HDFC Bank hikes FD interest rates of these tenures

HDFC Bank hikes FD interest rates of these tenures a week after the Reserve Bank of India (RBI) maintained the status quo on key rates, many banks have increased interest rates on fixed deposits (FD). Joining the list is the private sector lender, HDFC Bank. According to the bank’s website, it has raised interest rates on FDs worth less than Rs 2 crore by 5-10 basis points. The new rates are effective from February 14, 2022.

The bank has increased 1-year FD interest rate by 10 basis points to 5% from 4.9% and 3 years to 5 years by 5 basis points to 5.45% from 5.40%.

HDFC Bank FD interest rates with effect from February 14, 2022

Source: HDFC Bank website

Earlier, in January, the bank hiked the interest rate for tenure between 2 years 1 day and 3 years to 5.2%, 3 year 1 day and 5 years to 5.4% and 5 years 1 day and 10 years to 5.6%.

Good news for FD investors
The Reserve Bank of India (RBI) decided to keep the repo and reverse repo rates unchanged at its bi-monthly monetary policy review announced on February 10, 2022.
A day after the RBI Monetary policy announcement, Central Bank of India and UCO bank revised Fixed Deposit (FD) interest rates for amounts below Rs 2 crore effective from February 10, 2022.

Also read: These two banks revise FD interest rates after RBI keeps monetary policy unchanged

State Bank of India (SBI) has increased interest rates on fixed deposits (FDs) for tenures above 2 years by 10-15 basis points with effect from February 15, 2022.

Also read: SBI vs HDFC Bank FD interest rate: Latest interest rates compared