What is the story about?
HDFC Bank has lowered interest rates on fixed deposits (FDs) for amounts under ₹3 crore, effective from Wednesday (December 16), following a similar move by the
State Bank of India (SBI).
The revised rates were announced on the bank’s official website.
The reduction comes days after the Reserve Bank of India (RBI) trimmed the repo rate by 25 basis points to 5.25%, prompting banks to adjust lending and deposit rates.
For tenures of 18 months to less than 21 months, HDFC Bank has cut FD rates by 15 basis points. The rate for general customers has been reduced from 6.6% to 6.45% per annum, while senior citizens now earn 6.95% per annum, down from 7.1%.
Other tenures ranging from seven days to ten years have also been revised, with rates varying between 2.75% and 6.40% depending on the deposit period and customer category.
The bank continues to offer separate FD options for resident and NRI customers, with minimum tenors for NRE deposits set at one year. Senior citizen rates are not applicable for NRI deposits.
Customers can book FDs via mobile banking, net banking, or by contacting the bank’s executive for NRI accounts.
HDFC Bank’s move is part of a broader trend of banks adjusting FD rates in line with RBI policy changes, aiming to balance deposit growth and lending costs.
The revised rates were announced on the bank’s official website.
The reduction comes days after the Reserve Bank of India (RBI) trimmed the repo rate by 25 basis points to 5.25%, prompting banks to adjust lending and deposit rates.
For tenures of 18 months to less than 21 months, HDFC Bank has cut FD rates by 15 basis points. The rate for general customers has been reduced from 6.6% to 6.45% per annum, while senior citizens now earn 6.95% per annum, down from 7.1%.
Other tenures ranging from seven days to ten years have also been revised, with rates varying between 2.75% and 6.40% depending on the deposit period and customer category.
| Tenure | General Rate (% p.a.) | Senior Citizen Rate (% p.a.) |
| 7–14 days | 2.75 | 3.25 |
| 15–29 days | 2.75 | 3.25 |
| 30–45 days | 3.25 | 3.75 |
| 46–60 days | 4.25 | 4.75 |
| 61–89 days | 4.25 | 4.75 |
| 90 days to 6 months | 4.25 | 4.75 |
| 6 months 1 day to 9 months | 5.5 | 6 |
| 9 months 1 day to < 1 year | 5.75 | 6.25 |
| 1 year to < 15 months | 6.25 | 6.75 |
| 15 months to < 18 months | 6.35 | 6.85 |
| 18 months to < 21 months | 6.45 | 6.95 |
| 21 months to < 2 years | 6.45 | 6.95 |
| 2 years 1 day to < 2 years 11 months | 6.45 | 6.95 |
| 2 years 11 months (35 months) | 6.45 | 6.95 |
| 2 years 11 months 1 day to < 3 years | 6.45 | 6.95 |
| 3 years 1 day to < 4 years 7 months | 6.4 | 6.9 |
| 4 years 7 months (55 months) | 6.4 | 6.9 |
| 4 years 7 months 1 day to < 5 years | 6.4 | 6.9 |
| 5 years 1 day to 10 years | 6.15 | 6.65 |
The bank continues to offer separate FD options for resident and NRI customers, with minimum tenors for NRE deposits set at one year. Senior citizen rates are not applicable for NRI deposits.
Customers can book FDs via mobile banking, net banking, or by contacting the bank’s executive for NRI accounts.
HDFC Bank’s move is part of a broader trend of banks adjusting FD rates in line with RBI policy changes, aiming to balance deposit growth and lending costs.
