HDFC Bank has increased the interest rates on fixed deposits it offers to customers in New Delhi (FDs). Inflationary developments on both the national and international levels may have influenced the bank’s decision.
FDs will be subject to increased interest rates beginning December 1. HDFC Bank has hiked rates on a number of FDs by up to ten basis points across the board.
On deposits with a 36-month maturity period, customers will now get a 6.1 percent interest rate. Interest on such FDs was previously paid at a rate of 6.05 percent.
Investors in 60-month FDs will earn a 6.5 percent interest rate, which is higher than the 6.4 percent interest rate offered to fixed deposit customers previously.
Furthermore, the bank will continue to offer a 25 basis point bonus rate of interest to elderly residents who join fixed deposit accounts with the private lender.
On the other side, ICICI Bank has changed the interest rates on fixed deposits (FDs) ranging from seven days to ten years. According to the bank, the increased interest rates would apply to both new deposits and renewals of current term deposits.
ICICI Bank offers FDs with a minimum term duration of seven days. On deposits made within seven days of account opening, the customer earns no interest.
NRE accounts (FD accounts formed by NRIs) have a one-year minimum length, which means that if the money is withdrawn before that period, the investor will not get any interest.