HDFC has increased the interest rate on fixed by up to 75 basis points. The higher interest rate only becomes effective on December 14. The minimum interest rate on FDs under Rs 2 crore has been lowered to 3%, and the maximum interest rate has been raised to 7%, according to the information on the bank's website. For elderly persons, the least interest rate is 3.50 percent, while the highest interest rate is 7.75 percent.
New interest rate on Term Deposits of fewer than 2 crores.
The new interest rate for term deposits of less than 2 crores has been set at 3% for 7-14 days, 3% for 15-29 days, and 3.5% for 30-45 days, according to information available on the bank's website. The interest rate on FDs between 46 days and 6 months has increased to 4.50%. The interest rate for FDs, ranging from 6 days to 9 months, has increased to 5.75 percent.
The maximum interest of 7 percent.
The interest rate on FDs, ranging from 9 months and one day less than a year, has increased to 6%. The interest rate on term deposits with terms of one year or less than fifteen months has increased to 6.50 percent. FDs ranging from 15 months to 10 years will have an interest rate of 7 percent.
Senior citizens will get interested up to 7.75 percent.
Seniors will receive an interest rate of at least 3.50 percent. For FDs with terms ranging from 5 years and a day to 10 years, the interest rate is 7.75 percent. In comparison to the ordinary citizen, this is 75 basis points greater. However, this comes with an additional 25 basis point benefit. On May 18, 2020, HDFC Bank launched a scheme that would last through March 31, 2023. By this scheme, older folks will receive an additional 25 basis point advantage on interest on fixed deposits under 5 crores for terms ranging from 5 years and 1 day to 10 years. This will be in addition to the 50 basis point senior citizen premium.
SBI has increased interest on fixed deposits.
SBI decided to raise the interest rate on FDs on December 13. The State Bank of India currently offers at least 3% and 6.75% incentives on fixed deposits under INR 2 crore. Senior folks will receive a 50 basis point reduction in interest rates on their own. Under the SBI Wecare scheme, an additional 50 basis point benefit will be in interest. The HDFC offers senior citizens interest rates starting at 3 percent and going up to 7.75 percent.