HDFC Bank interest rates for Fixed Deposit (FD) and Loan!

Recently, HDFC Bank has renewed its interest rates for loans and fixed deposits. According to the HDFC, the new interest rates on deposits will be effective from 3 February 2024. The revised FD interest rates are done on deposits of Rs 2 crores or less than Rs. 5 crores. Read on to know the changes in HDFC interest rates.

HDFC Bank interest rates 

FD interest rates: 

The biggest private sector bank HDFC has modified its fixed deposit interest rates for bulk deposits of Rs 2 cr or less than Rs. 5cr. 

Now, the bank offers 4.75% to 7.00% per annum interest rates for the general public and 5.25 % to 7.75% per annum for elderly people on deposit tenors of 7 days to 10 years.

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The bank provides tax savings FDs at a rate of 7.50% per annum for senior citizens and 7.00% for the general public.

Loan interest rates:

Apart from FD interest rates, the bank has increased the loan rates by 10 basis points on selective tenures. The loan rates are effective from 8 February 2023. 

According to the bank, the Marginal Cost of Funds-based on Lending Rates (MCLR) for the lenders, is now swept in from 8.9% to 9.35%. 

HDFC FD interest rates for deposits less than Rs 2 cr.

The interest under HDFC domestic/ NRO/ NRE fixed deposit rate for less than Rs 2 crores are:

Tenure Interest per annum
General Public Senior Citizen
7-14 days 3.00% 3.50%
15-29 days 3.00% 3.50%
30-45 days 3.50% 4.0%
46-60 days 4.50% 5.00%
61-89 days 4.0% 5.00%
90 days<= 6months 4.50% 5.00%
6 months 1 day <= 9 months 5.75% 6.25%
9 months 1 day to< 1 year 6.00% 6.50%
1 year to < 15 months 6.60% 7.10%
15 months to < 18 months 7.10% 7.60%
18 months to <21 months 7.00% 7.50%
21 months – 2 years 7.00% 7.50%
2 years 1 day to < 2 years 11 months 7.00% 7.50%
2 years 11 months -35 months 7.15% 7.65%
2 years 11 months q day<= # year 7.00% 7.50%
3 Years 1 day to < 4 Years 7 Months 7.00% 7.50%
4 years 7 months – 55 months 7.20% 7.70%
4 years 7 months 1 day<= 5 years 7.00% 7.50%
5 years 1 day-10 years 7.00% 7.75%

 

An important thing to note about the FD interest rates from the above table is that there is an additional premium of 0.25 % for senior citizens in tenure of 5 years 1 day-10 years, it is due to the new offer that applies to new FDs booked by the Senior citizens. 

HDFC Bank interest rates 

Remember, this special offer does not apply to NRIs.

HDFC FD interest rates deposit Rs 2 cr and less than Rs 5 cr.

Tenure Interest per annum
General Public Senior Citizen
7-14 days 4.75% 5.25%
15-29 days 4.75% 5.25%
30-45 days 5.50% 6.00%
46-60 days 5.75% 6.25%
61-89 days 6.00% 6.50%
90 days-6months 6.75% 7.00%
6 months 1 day – 9 months 7.40 7.15%
9 months 1 day to< 1 year 7.05% 7.25%
1 year to < 15 months 7.05% 7.90%
15 months to < 18 months 7.05% 7.55%
18 months to <21 months 7.05% 7.55%
21 months – 2 years 7.00% 7.50%
3 years- 1 day – 5 years 7.00% 7.50%
5 years 1 day – 10 years 7.00% 7.75%

Again the additional 0.25% in the last row of the senior citizen column is not applicable for NRE and NRO deposits.

HDFC Loan Interest rates 

The bank has defined the MCLR between 8.90%-9.35%. The rate has been increased by 10 base points for all the tenures overnight, 1 month,  3 months, 6 months, and 2 years. The one-year tenure has been raised to 9.30 % by 5 base points.

The MCLR remains the same for 3years. 

Following are the MCLR rates for HDFC:

Tenure  MCLR rate
Overnight 8.90%
1 month 8.95%
3 month 9.10%
6 month 9.30%
1 year 9.30%
2 year 9.35%
3 year 9.35%

HDFC bank has increased its interest rates offering customers to earn a good amount of interest on FDs. 

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