HDFC Bank gives blow to customers, fires scissors at FD interest rate

HDFC Bank, the largest private sector bank, has given a major blow to its fixed deposit customers. The bank has scissored at the interest rates of fixed deposits. The bank has changed the interest rate on all types of fixed deposits.

HDFC Bank will get 2.50% interest on fixed deposits for seven days to 29 days. This is the shortest FD in the bank. While the facility of fixed deposit is available in this bank for a maximum period of 10 years. The new interest rates have come into effect from 25 August.

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After this change, now 3% annual interest will be given on FD maturing in 30 to 90 days. At the same time, from 91 days to 6 months FD will now get 3.5 percent interest, whereas earlier there was a facility of 4 percent interest.

Apart from this, instead of 4.5 percent on fixed deposits ranging from 9 months to one year, now interest will be 4.4 percent. At the same time, FDs maturing within two years to 3 years will now get 5.15 percent annual interest.

Now, HDFC Bank will get 5.30 percent interest on fixed deposits for 3 to 5 years. At the same time, interest will be given at the rate of 5.50% on long term deposits for 5 years to 10 years. However, senior citizens will get 50 basis points more interest on all types of fixed deposits.

 

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