HDFC Bank Hikes FD Interest Rates: Know The Rates Offered To Senior Citizens
HDFC Bank increased the fixed deposit interest rates for its 35- and 55-month FDs this week. Learn about the interest rates offered to senior citizens.
HDFC Bank increased the fixed deposit interest rates for its 35- and 55-month FDs this week. Learn about the interest rates offered to senior citizens.
Fixed deposit (FD) interest rates
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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
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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:
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The above rates include the additional 0.50 per cent offered to seniors by banks.
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.
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The Bank of Maharashtra and J&K Bank revised their fixed deposit (FD) rates for the week ending July 13, 2024.
Punjab National Bank, Karnataka Bank, and Jana Small Finance Bank are among seven banks which have revised their fixed deposit rates in the week ending November 4, 2023. Learn More
Fixed deposits are highly sought after by senior citizens as they offer the chance to receive regular cash flow with minimal risks involved.
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