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
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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Five banks revised their fixed deposit (FD) rates during the week ending on July 20, 2024. Know what they offer to senior citizens.
Post Office Time Deposit Scheme is a short-term savings account offering account holders attractive interest rates, which are guaranteed, and different lock-in periods to choose from.
Fixed deposits are a secure investment option with attractive interest rates for senior citizens. Explore the highest FD rates across government banks, private banks, small finance banks, and corporate FDs to maximise your savings. However, also consider factors, such as tenure, credibility, premature withdrawal, senior citizen premium, and tax implications for an informed decision.
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