Fixed Deposit: HDFC Bank, one of the largest private-sector banks, has recently reduced its fixed deposit (FD) interest rates. Post this revision, customers will receive interest ranging from 3% to 7.20% for FDs maturing between 7 days to 10 years. For senior citizens, the rates are slightly more favorable, ranging between 3.5% to 7.75%. These new rates have been effective from October 1, 2023.
Notably, the bank has slashed the interest rate by 5 basis points for fixed deposits with a tenure of 4 years and 7 months, or 55 months. Earlier, the bank offered 7.25% for general customers and 7.75% for senior citizens for this tenure. HDFC’s decision follows a trend, as other banks have also reviewed their FD interest rates.
IndusInd Bank has adjusted its interest rates for FDs of amounts less than 2 crore INR. Following the revision, they are offering interest rates between 3.50% to 7.85% for general customers and between 4.25% to 8.25% for senior citizens. Like HDFC, IndusInd’s new rates became effective from October 1, 2023.
Punjab and Sind Bank, another prominent name, has revised its rates for FDs valued less than 2 crores INR. The bank now provides interest ranging from 2.8% to 7.35% for FDs maturing between 7 days and 10 years. They are offering an additional 0.50% interest for senior citizens. Moreover, super senior citizens are entitled to an extra 0.15% interest for specific FD durations, including 333, 444, and 555 days.
These changes underscore the dynamic nature of banking and financial markets, where interest rates are continually reviewed based on various economic factors. Customers are advised to stay updated with their bank’s latest offerings.
