High interest of HDFC Bank customers, this ‘scheme’ will now get more interest
Good news for HDFC Bank customers. The bank will now offer higher interest on Fixed Deposit (FD). HDFC Bank has taken this decision after raising the repo rate of the Reserve Bank of India. Now the FD will get 60 basis points i.e. 0.60% more interest. As per the information available on HDFC Bank website, the revised interest rates have come into effect from 6th August. Increase in interest rates on fixed deposits will also cause pressure on loan interest rates. The bank has hiked interest rates on fixed deposits from six months to five years. The interest rate on fixed deposits from six months to nine months has been increased by 0.40 percent to 6.75 percent.
Increasing rates on deposit less than 10 million
After State Bank of India, HDFC Bank has also changed the interest rates of Fixed Deposit (FD). The bank has hiked interest rates by 60 basis points. This increase is for the retail investors who deposit less than Rs. 1 crore by the bank.
New rates apply today
According to the information given on the bank’s website, there is no increase in interest rates on the FD less than three months. FD rates have been increased from 10 bps to 60 bps. On August 6, 2018, customers of the bank will get interest at this rate.
How much interest on FD between 6 months to 5 years
The bank has increased the interest rate on maturity (term deposit) for maturity between six months and one year to five years. The interest on maturity of six to nine months will be 6.75 per cent, which is 0.40 per cent more than before.
How much interest is less than 1 year fixed deposit
The interest rate on deposits with a maturity of less than one year from a long period of three months to less than one year has been increased by 0.60%, whereas the interest rate on a one-year maturity deposit has increased by 0.40% to 7.25%.
How much profit over two years
The rate of interest for fixed deposits of two years, one day to five years has been increased by 0.10%. Let us tell you that, in view of the worry of rising inflation, the Reserve Bank of India raised the repo rate by 0.25 per cent to 6.5 per cent last week. Due to expensive oil, retail inflation was five percent in June, which is a five-month top level.