How to select the best interest rates for HSBC fixed deposits
HSBC is a part of the multinational entity known as the Hong Kong and Shanghai Banking Corporation. The bank’s association with India can be traced all the way back to the year 1853 and the establishment of the Mercantile Bank of India. Through the decades that the bank has operated in India, it has always persevered to provide customers with the best services possible.This perseverance shows in the fact that it has many branches all over India which offer customers a wealth of services like fixed deposits, loans, credit cards, etc.
HSBC short-term fixed deposits
Short term fixed deposits can be deposits that are held with the bank for a period of 30 days to 9 months. The interest rate offered for the shortest period, 30 days, is 5.05% per annum while the interest rate for deposits made for 60 days is 1% higher at 6.05% per annum. The interest rate offered for the next deposit period of 90 days is 1.95% higher at 8% per annum and comes down to 7% per annum for 120 days. The rate remains the same for all deposits of 120 days to 9 months at 7% per annum.
HSBC medium and long term fixed deposits
Medium term deposits, or those made for durations ranging from 1 year to 2 years, enjoy interest rates of 7.25% per annum. This rate changes to 7% per annum, a reduction of 0.25% for deposits made for 18 months and remains the same for durations of 2 years too. The rate changes once again, coming down by 0.75% to 6.25% per annum for deposits made for up to 3 years.
HSBC senior citizen FD rates
The bank offers senior citizens an interest rate that is 0.5% higher than the rates offered to regular customers. This means that senior citizens can enjoy an interest rate of up to 5.55% per annum for short, 30 day deposits and 6.75% per annum for deposits made for 3 years.
The highest interest rate available to customers of HSBC is 8.5% per annum for deposits of 90 days made by senior citizens. Even if depositors are not senior citizens, the best interest rates offered are still for the 90 day deposits at 8% per annum. The maximum interest that can be enjoyed on a medium or long term deposit is 7.25% on deposits made for 12 months to 24 months. The interest is compounded every quarter and the interest rates are subject to change at any moment.
No comments:
Post a Comment