According to the lender’s website, private lender HDFC Bank has increased interest rates on fixed deposits for a certain period.
The bank has increased interest rates on deposits less than 2 crore 5-10 basis points and the revised rates will be applicable from February 14.
The lender has increased the interest rate on fixed deposits of one year tenor by 10 basis points to 5% from 4.9% earlier. The interest rate on deposits with tenures between 1-2 years is also 5%.
Meanwhile, the interest rate on fixed deposits with tenor of two-three years is 5.20 per cent.
Rates on deposits with a tenure of 3-5 years have been increased by 5 basis points to 5.45%. The FD rate on deposits with a tenure of 5-10 years is currently 5.60%.
Earlier, Central Bank of India and UCO Bank have also revised interest rates on fixed deposits. Revised interest rates are applicable on fixed deposit investments up to 2 crores. The rates are effective from 10 February 2022.
Last week, in a surprise move, RBI’s Monetary Policy Committee kept rates and its stance unchanged to ensure a broad-based recovery. The repo rate is currently 4% and the reverse repo rate is 3.35%.
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