HDFC Bank revises its Fixed Deposit rates, decreases 20 basis points
New Delhi : HDFC Bank on Monday revised its interest rates for Fixed Deposits for up to 1-year tenure.
HDFC Bank has revised the interest rate applicable to maturity periods such as 30-45 days, 46-60 days and one year, according to the lender's website, hdfcbak.com.
The bank is offering an interest rate of 5.5 per cent to the general public and 6 per cent to senior citizens on fixed deposits of 30-45 days. Previously, the private lender-paid interest rates of 5.75 per cent and 6.25 per cent to the general public and senior citizens respectively.
On Fixed Deposits with a maturity period of one year, the bank has lowered its interest rate by 20 basis points. After Monday's revision, HDFC Bank is offering interest at the rates of 7.10 per cent and 7.6 per cent on such fixed deposits to the general public and senior citizens respectively.
Fixed deposit interest rates are subject to change from time to time. The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.