How Much Interest Does HDFC Bank Give on Deposits?
HDFC Bank, one of India’s leading private sector banks, offers a range of interest rates on various deposit products to cater to the diverse needs of its customers. The interest rates provided by HDFC Bank are competitive and designed to maximize returns on savings and fixed deposits. In this article, we will explore the interest rates offered by HDFC Bank and how much interest it gives on different deposit types.
Interest Rates on Savings Accounts
HDFC Bank offers interest rates on savings accounts that are in line with the Reserve Bank of India’s (RBI) guidelines. As of the latest update, the interest rate on savings accounts is 3.5% per annum. This rate is applicable to the entire balance in the account and is subject to change as per RBI directives.
Interest Rates on Fixed Deposits
HDFC Bank provides attractive interest rates on fixed deposits, which are higher than those offered on savings accounts. The interest rates vary depending on the tenure of the deposit and the amount invested. As of now, the interest rates on fixed deposits range from 5.25% to 7.25% per annum for different tenures. Customers can choose from various tenures, such as 7 days to 10 years, to suit their investment needs.
Senior Citizen Fixed Deposit Interest Rates
HDFC Bank offers special interest rates for senior citizens on fixed deposits. The interest rates for senior citizens are higher than those for regular customers. As of the latest update, the interest rates on fixed deposits for senior citizens range from 6.25% to 7.75% per annum, depending on the tenure and the amount invested.
Interest Rates on Recurring Deposits
Recurring deposits are another popular deposit product offered by HDFC Bank. The interest rates on recurring deposits are competitive and are determined based on the amount deposited and the tenure. As of now, the interest rates on recurring deposits range from 5.25% to 6.75% per annum, depending on the tenure.
Interest Rates on Tax-Saving Fixed Deposits
HDFC Bank also offers tax-saving fixed deposits under Section 80C of the Income Tax Act, 1961. These fixed deposits have a lock-in period of 5 years and offer interest rates ranging from 5.25% to 7.25% per annum. Customers can invest up to Rs. 1.5 lakh in these fixed deposits to avail tax benefits.
Conclusion
In conclusion, HDFC Bank offers competitive interest rates on various deposit products to cater to the needs of its customers. The interest rates vary depending on the type of deposit, tenure, and customer segment. Customers can choose the most suitable deposit product based on their investment goals and risk appetite. It is advisable to keep track of the latest interest rates and compare them with other banks to make an informed decision.
