HDFC Bank, the country’s largest private sector lender, currently offers 5.50 per cent interest on fixed deposit account below ₹ 5 crore with tenure of 5 years 1 day – 10 years, according to HDFC Bank website https://www.hdfcbank.com. The bank offers additional 0.50 per cent interest across tenors to senior citizens. The maturity period for fixed deposits offered by the HDFC Bank starts from seven days and go on for 10 years. HDFC Bank revised its interest rates on fixed deposits with effect from November 13, 2020.
This year, the Reserve Bank of India (RBI) has reduced the repo rate – or the key interest rate at which it lends money to banks – by a total of 115 basis points since February, on top of 135 basis points last year. This has also forced banks to lower their FD rates.