HDFC Bank hikes FD interest rates
HDFC Bank gave its customers the gift of paying more interest on fixed deposits after a long wait of 29 months. The new interest rates have come into effect from March 30.
Let us tell you that after October 2018, the bank has decided to increase the interest rates. It has raised interest rates between 10 and 25 basis points (0.10 per cent to 0.25 per cent) on FDs maturing in 33 to 99 months. Apart from this, senior citizens will get additional benefits.
Know how many percent increase in interest rates
>> The annual interest rate will be 6.20 percent on term deposits of up to Rs 2 crore with a maturity of 33 months.>> 6.66 percent interest will be given on term deposits for 66 months.
>> The interest rate on the 99-month term deposit has been kept at 6.65 percent.
>> For the same time, senior citizens will get 0.25 percent more interest on FD than normal.
Also read: Uteron hit government on interest deduction on savings schemes, said- ‘Order issued by mistake’
Feature of FD
FDs can be made for any period ranging from 12 months to 120 months. Apart from this, you can choose monthly, quarterly, half-yearly or annual payment options based on the need. Companies like HDFC get ratings. The higher the rating, the safer they are.
Securities and Exchange Board of India, Registered Investment Advisor Nishith Baldevdas said that investors who want to invest only in FDs for returns can invest in such types of FDs. There are also some highly rated corporate FDs, except HDFC Limited fixed deposits, which are currently offering higher returns than bank FDs and small savings schemes.