HDFC Bank hikes fixed deposit rates to 7.9% from 7.75%

HDFC bank has updated its interest rates on bulk fixed deposits to 7.9% for senior citizens and 7.40 per cent for the general public for amounts ranging from Rs 3 crore to less than Rs 5 crore, based on the deposit tenure.

 

HDFC Bank is now offering a 4.75 per cent interest rate on bulk deposits with maturities ranging from 7 to 29 days, and a 5.50 per cent rate for those maturing in 30 to 45 days. Deposits with a tenure of 46 to 60 days will earn an interest rate of 5.75 per cent, while those held for 61 to 89 days will receive a 6.00 per cent interest rate.

 

 

The bank offers fixed deposits (FDs) with tenures ranging from 7 days to 10 years, featuring annual interest rates between 3 per cent and 7.90 per cent. For a 5-year FD, the interest rates remain at 7 per cent for regular customers and 7.50 per cent for senior citizens.

 

HDFC Bank has also revised its Marginal Cost of Lending Rate (MCLR), effective January 7, with new rates ranging from 9.15 per cent to 9.45 per cent per annum. 

 

The overnight MCLR has been reduced by 5 basis points (bps), dropping to 9.15 per cent from the previous 9.20 per cent. Meanwhile, the one-month MCLR remains unchanged at 9.20 per cent, and the three-month rate also holds steady at 9.30 per cent. For the six-month and one-year tenures, the MCLR has been cut by 5 bps, bringing them down to 9.45 per cent from 9.50 per cent. Similarly, the three-year MCLR has been lowered by 5 bps to 9.45 per cent, while the two-year MCLR remains unchanged at 9.45 per cent.

 

Revised HDFC Bank MCLR Rates (Effective January 7, 2025)

 

Revised HDFC Bank MCLR Rates (Effective January 7, 2025)
Tenure	MCLR (%)
Overnight	9.15%
1 month	9.20%
3 months	9.30%
6 months	9.40%
1 year	9.40%
2 years	9.45%
3 years	9.45%

 

Impact on borrowers 

 

This reduction in MCLR is expected to lower the EMIs for various types of loans, including personal loans and business loans that are linked to MCLR rates. For borrowers, this translates into reduced monthly financial burdens, making it an opportune time for those looking to take out loans or refinance existing ones.