HDFC Bank Special FD rates: HDFC Bank, the largest private lender in the country, has created a limited-edition fixed deposit (FD) program for its customers that offers better interest rates than its competitors for terms of 35 to 55 months.
The rate change happens at the same time that the bank is trying to get more savings to help pay for its growth into new loans.
If you put in less than Rs 3 crore, the bank’s website says that you can earn 7.35% for 35 months and 7.4% for 55 months. Seniors will get an extra 0.50% in interest on top of these rates.
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HDFC Fixed Deposit rates 2024
- Attractive Interest Rates: HDFC Bank’s Special Edition Fixed Deposits provide enhanced interest rates, making your savings work harder for you. Because FD terms range from 35 to 55 months, customers can pick one that fits their financial goals and spending time frame.
- Senior Citizen Benefits: Senior citizens are rewarded with an additional 0.50 per cent interest on their Fixed Deposits. This extra benefit is part of HDFC Bank’s commitment to supporting senior investors with higher returns and better financial security.
- Flexibility and Stability: Fixed Deposits offer predictable and stable returns, unaffected by market fluctuations. This makes them a reliable investment choice for those seeking steady growth and security for their hard-earned money.
- Convenient Investment Options: HDFC Bank provides the convenience of instant FD booking through online banking channels, making it easy for existing customers to invest from the comfort of their homes. Additionally, you can choose from various interest payout frequencies—monthly, quarterly, or annual—based on your financial needs.
- Tax Efficiency: Interest on Fixed Deposits is income, and if it goes over Rs 40,000 per financial year (Rs 50,000 for older citizens), TDS must be paid on it. You can send in Form 15G or 15H if you are qualified for tax exemption to avoid having TDS taken out.
Since then, several public sector banks, including the State Bank of India (SBI) and the Bank of Baroda (BoB), have started special saving programs and are offering high interest rates for a short time to get more deposits. High loan-to-deposit ratios (LDRs) in banks are to blame for this, which worries the Reserve Bank of India (RBI).
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“There is pressure on resource mobilization to fund expanding loan requirements, with current LDRs for banks in India at roughly 77% and deposit growth running at 300 basis points below loan growth. The RBI has also been keeping a close eye on banks to make sure that LDR ratios are within acceptable bounds. Deposit rates are therefore under pressure to rise,” Ganapathy stated, according to Business Standard.
While BoB said its special scheme, called “the BoB Monsoon Dhamaka Deposit Scheme,” comes with two tenure buckets, offering interest rates of 7.25% per annum for 399 days and 7.15% per annum for 333 days, SBI’s 444-day monsoon special retail deposit scheme offers 7.25% interest.
