HDFC Bank increases fixed deposit rates for second time this month
The new rates are applicable for deposit amounts less than Rs 2 crore
HDFC Bank has hiked the interest rates on fixed deposits (FDs) again this month. It has hiked the FD interest rates by up to 50 basis points (bps). The new interest rates came into effect from 26 October. The new rates are applicable for deposit amounts less than Rs 2 crore. HDFC Bank is now giving an interest rate ranging from 3 per cent to 6.25 per cent on deposits maturing in 7 days to 10 years to general customers. Senior citizens will get an additional interest rate of 50 bps over and above those provided to general customers. Senior citizens will now receive an interest rate ranging from 3.5 per cent to 6.95 per cent on FDs with a tenure of seven days to 10 years.
HDFC Bank also changed the interest rates on recurring deposits on 26 October. The bank will now give 4.50 per cent to 6.25 per cent interest rates on RDs with tenures ranging from 6-120 months for the general public.
According to HDFC, interest on a Recurring Deposit is going to be calculated from the date the instalment is paid. The method of calculating the interest on RDs will be on Actual/Actual Quarterly Compounding. TDS is applicable on RD as per the Finance Act 2015. TDS will be deducted when interest payable or reinvested on RD and FD per customer in all branches exceeds Rs 40,000 (Rs 50,000 for senior citizens) in a financial year.
More from BusinessHDFC Bank’s net profit, on a standalone basis, increased by over 20.1 per cent to Rs 10,605.78 crore from Rs 8,834.31 crore in the year-ago period. In the bank, retail loan growth stood at 21.5 per cent and corporate loan growth was 27 per cent in Q2. Deposits rose by 19 per cent in the July-September quarter. Most brokerages have been going bullish on HDFC Bank after the strong Q2 results. Nomura maintained a buy rating with a target price of Rs 1,690.
In August 1994, HDFC Bank had been incorporated under the name of HDFC Bank Limited, with its registered office in Mumbai. The bank began operations as a Scheduled Commercial Bank in January 1995.
On NSE, HDFC Bank went up by 0.24 per cent to trade at a price of 1,454.40 at 1:26 PM today, 27 October.
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