HDFC Bank Slashes FD Interest Rates For Up To Rs 3 Crore — Check Details

HDFC Bank Ltd. has cut interest rates for deposits up to Rs 3 crore for different tenures.

India's largest private lender's rate cut is applicable immediately for domestic as well as non-resident Indians and non-resident external accounts.

On tenures starting from 18 months to three years for deposits up to Rs 3 crore, the bank is offering a maximum interest rate of 6.45%.

Additionally, senior citizens, or people above the age of 60, will receive an additional 50 basis points on their deposit than regular ones. Although, these rates do not apply to the NRIs.

For NRE accounts, maximum tenure to invest on HDFC Bank has been determined as up to one year.

HDFC Bank's fixed deposit interest rates are as follows:

The minimum interest rate offered by the bank, that is, 2.75% is for the 7–29-day tenure. For a period of 5–10 years, the bank has fixed the regular FD interest rate at 6.15%, while those for senior citizens is at 6.65%.

Banks are moving fast to slash fixed deposit rates after the repo rate cut by the Reserve Bank of India. HDFC Bank's reduction in rates comes only two days after the State Bank of India also reduced its rates for deposits up to Rs 3 crore.

The maximum rate of interest fixed by SBI for regular FDs is 6.40% for a tenure of two to three years, FD rate for senior citizens under the same tenure stands at 6.90%.

However, the maximum interest rate for senior citizens fixed by SBI is 7.05% for a tenure of 5-10 years.

Here is a look at SBI's FD Rates ROI for deposits up to Rs 3 crore: