To increase our income, we invest in various schemes, and currently, there are several schemes available in the market. Many individuals prefer investing in bank fixed deposits (FDs) as they are considered a secure investment option. The interest rates on FDs are periodically revised, and HDFC Bank, one of the largest banks in the country, recently made changes to its FD interest rates, effective from November 27, 2023, as per the official website.
Investors in these FDs are required to invest for a minimum period of 1 year, and non-residents can also invest in this category. The bank has revised the interest rates on FDs, with the latest rates being 7.45% for FDs with a tenure of 1 to 2 years and 7.2% for FDs with a tenure of 2 to 10 years.
Latest HDFC Bank FD Rates
For FDs with a tenure of 7 days to 10 years, customers will now earn interest ranging from 3% to 7.20%. Senior citizens will receive interest rates varying from 3.5% to 7.75% in this FD. These rates came into effect from October 1, 2023. Additionally, the interest rates on non-withdrawable FDs up to 2 crores have been revised. According to the latest rates from HDFC Bank, FDs with a tenure of 1 year 15 days to 2 years will offer an interest rate of 7.45%.
Similarly, for FDs with a tenure of 2 years 1 day to 3 years, 3 years 1 day to 5 years, and 5 years 1 day to 10 years, investors will receive an interest rate of 7.2%.
What is Non-Withdrawable FD?
A non-withdrawable FD is a type of term deposit where investors cannot withdraw the principal amount before maturity. However, in emergency situations, the deposited amount can be used for settlement. No interest payment is required on the principal amount in case of premature withdrawal. After the investor’s demise, the nominee receives the deposited amount in the FD.
