Home Interest rate Hdfc Bank raises interest rates on recurring deposits from 27 to 120 months

Hdfc Bank raises interest rates on recurring deposits from 27 to 120 months

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HDFC Bank, a private sector lender, raised interest rates on recurring deposits (RD). The announcement was made on May 17, 2022, and the bank raised interest rates on recurring deposits from 27 to 120 months following the change. The bank will continue to offer an interest rate of 3.50% on 6-month DRs. HDFC Bank will continue to offer an interest rate of 4.40% on recurring deposits of 9 months and an interest rate of 5.10% on deposits of 12 months to 24 months. The bank previously offered an interest rate of 5.20% on RDs maturing between 27 months and 36 months, but now the applicable rate is 5.40%, an increase of 20 basis points.

Previously, the interest rate on recurring deposits maturing in 39 to 60 months was 5.45%, but will now be 5.60%, an increase of 15 basis points. The interest rate for 90-120 month recurring deposits was previously 5.60%, but has now been increased by 15 basis points to 5.75%.

Seniors will continue to receive an additional 0.50% premium on recurring deposits of 6-60 months. On RDs with seniority greater than 5 (five) to 10 years, seniors will benefit from an additional bonus of 0.25% in addition to the regular bonus of 0.50%, during a special deposit valid until as of September 30, 2022. HDFC Bank mentioned on its website that “an additional premium of 0.25% (on top of the existing premium of 0.50%) will be given to seniors who wish to reserve the fixed deposit less than 5 crores for a term of 5 (five) years One day to 10 years, during the special deposit offer from May 18, 2020 to September 30, 2022. This special offer will be applicable to new Fixed Fixed Deposits reserved as well as Renewals , by Seniors during the above period. This offer does not apply to non-resident Indians.”

As a result, older residents will benefit from an interest rate of 6.50% on recurring deposits of 90 to 120 months, which is 0.75% more than the usual rate.

HDFC bank RD rate 2022

Period Interest rate (per year) Senior rates (per year) From
6 months 3.50% 4.00% August 25, 2020
9 months 4.40% 4.90% August 25, 2020
12 months 5.10% 5.60% April 6, 2022
15 months 5.10% 5.60% April 6, 2022
24months 5.10% 5.60% April 6, 2022
27 months 5.40% 5.90% May 17, 2022
36 months 5.40% 5.90% May 17, 2022
39 months 5.60% 6.10% May 17, 2022
48 months 5.60% 6.10% May 17, 2022
60 months 5.60% 6.10% May 17, 2022
90 months 5.75% 6.50% May 17, 2022
120 months 5.75% 6.50% May 17, 2022

Source: Bank website

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