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HDFC Bank raises fixed deposit rates by up to 0.6%

HDFC Bank increased its fixed deposit rates on various maturities by up to 0.6%. The revised rate of interest is effective August 6, as per the information posted on HDFC Bank website. However, the increase in fixed deposit rates is likely to put pressure on the lending rate as well. The bank has raised the interest rate on term deposit with maturity ranging between 6 months one day to 5 years. The deposit of maturity 6-9 months would earn 6.75%, 40 basis points higher than the previous rate. The interest rate on fixed deposit of longer tenure of 9 months three days to less than 1 year has been raised by 60 basis points while for 1 year it has been increased by 40 basis points to 7.25%. However, fixed deposit beyond 2 years 1 days to 5 years will earn 10 basis points higher rate of interest than the previous.

Read More at The Economic Times News date : 7 Aug 2018, Tuesday

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