Private sector lender HDFC Bank offers fixed deposit maturities ranging from seven days to 10 years. Fixed deposits (FDs) are secure investment instruments that offer higher interest rates than deposits in savings accounts. HDFC Bank offers interest rates to the tune of 3.50-7.40 per cent to the general public on fixed deposit (FD) up to Rs. 2 crore, according to its website, hdfcbank.com. The bank pays slightly higher returns to senior citizen customers. In the same range of maturities, the bank pays interest at the rate of 4-7.90 per cent to senior citizens on FDs up to Rs. 2 crore. (Also read: 10 big investment mistakes you should avoid)
The following FD interest rates are applicable on deposits below Rs. 2 crore from June 24, 2019 according to hdfcbank.com:
| Period | General public (% p.a.) | Senior citizens (% p.a.) |
|---|---|---|
| 7 - 14 days | 3.50 | 4.00 |
| 15 - 29 days | 4.25 | 4.75 |
| 30 - 45 days | 5.75 | 6.25 |
| 46 - 60 days | 6.25 | 6.75 |
| 61 - 90 days | 6.25 | 6.75 |
| 91 days - 6 months | 6.25 | 6.75 |
| 6 months 1 day- 6 months 3 days | 6.75 | 7.25 |
| 6 months 4 days | 6.75 | 7.25 |
| 6 months 5 days- 9 months | 6.75 | 7.25 |
| 9 months 1 day- 9 months 3 days | 7.10 | 7.60 |
| 9 months 4 days | 7.10 | 7.60 |
| 9 months 5 days - 9 months 15 days | 7.10 | 7.60 |
| 9 months 16 days | 7.10 | 7.60 |
| 9 months 17 days < 1 Year | 7.10 | 7.60 |
| 1 Year | 7.30 | 7.80 |
| 1 year 1 day - 1 year 3 days | 7.30 | 7.80 |
| 1 year 4 days | 7.30 | 7.80 |
| 1 year 5 days - 1 year 15 Days | 7.30 | 7.80 |
| 1 Year 16 days | 7.30 | 7.80 |
| 1 year 17 days - 2 years | 7.30 | 7.80 |
| 2 years 1 day - 2 years 15 days | 7.40 | 7.90 |
| 2 years 16 days | 7.40 | 7.90 |
| 2 years 17 days - 3 years | 7.40 | 7.90 |
| 3 years 1 day - 5 years | 7.25 | 7.75 |
| 5 years 1 day - 8 years | 6.50 | 7.00 |
| 8 years 1 Day - 10 years | 6.50 | 7.00 |
Fixed deposit interest rates are subject to change from time to time. Last week, private sector lender ICICI Bank also revised its fixed deposit interest rates on select maturities.
(Also read: How to decide the best size and lock-in period for your fixed deposit)
The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.
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