The largest private sector lender HDFC Bank has hiked interest rates on bulk fixed deposits (FDs) of more than ₹2 Cr to less than ₹5 Cr. After the modification, the bank is now providing interest rates on deposits with terms ranging from seven days to ten years, with rates for the general public ranging from 4.75% to 7.00% and for elderly individuals from 5.25% to 7.75%. HDFC Bank is now giving a maximum interest rate of 7.75% for senior citizens and 7.25% for non-senior citizens on deposits with a tenor of one year to fifteen months. According to the bank’s official website, the new rates are in effect as of today, March 9, 2023.
HDFC Bank Bulk FD Rates
The bank is now giving an interest rate of 4.75% on bulk fixed deposits that mature in 7 days to 29 days, while HDFC Bank will now provide an interest rate of 5.50% on bulk fixed deposits that mature in 30 days to 45 days. With effect from today, HDFC Bank will provide interest rates of 5.75% for deposits held for 46 to 60 days and 6.00% for deposits held for 61 to 89 days.
The interest rate on deposits that mature in 90 days to 6 months is 6.50%, and the interest rate on deposits that mature in 6 months, 1 day to 9 months, is 6.65%. The bank is currently giving an interest rate of 6.75% on bulk fixed deposits that mature in 9 months, 1 day to 1 year, while HDFC Bank is now promising an interest rate of 7.25% on bulk fixed deposits that mature in 1 year to 15 months. As of right now, HDFC Bank is offering an interest rate of 7.15% on a deposit tenor of 15 months to 2 years and an interest rate of 7.00% on a deposit tenor of 2 years 1 day to 10 years.
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On bulk fixed deposits maturing in 7 days to 5 years, HDFC Bank offers an additional benefit of 50 bps to senior citizens in terms of interest rates. Nevertheless, HDFC guarantees an additional premium of 0.25% over and above the existing premium of 0.50% to elderly persons who desire to book a fixed deposit of less than 5 crores on a deposit tenor of 5 years 1 day to 10 years.
This benefit is offered by the HDFC Bank as part of its senior citizen care FD scheme, which began on May 18, 2020 and will expire on March 31, 2023. Senior Citizen Care FD is not available to non-resident Indians. This special offer will be applicable to new fixed deposits as well as renewals booked by senior citizens throughout the aforementioned timeframe. On Senior Citizen Care FD of 5 years 1 day to 10 years, HDFC Bank is offering an interest rate of 7.75% which is 75 bps higher than the standard rate of 7%.
On fixed deposits of less than ₹2 Cr, HDFC Bank had last hiked interest rates on 21st February, 2023. HDFC Bank has mentioned on its website that “FD interest rates are now @ 7.10%* p.a for tenure 15 months to 10 years, amount <2Cr! FD Rates are @7.75%*p.a for senior citizens for tenure 5 years 1 day to 10 years.”
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