HDFC Bank Recurring Deposit Rates Increased: India’s largest private sector lender HDFC Bank has recently hiked its recurring deposit interest rates. The new rates have come effective from last week, the bank has said in a notification. As a result of this move, recurring deposits at the HDFC Bank with tenors of 27 months up to 120 months will see the changes in the interest rates. The HDFC Bank RD interest rate hike comes at a time when banks are hiking their interest rates on everything, including loans and fixed deposits.
The new HDFC Bank RD interest rate hike ranges from 15 to 20 basis points, depending upon the tenor, with senior citizens getting extra extra returns, depending on the tenor. The HDFC Bank Recurring Deposit interest rate hike has come into effect from May 17, 2022 and are applicable for deposits made by Indians and NRIs.
“An Additional Premium of 0.25 per cent (over and above the existing premium of 0.50 per cent) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May’20 to 30th Sep’2022.,” the bank has further said on its website.
According to the HDFC Bank website, “Interest on a Recurring Deposit will be calculated from the date the instalment is paid The method of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding.” Also, if frequent defaults (non-payments) are observed in monthly installments, and six installments fall in arrears, the HDFC Bank said it reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.
Here are the revised interest rates on recurring deposits at the HDFC Bank from May 17, 2022:
12 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
15 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
24 months: For General Public – 5.10 per cent; For Senior Citizens – 5.60 per cent
27 months: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
36 months: For General Public – 5.40 per cent; For Senior Citizens – 5.90 per cent
39 months: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent
48 months: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent
60 months: For General Public – 5.60 per cent; For Senior Citizens – 6.10 per cent
90 months: For General Public – 5.75 per cent; For Senior Citizens – 6.50 per cent
120 months: For General Public – 5.75 per cent; For Senior Citizens – 6.50 per cent
The HDFC Bank RD rate hike comes at a time when other banks including SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Punjab National Bank and others have already increased their interest rates following the repo rate hike by the RBI.
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