HDFC Bank hikes recurring deposit rates: India’s largest private sector lender HDFC bank Recently, interest rates on recurring deposits have been increased. The new rates have come into effect from last week, the bank said in a notification. As a result of this move, HDFC Bank will see a change in interest rates on recurring deposits with tenors ranging from 27 months to 120 months. HDFC Bank RD interest rate hike This comes at a time when banks are increasing their interest rates on everything including loans and fixed deposits.
HDFC Bank’s new RD interest rate hike ranges between 15 to 20 basis points, depending on the tenure, with senior citizens getting additional additional returns depending on the tenure. The HDFC Bank recurring deposit interest rate hike has come into effect from May 17, 2022 and is applicable for deposits made by Indians and NRIs.
“An additional premium of 0.25 per cent (over the existing premium of 0.50 per cent) will be paid to senior citizens who wish to book fixed deposits of less than Rs 5 crore for a tenure of 5 (five) years one day to 10 years. year, during the special deposit offer commencing from 18th May’20 to 30th September’2022,” the bank further said on its website.
According to HDFC Bank website, “Interest on Recurring Deposit will be calculated from the date of payment of installment. The method of calculation of interest on RD will be on actual/actual quarterly compounding.” Further, if there are frequent defaults (non-payment) in monthly installments, and six installments are outstanding, HDFC Bank said it reserves the right to close the RD account. The rate of interest applicable to such closed accounts will be as per the premature withdrawal policy of the Bank.
Here are the revised interest rates on recurring deposits in HDFC Bank with effect from May 17, 2022:
6 months: for general public – 3.50 percent; For Senior Citizens – 4.00 percent
9 months: for general public – 4.40 percent; For senior citizens – 4.90 percent
12 Months: for general public – 5.10 percent; For senior citizens – 5.60 percent
15 Months: for general public – 5.10 percent; For senior citizens – 5.60 percent
24 months: for general public – 5.10 percent; For senior citizens – 5.60 percent
27 Months: for general public – 5.40 percent; For senior citizens – 5.90 percent
36 Months: for general public – 5.40 percent; For senior citizens – 5.90 percent
39 Months: for general public – 5.60 percent; For senior citizens – 6.10 percent
48 months: for general public – 5.60 percent; For senior citizens – 6.10 percent
60 Months: for general public – 5.60 percent; For senior citizens – 6.10 percent
90 Months: for the general public – 5.75 percent; For senior citizens – 6.50 percent
120 Months: for the general public – 5.75 percent; For senior citizens – 6.50 percent
The HDFC Bank RD rate hike comes at a time when other banks including SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank and others have already increased their interest rates after the RBI hiked the repo rate. .
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