HDFC Bank, one of the leading private sector banks, will be of great benefit to its customers. The bank has hiked interest rates on term deposits. According to the bank, interest rates on term deposits of less than Rs 2 crore have been hiked by 5-10 basis points. The new rates are effective from February 14. HDFC Bank offers its customers a term deposit of 7 days to 10 years. It also offers higher interest rates on term deposits to senior citizens. Interest rates on term deposits for 7 to 10 years range from 2.50 per cent to 5.60 per cent. Interest rates on term deposits of senior citizens range from 3 per cent to 6.35 per cent.
Period Interest rate For senior citizens interest rate
7-14 days 2.50% 3.00%15-29 days 2.50% 3.00%30-45 days 3.00% 3.50%46-60 days 3.00% 3.50%61-90 days 3.00% 3.50%91 days to 6 months-3.50% 4.00%6 months 1 day-9 months 4.40% 4.90%9 months 1 day-less than 1 year 4.40% 4.90%1 year 5. 0% 5.50% 1 year 1 day - 2 years 5.00% 5.50%2 years 1 day - 3 years 5.20% 5.70%3 years 1 day - 5 years 5.45% 5.90%5 years 1 day - 10 years 5.60% 6.35%
SBI, the largest public sector bank, has also hiked interest rates on term deposits of more than two years by 10-15 basis points. Accordingly, the interest rate on term deposits for 7 to 10 years will be between 2.9 per cent and 5.5 per cent. Senior citizens will get an additional 50 basis points. These rates will be applicable from 15th February, 2022.