Jammu and Kashmir News Report
Buisness

Two Special-Tenure FDs of 35 and 55 months are offered by HDFC Bank

On May 30, 2023, HDFC Bank announced the introduction of two unique duration fixed deposit (FD) plans for deposits under Rs 2 crore, with overall terms of 35 and 55 months.

Customers may take advantage of the bank's 7.20 percent deposit rate on fixed deposits with a 35-month maturity period (3 years, 11 months). The interest rate is 7.25 percent over a 55-month term (4 years, 7 months). According to a press release from the bank, senior folks would get an extra 0.5% on top of the standard rate of interest.

The new Special Edition Fixed Deposit programme would help clients who want to hold their money for a long period of time with guaranteed high returns, according to HDFC Bank, since deposit rates are about to peak.

In a statement, Chief Marketing Officer Ravi Santhanam, director of corporate communications, liability products and managed programmes, said: “Investing in fixed deposits is one of the safest investment vehicles that offers guaranteed returns. The new programmes will be very beneficial to both our customers and non-customers who want to invest money safely and profitably for long periods of time.

Rates From HDFC For Other Tenures

The deposit rate at HDFC Bank is 3% for FDs with maturities of 7 to 29 days. FDs maturing between 46 days and less than six months will earn a slightly higher deposit rate of 4.50 percent, while deposits with a maturity term of 30 to 45 days would earn a deposit rate of 3.50 percent.

The bank is providing a 5.75 percent deposit rate on medium-term durations for deposits due between six months and one day less than nine months. The bank is providing a deposit rate of 6% for deposits having a maturity time between nine months and one day shorter than one year.

The bank is now giving a deposit rate of 6.60 percent for longer-term investments, such as FDs expiring between one year and less than 15 months, while deposits due between 15 months and less than 18 months would earn depositors a slightly higher deposit rate of 7.10 percent.

A deposit rate of 7% is currently being offered by HDFC Bank for deposits due in the next 18 to 2 years, 11 months.

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