On May 30, 2023, HDFC Bank announced the introduction of two unique duration fixed deposit (FD) plans for deposits under Rs 2 crore, with overall terms of 35 and 55 months.
Customers may take advantage of the bank's 7.20 percent deposit rate on fixed deposits with a 35-month maturity period (3 years, 11 months). The interest rate is 7.25 percent over a 55-month term (4 years, 7 months). According to a press release from the bank, senior folks would get an extra 0.5% on top of the standard rate of interest.
The new Special Edition Fixed Deposit programme would help clients who want to hold their money for a long period of time with guaranteed high returns, according to HDFC Bank, since deposit rates are about to peak.
In a statement, Chief Marketing Officer Ravi Santhanam, director of corporate communications, liability products and managed programmes, said: “Investing in fixed deposits is one of the safest investment vehicles that offers guaranteed returns. The new programmes will be very beneficial to both our customers and non-customers who want to invest money safely and profitably for long periods of time.
Rates From HDFC For Other Tenures
The deposit rate at HDFC Bank is 3% for FDs with maturities of 7 to 29 days. FDs maturing between 46 days and less than six months will earn a slightly higher deposit rate of 4.50 percent, while deposits with a maturity term of 30 to 45 days would earn a deposit rate of 3.50 percent.
The bank is providing a 5.75 percent deposit rate on medium-term durations for deposits due between six months and one day less than nine months. The bank is providing a deposit rate of 6% for deposits having a maturity time between nine months and one day shorter than one year.
The bank is now giving a deposit rate of 6.60 percent for longer-term investments, such as FDs expiring between one year and less than 15 months, while deposits due between 15 months and less than 18 months would earn depositors a slightly higher deposit rate of 7.10 percent.
A deposit rate of 7% is currently being offered by HDFC Bank for deposits due in the next 18 to 2 years, 11 months.