It may have been a busy week for banks and taxpayers as the deadline for filing Income Tax Returns (ITR) ends on July 31, 2024. There may have been an extra rush after the Union Budget 2024-25, which tweaked some key tax rates and may have raised people’s urgency to modify their investment plans. Those who miss the deadline can still do it by December 31 with a penalty. Fixed-income instruments such as FDs are among senior citizens’ favourite investment tools. Hence, bank rates, updated periodically, are critical for them, so they monitor them closely. This week, HDFC bank revised its FD rates. Here are the details for senior citizens.

Also Read: ITR Filing: I-T Dept In The Process Of Simplifying Tax Rules—What You Should Know

HDFC Bank FD Rates:

The HDFC bank revised its FD rates on July 24, 2024. Post revision, it provides a maximum of 7.90 per cent interest to senior citizens on FDs of less than Rs 3 crore:

Here are the rates:

• 3.50 per cent seven to 14 days
• 3.50 per cent for 15 to 29 days
• 4.00 per cent for 30 to 45 days
• 5.00 per cent for 46 to 60 days
• 5.00 per cent for 61 to 89 days
• 6.25 per cent for six months one day to nine months
• 6.50 per cent for nine months one day to less than one year
• 7.10 per cent for one year to less than 15 months
• 7.60 per cent for 15 months to less than 18 months
• 7.75 per cent for 18 months to less than 21 months
• 7.50 per cent for 21 months to two years
• 7.50 per cent for two years one day to less than two years 11 months
• 7.85 per cent for two years 11 months (35 months)
• 7.50 per cent for two years 11 months one day to less than three years
• 7.50 per cent for three years one day to less than four years seven months
• 7.90 per cent for year seven months (55 months)
• 7.50 per cent for year seven months one day to less than five years, and
• 7.50 per cent for five years one day to 10 years.

The above rates include the additional 0.50 per cent offered to seniors by banks.

Also Read: Investing In Tomorrow: How India’s Budget 2024-25 Supports Financial Stability For Future Generations

The bank increased the rates by 20 basis points (0.20 per cent) on 35-month and 55-month FDs for a limited period. As per the HDFC Bank’s website, the FD tenures are of 2 years and 11 months and 4 years and 7 months. Earlier the bank was offering 7.65 per cent and 7.90 per cent, respectively, on these FDs.