail of the benefits.
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In addition to their new announcement website states that “Interest rates are subject to change from time to time. Applicable interest rates will be given as on the date/time of receipt of the funds by the bank”. Bank applies all the revised rates according to the tenor bucket which denotes the term period of FDs and according to a sheet on the website 1 year, 1 day to 2 years denotes one tenor bucket.
Previously in December 2021 bank had already increased the interest rates by 10 basis points for various tenure plans. As per these changes bank reports that it has seen a rise of 18.1 per cent in its standalone earnings in Q3 with the amount of Rs.10,342.20 crore.
