HDFC Bank hikes interest on fixed deposit rates

The bank has raised deposits rates by 10 basis points to 6.85 percent for deposits under Rs 1 crore.

New Delhi: Private sector lender HDFC Bank has hiked the interest rates on term deposits by up to 100 basis points to 6.85 percent for deposits under Rs 1 crore. HDFC has raised interest rate on deposits with maturity of more than one and up to two years by 75 bps to 7 percent, deposits between two and five years by 100 bps to 7 percent.

HDFC Bank closed last fiscal with a net profit of Rs 17,486.75 crore. The bank had posted a net profit of Rs.17,486.75 crore for the year ended March 31, 2018 up from Rs 14,549.66 crore posted the previous fiscal. The bank`s total income for the period under review stood at Rs 95,461.66 crore up from Rs 81,602.45 crore earned during the year ended March 31, 2017.

The bank had provided Rs 5,927.49 crore towards provisions and contingencies last fiscal up from Rs 3,593.30 crore provided for the year ended March 31, 2017. The gross non-performing assets (NPA) stood at Rs 8,606.97 crore as on March 31, 2018 up from Rs.5,885.66 crore as on March 31, 2017. The net NPA stood at Rs 2,601.02 crore up from Rs 1,843.99 crore last fiscal.

With IANS Inputs