HDFC Bank fixed deposit interest rates hiked by 100 bps to 7 pct for deposits under Rs 1 cr

HDFC Bank, country's largest private sector lender, hiked the interest rates on fixed deposits by up to 100 basis points on deposits under Rs 1 crore, according to Zee News. The new fixed deposit interest rates are effective from April 24. The customers will receive interest at the rate of 7 per cent for deposit under Rs 1 crore, while senior citizens at the rate of 7.5 per cent. For deposits above Rs 1 crore, customers will receive interest at the rate of 7.25 per cent, while senior citizens at the rate of 7.75 per cent.  

"We are glad to inform you that the Fixed Deposit interest rate for deposits of more than or equal to Rs 1 crore has been increased to 7.25% from 7.10% earlier, for a tenure of 1 year 5 days to 3 years. This is effective from April 25-April 27, 2018.” the bank told customers in an email. 

"What’s more? Senior citizens get additional 0.5 per cent interest rate for deposit less than Rs 5 Crore," HDFC Bank added. 

Meanwhile, HDFC Bank posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to year ago period.

Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement.

The HDFC Bank board has also approved raising up to Rs 50,000 crore through private placement of perpetual debt instruments in the next 12 months , the bank said in a filing to BSE.