HDFC Bank Fixed Deposit (FD) rates changed! Good news! You can earn interest of 7.30%; senior citizens in for a treat too

In a major good news for depositors, private lender HDFC Bank has revised its fixed deposit interest rates. These new FD rates have come into effect from July 22, 2019, across various tenures. As usual, senior citizens are the ones who will enjoy the most benefits with FD interest rates offering the maximum rates in this category. A senior citizen can enjoy highest interest rate of 7.80% on FDs at HDFC Bank. While, a general category FD holder will earn maximum 7.30% interest rate at HDFC Bank. The shortest tenure of HDFC Bank would be 7 days, while one can open an FD account up to 10 years. FD interest rates are changed from time to time. Here’s a list of latest HDFC Bank FD rates you must know! 

HDFC Bank FD rates for General category!

Below Rs 2 crore FD, the highest 7.30% interest rate is offered on tenures like 2 years 1 day - 2 Years 15 days, 2 Years 16 days and 2 years 17 days - 3 Years. While above Rs 2 crore to Rs 5 crore, the FD rate for these tenure is set at 7%. 

Interestingly, HDFC Bank offers 7.25% interest rate on just one tenure namely 3 years 1 day - 5 years for below Rs 2 crore FDs. If the FD amount is higher from Rs 2 crore to Rs 5 crore, then the rate is fixed at 6.95%.

Going forward, 7.10% each is offered below Rs 2 crore FD on tenures like 1 year to 1 year 16 days. For the same tenure, the rate goes higher at 7.15% if the FD amount is between Rs 2 crore to Rs 5 crore. On the other hand, 7.20% rate is given on tenure of 1 year 17 days - 2 Years for FDs upto Rs 2 crore, while 7.15% is offered for Rs 2 crore to Rs 5 crore deposit.

The rate is lower at 7% on tenures like 5 years to 10 years on below Rs 2 crore deposits. While, here the rate is set at 6.75% on between Rs 2 crore to Rs 5 crore FDs. 

6.75% each is given on tenures selected between 9 months to less than 1 year for below Rs 2 crore FDs. If the deposit amount is higher from Rs 2 crore but less than Rs 5 crore, then the interest rate rises to 6.80% each on the same tenures. 

Further, 6.50% each is given on FDs below Rs 2 crore for tenures like 6 months to less than 9 months, whereas the rate is at 6.65% for between Rs 2 crore to Rs 5 crore deposits. 

The shortest tenure 7 days to 14 days, will offer 3.50% and 4.25% rate on deposits below Rs 2 crore and between Rs 2 crore to Rs 5 crore respectively. 

HDFC Bank FD rates for Senior Citizens! 

If a senior citizen opts for FDs below Rs 2 crore for tenures like 5 years to 10 years, then they will receive interest rate of 7.50%, while on the same tenure the rate is 7.25% between Rs 2 crore to Rs 5 crore deposit.

For 3 years 1 day to less than 5 years tenure, a senior citizen will earn 7.75% rate on FDs below Rs 2 crore and 7.45% on amount deposited between Rs 2 crore to Rs 5 crore. 

A 7.80% rate is offered each between tenures like 2 years 1 day to less than 3 years for below Rs 2 crore deposit, whereas the rate goes at 7.50% for FD between Rs 2 crore to Rs 5 crore. 

7.60% rate is given between 1 year to 1 year 16 days tenure on Rs 2 crore deposits, whereas 7.65% is offered on the same tenure for Rs 2 crore to Rs 5 crore deposits. Interestingly, a separate rate of 7.70% and 7.65% is given on tenure 1 year 17 days - 2 Years for deposits below Rs 2 crore and above to Rs 5 crore. 

On lowest tenure 7 days to 14 days, a senior citizen will receive 4% on below Rs 2 crore FDs, while the rate is 4.75% on between Rs 2 crore to Rs 5 crore FDs. 

Here’s how HDFC Bank FD interest rates are calculated: 

1) On a Quarterly basis for deposits > 6 months

2) Simple interest is paid at maturity for deposits <= 6 months.

3) Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.

4) In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate.

HDFC Bank on their website said, “The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non leap year.The period of Fixed Deposit is calculated in number of days.”

In case of premature closure of Fixed Deposit (including sweep in / partial closure) the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower.except for the deposits booked with tenor 7-14 days.