The bank has increased the interest rates on fixed deposits of less than ₹ 2 crore.
• HDFC Bank hikes interest rates on RDs: New rates effective from October 11, 2022
HDFC Bank has increased interest rates on Recurring Deposits (RDs). The new rates are effective from 11 October 2022. HDFC Bank has increased the interest rate by up to 50 basis points on select tenures. The bank has increased the interest rates on RD maturing in 6 to 36 months and 90 to 120 months. After the latest hike, HDFC Bank will now offer 4.25% to 6.10% interest rates on RDs with tenures ranging from 6 months to 120 months for the general public.
HDFC Bank RD Rates for Senior Citizens
HDFC Bank will now offer 4.75% to 6.75% interest rates on RDs to senior citizens with tenures ranging from 6 months to 120 months.
HDFC Bank new FD rates
HDFC Bank has hiked interest rates on fixed deposits of less than ₹2 crore. According to the official website of the bank, the new rates are effective from October 11, 2022. Following the latest hike, HDFC Bank interest rates range from 3.00% to 6.00% on deposits maturing in 7 days to 10 years for general public. Senior citizens are getting interest rates ranging from 3.50% to 6.75% on these deposits.
Recurring deposits (RDs) are similar to fixed deposits (FDs). But in case of RD, you can set up a recurring deposit to deposit on a monthly basis, instead of investing everything at once.
Investing in an RD scheme is a great option for salaried people as they do not have to invest a lump sum amount in one go as in fixed deposits. In RD, the investor has to invest only a part of his income every month, the amount of which is already fixed.
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