HDFC cuts deposits rates 25 bps

 Under the revised rates, the highest interest offered by HDFC is 6.25 per cent for deposits of three seven years under any scheme. Under its annual income plan, HDFC is now offering 5.75 per cent for deposits between 12 and 23 months, 6 per cent for 24 and 35 months and 6.25 per cent for three to seven years. The rates on monthly income plans are slender. Here, 12-23 months deposits will fetch 5.5 per cent, 24-35 months deposits 5.75 per cent and three year to seven year deposits 6 per cent.

 Under the cumulative option, HDFC is offering 5.75 per cent for one year deposit, 6 per cent for two years, 6.25 per cent for three to seven years. For non-cumulative deposits, 12-23 months maturity will earn 5.55 per cent, 24-35 months 5.80 per cent and three years to seven years 6.05 per cent for quarterly interest payment.

 On half-yearly basis, the rate will be 5 basis points more for every slab. For the installment deposit scheme, 12-18 month deposit will offer 5.5 per cent. Any deposit which is withdrawn prematurely will offer interest rate of 4.5 per cent.