HDFC Bank raises fixed deposits rates by 5-10 basis points; Stock surges

18 Feb 2022 , 02:09 PM

Private bank major, HDFC Bank has revised its fixed deposits for various tenure by 5 to 10 basis points on amounts less than Rs2 crore. The majority of banks have started to hike their deposits interest rates after the RBI maintained the status quo on key policy rates, giving further room for lenders to hike rates for FDs and HDFC Bank followed suit.

HDFC Bank’s new rates have come into effect from February 14, 2022.

The lender hiked the interest rate on FDs by 10 basis points on 1-year tenure to 5% from the previous 4.9%. While the interest rate was raised to 5.45% by 5 basis points on 3 years to 5 years tenure from the previous 5.4%.

The bank offers a 2.5% rate which is the lowest in the FDs basket, on tenures 7-14 days and 15-29 days. 3% rate is offered on tenures starting from 30 days to a maximum of 90 days.

A 3.5% interest rate is offered on FDs for 91 days to six months tenure, while a 4.4% rate is given on 6 months 1 day to less than 1-year tenure.

5% rate on FD is given on 1-year to less than 2 years tenure.

Tenure like 2 years 1 day to 3 years has a rate of 5.2%, while 5.45% is given on 3 years 1 day to 5 years tenure and 5.60% on 5 years 1 day to 10 years tenure.

HDFC Bank’s interest rates on FDs to senior citizens category ranges from 3-6.35%. An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 31st Mar’22. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indians.​​​​​​​

At around 2.06 pm, HDFC Bank was trading at Rs1514.50 per piece on BSE up by 0.5%. The stock was near the day’s high of Rs1517.25 per piece.