New Delhi: Putting your money in a Fixed Deposit is a smart move. A Fixed Deposit is like a promise – you put your money in, and in return, you get guaranteed returns. If you invest in it, you will get, you earn money no matter what’s happening in the market. It’s a safe way to grow your savings and be ready for a secure future.
Let’s dive into the details of the HDFC FD interest rates to help you make informed financial decisions. (Also Read: Bank Holidays In February 2024: Financial Institutions To Be Closed For 11 Days)
With HDFC Fixed Deposit, investors can lock in their funds for a duration spanning from 7 days to 10 years. This flexibility allows individuals to choose a tenure that aligns with their financial goals and preferences. (Also Read: Decoding The Budget: Take A Look At 10 Key Budget Terms Crucial For Taxpayers)
Current Interest Rates
As of now, HDFC Bank offers interest rates between 3 percent and 7.2 percent for deposits under Rs 2 crore. It’s crucial to note that senior citizens enjoy an additional 0.5 percent interest across all tenures.
For a short-term period of 7 to 14 days, the interest rate is 3 percent for the general public and 3.5 percent for senior citizens. If you’re looking to invest for a bit longer, between 15 to 29 days, the interest rates remain the same at 3 percent for the general public and 3.5 percent for senior citizens.
As the tenure extends to 30 to 45 days, the interest rates increase to 3.5 percent for the general public and 4 percent for senior citizens. For a mid-term commitment of 46 to 60 days, the interest rates go up to 4.5 percent for the general public and 5 percent for senior citizens.
The trend continues with varying rates for different timeframes, reaching up to 7.75 percent for a long-term investment of 5 years to 10 years. Remember, these rates are subject to change, and senior citizens enjoy an additional 0.5 percent interest across all tenures.
Changes Effective From October 1, 2023
It’s important to be aware that the interest rates came into effect on October 1, 2023.