How to find the best rates for HDFC Bank Fixed Deposit
HDFC Bank Limited started operating in India in 1994 and is now regarded as one of India’s largest banks. The bank, actually a subsidiary of the Indian conglomerate Housing Development Finance Corporation, has also been considered one of the country’s most trusted brands. Among the various personal banking services provided by the company are fixed deposits, which are meant for people who are looking to invest money in a safe environment that provides regular growth.
HDFC offers fixed deposits that can be divided into 3 categories based on their tenors, or durations, short, medium and long term fixed deposits. Each of these FDs has been designed in such a way that it suits the individual needs of the depositors. The interest rates offered on these FD’s is decided by the duration of the deposits and is compounded quarterly.
HDFC Bank short-term fixed deposits
Short term FDs can be deposits that are held with the bank for durations ranging from 30 days to 9 months. The lowest interest rate offered in this case is 6% per annum for deposits made for 30 days. For deposits made of 60 to 90 days the interest rate is 1.75% higher bringing it to 7.75% per annum. For deposits made for 120 days to 6 months the interest rates comes to 8% per annum, an increase of 0.25% and for FDs made for 9 months it’s still higher at 8.25% per annum.
HDFC Bank medium and long term fixed deposits
For medium and long term fixed deposits, FDs held for periods ranging from 1 year to 5 years, HDFC offers an interest rate of 8.75% per annum. This interest is also compounded every quarter and is 0.5% higher than the highest short term deposits.
HDFC Bank Senior Citizen FD Rates
HDFC offers senior citizens (citizens of India above the age of 60 years) a special interest rate which is 0.5% higher than the prescribed rates. This means that on short term deposits the lowest interest rate offered is 6.5% per annum and the highest is 8.75% per annum. It also means that for medium and long term deposits, senior citizens enjoy interest rates of 9.25% per annum.
Customers looking for the maximum gain out of short term deposits can go in for deposits ranging from 9 months to less than a year as that offers the highest rates of interest. For those looking at medium and long term deposits, the duration is not really a factor as the interest rate for all of them remain the same. The interest rates offered by the bank are subject to change and may be changed without prior notice.
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