The country's largest private bank HDFC Bank recently launched two special Fixed Deposits schemes for a limited period. The two special fixed deposit (FD) schemes, will be offering interest rates of up to 7.20 per cent for general customers and 7.25 per cent for senior citizens. The bank has floated new interest rates of 7 per cent and above on all deposits maturing between 18 months and 10 years. At present, the bank is offering interest rates ranging from 3 per cent to 7.25 per cent for general customers on deposits maturing in 7 days to 10 years. On the other hand, senior citizens will earn an interest rate of 3.5 per cent to 7.75 per cent on the same deposits. These rates are effective from May 29, 2023. According to HDFC Bank, as the deposit rates are nearing their peak, the new Special Edition Fixed Deposit scheme will benefit customers who are looking to keep their money for extended term with assured high returns.
Ravi Santhanam, chief marketing officer, head-corporate communications, and head-liability products and managed programs, said in a statement: “Investment in fixed deposits is one of the safest instruments for investment which provides assured returns. The new schemes will greatly benefit our customers and non-customers looking to keep their money safe for extended durations with high returns.”For FDs maturing between 7 and 29 days, HDFC Bank is offering a deposit rate of 3 per cent. Deposits with a maturity period of 30-45 days will fetch a deposit rate of 3.50 per cent, while FDs maturing between 46 days and less than six months, will fetch a slightly higher deposit rate of 4.50 per cent.On medium-term durations, the bank is offering a deposit rate of 5.75 per cent for deposits maturing between six months and one day less than nine months. For deposits with a maturity period between nine months and one day less than one year, the bank is offering a deposit rate of 6 per cent. For longer-term investments, i.e., for FDs maturing between one year and less than 15 months, the bank is offering a deposit rate of 6.60 per cent, while deposits maturing between 15 months and less than 18 months, will fetch depositors a slightly higher deposit rate of 7.10 per cent.