HDFC Bank hikes fixed deposit rates; this is what you get now

It is HDFC Bank has increased fixed deposit (FD) rates today on various maturities by up to 0.6 percentage points. The move came after Reserve Bank of India (RBI) hiked its repo rate last week. The rates on fixed deposit with maturity between 6 months 1 day to 5 years have been revised. According to the information posted on HDFC Bank website, the revised rate is effective today. The increase in fixed deposit rates is likely to put pressure on lending rate.

The 6-9 months deposits would earn 6.75 percent interest, up 40 basis points than earlier rate. Rate for longer tenure of 9 months three days to less than 1 year has been raised by 60 basis points. For one year, the rate has been increased by 40 basis points to 7.25 percent. Fixed deposits beyond 2 years 1 day to 5 years will earn 10 basis points higher interest now, the post said.

The bank has also revised term deposit rates for deposits ranging from less than Rs. 1 crore to less than Rs. 5 crore.  The RBI increased lending rate (repo rate) by 0.25 basis points to 6.5 percent on inflationary concerns during the last monetary policy meet. The central bank has kept inflation forecast at five-month high of 5 percent in June on costlier fuel.