 "HDFC Bank hikes FD rates; see latest rates for ICICI, Kotak, & other banks")
HDFC Bank has brought some cheer to its customers by revising its fixed deposit (FD) interest rates. Starting from July 24, the bank has increased rates for specific tenors, providing better returns on savings.
For deposits below Rs 3 crore, the bank has increased the interest rates by 20 basis points for tenors of 35 months and 55 months. Now, the rates are 7.35% and 7.40%, respectively. The highest rate on offer is 7.40% for deposits maturing in 4 years 7 months to 55 months.
Senior citizens have a special benefit of an additional 0.50% interest rate for a limited period, bringing the maximum rate to 7.90% for them. For deposits maturing between one year and less than 15 months, the rates are 7.10% for senior citizens and 6.60% for regular customers.
"The rate is not a predominant determinant or driver for us to have an engagement. We don’t get into rate competition; we are priced fairly with our peers. And this is not something that we want to use to gather more deposits,” a senior executive from HDFC Bank told Business Standard.
Here's a quick look at the new HDFC Bank FD rates:
7-14 days: 3% (regular), 3.50% (senior citizens)
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30-45 days: 3.50% for regular customers and 4% for senior citizens.
61-89 days: 4.50% for regular customers and 5% for senior citizens.
6 months 1 day to 9 months: 5.75% for regular customers and 6.25% for senior citizens.
9 months 1 day to less than 1 year: 6% for regular customers and 6.50% for senior citizens.
1 year to less than 15 months: 6.60% for regular customers and 7.10% for senior citizens.
15 months to less than 18 months: 7.10% for regular customers and 7.60% for senior citizens.
18 months to less than 21 months: 7.25% for regular customers and 7.75% for senior citizens.
2 years 11 months to 35 months: 7.35% for regular customers and 7.85% for senior citizens.
3 years 1 day to less than 4 years 7 months: 7% for regular customers and 7.50% for senior citizens.
4 years 7 months to 55 months: 7.40% for regular customers and 7.90%
5 years 1 day to 10 years: 7% for regular customers and 7.50% for senior citizens.
How does HDFC Bank compare with private sector banks?
In the private sector, other banks also offer attractive rates. For instance:
Bandhan Bank offers up to 7.85% for a 1-year tenure.
City Union Bank provides 7.25% for 400 days.
CSB Bank has a 7.75% rate for 401 days.
DBS Bank offers 7.50% for a tenure of 376 to 540 days.
DCB Bank tops the list with 8.05% for 19 to 20 months.
Take a look at the all fixed deposit rates offered by private banks, as on July 24, 2024 (Source: Paisa Bazaar):
1. Bandhan Bank
Highest slab: 7.85% for 1 year
1-year tenure: 7.85%
3-year tenure: 7.25%
5-year tenure: 5.85%
2. City Union Bank
Highest slab: 7.25% for 400 days
1-year tenure: 7%
3-year tenure: 6.50%
5-year tenure: 6.25%
3. CSB Bank
Highest slab: 7.75% for 401 days
1-year tenure: 5%
3-year tenure: 5.75%
5-year tenure: 5.75%
4. DBS Bank
Highest slab: 7.50% for 376 days to 540 days
1-year tenure: 7%
3-year tenure: 6.50%
5-year tenure: 6.50%
5. DCB Bank
Highest slab: 8.05% for 19 months to 20 months
1-year tenure: 7.10%
3-year tenure: 7.55%
5-year tenure: 7.40%
6. Federal Bank
Highest slab: 7.40% for 400 days
1-year tenure: 6.80%
3-year tenure: 7%
5-year tenure: 6.60%
7. HDFC Bank
Highest slab: 7.40% for 4 years 7 months (55 months)
1-year tenure: 6.60%
3-year tenure: 7%
5-year tenure: 7%
8. ICICI Bank
Highest slab: 7.20% for 15 months to 2 years
1-year tenure: 6.70%
3-year tenure: 7%
5-year tenure: 7%
9. IDFC First Bank
Highest slab: 7.75% for 500 days
1-year tenure: 6.50%
3-year tenure: 7.25%
5-year tenure: 7%
10. IndusInd Bank
Highest slab: 7.75% for 1 year to 2 years
1-year tenure: 7.75%
3-year tenure: 7.25%
5-year tenure: 7.25%
11. Jammu & Kashmir Bank
Highest slab: 7% for 1 year to less than 3 years
1-year tenure: 7%
3-year tenure: 6.50%
5-year tenure: 6.50%
12. Karur Vysya Bank
Highest slab: 7.50% for 444 days
1-year tenure: 7%
3-year tenure: 7%
5-year tenure: 7%
13. Karnataka Bank
Highest slab: 7.25% for 375 days
1-year tenure: 7.10%
3-year tenure: 6.50%
5-year tenure: 6.50%
14. Kotak Mahindra Bank
Highest slab: 7.40% for 390 days to less than 23 months
1-year tenure: 7.10%
3-year tenure: 7%
5-year tenure: 6.20%
15. RBL Bank
Highest slab: 8% for 18 months to 2 years
1-year tenure: 7.50%
3-year tenure: 7.50%
5-year tenure: 7.10%
16. SBM Bank India
Highest slab: 8.25% for 3 years 2 days
1-year tenure: 7.05%
3-year tenure: 7.30%
5-year tenure: 7.75%
17. South Indian Bank
Highest slab: 7.25% for 400 days
1-year tenure: 6.70%
3-year tenure: 6.70%
5-year tenure: 6%
18. Tamilnad Mercantile Bank
Highest slab: 7.50% for 400 days
1-year tenure: 7%
3-year tenure: 6.50%
5-year tenure: 6.50%
19. YES Bank
Highest slab: 8% for 18 months
1-year tenure: 7.25%
3-year tenure: 7.25%
5-year tenure: 7.25%