HDFC Bank FD interest rates 2023: Earn up to 7.75% return on fixed deposit

HDFC Bank FD Interest Rates 2023: In a move to align the interest rate on Fixed Deposit (FD) with the recent hike in repo rate by Reserve Bank of India (RBI), private sector lender HDFC Bank has hiked the interest rate on term deposit.

The bank is offering a maximum interest rate of 7.10 per cent for the general public and 7.75 per cent for senior citizens. The new interest rates came into effect on February 21.

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HDFC Bank FD rate hike: For term deposit of less than Rs 2 crore

For the period of 7 days to 29 days the bank is offering an interest rate on FD of 3 per cent for the general public and 3.5 per cent for senior citizens. For deposits maturing from 30 to 45 days the bank is providing an FD rate of 3.5 per cent for the general public and 4 per cent for senior citizens.

HDFC Bank is guaranteeing a FD rate of 4.5 per cent for the general public and 5 per cent for senior citizens for a maturity period of 46 days to less than equal to 6 months. For 6 months 1 day less than equal to 9 months the private sector lender is offering 5.75 per cent interest rate on FD for the general public and 6.25 per cent for senior citizens.

For 9 months, 1 day to less than 1 year, the bank is providing an interest rate of 6 per cent for the general public and 6.5 per cent for senior citizens. For a period of 1 year to less than 15 months the bank will give an interest rate of 6.6 per cent for people less than 60 years and for senior citizens 7.1 per cent.

For the tenure of 15 months to less than 18 months HDFC Bank is providing an interest of 7.1 per cent for the general public and 7.6 per cent for people above the age of 60 years.

Deposits maturing between 18 months to 5 years will get an interest rate of 7 per cent for the general public and 7.5 per cent for senior citizens.

Lastly, the bank is offering an interest rate of 7 per cent for the general public for deposits maturing from 5 years 1 day  to 10 years and for the same tenure senior citizens will get an interest rate of 7.75 per cent.

HDFC Bank FD rate hike: How will interest rate on FD be calculated?

When investors open a FD with HDFC Bank Interest on Term Deposits is calculated as below

1) Fixed Deposits for the tenor <= 6 months : Simple Interest is paid.

2) Fixed Deposits for the tenor > 6 months with Quarterly Interest Payout option : On a Quarterly basis.

3) Fixed Deposits for the tenor > 6 months with Monthly Interest Payout option : Interest is calculated for the quarter and paid monthly at a discounted rate over the standard deposit rate.

4) Fixed Deposits for the tenor > 6 months with Interest Reinvestment option : Cumulative Interest for the Quarter is added to the Principal in subsequent quarter and interest is calculated on total amount.

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