New Delhi: HDFC Bank has increased the interest rates the bank offers to customers on fixed deposits (FDs). The bank may have taken the decision against the backdrop of inflationary trends on both the national and international levels.
The increased rates of interest are applicable on FDs starting from December 1. HDFC Bank has increased the rates by up to 10 basis points on FDs ranging across multiple tenures.
For instance, customers will now get a 6.1 per cent interest rate on deposits with a maturity period of 36 months. Previously, investors used to receive 6.05 per cent interest on such FDs.
For FDs with a term period of 60 months, investors will receive interest at a 6.5% interest rate, up from the 6.4% interest rate that the bank used to previously to its fixed deposit customers.
Moreover, the bank will continue to offer 25 basis points additional rate of interest to senior citizens opening fixed deposit accounts with the private lender.
On the other hand, ICICI Bank has also revised interest rates on fixed deposits (FDs) ranging from 7 days to 10 years. The bank said that the revised interest rates will be applicable on both new deposits and the renewal of existing term deposits.
ICICI Bank offers FD investments with a minimum term period of seven days. On deposits withdrawn in less than seven days of account opening, the customer gets no interest whatsoever. Also Read: Anand Rathi Wealth IPO opens Thursday: Check price band, subscription dates, and all you need to know
For NRE accounts (FD accounts opened by NRIs), the minimum tenure is one year, meaning that if the investor withdraws the amount before 1 year, then he or she won’t receive any interest on their investment. Also Read: NCLAT rejects Kotak Bank's plea to set aside insolvency proceedings against MSEL