Banks and financial entities in India have started announcing rate hikes. State Bank of India (SBI) has raised the benchmark lending rate, or base rate, by 10 bps without waiting for the RBI to hike the repo rate or reverse repo rate. A hike in fixed deposit rates was announced by HDFC Bank and Ujjivan Small Finance Bank.
HDFC Bank latest FD rates
HDFC Bank has hiked the interest rates on fixed deposits (FDs). The increased rates of interest are applicable on FDs starting from December 1 2021. HDFC Bank has increased the rates by up to 10 basis points (bps) on select tenors.
After the latest revision, HDFC Bank is offering a 2.50% interest rate on deposits between 7 days and 29 days, and 3 % on deposits maturing in 30-90 days. On 91 days to 6 months, 3.5% and on 6 months 1 day to less than one year, 4.4%. The bank gives 4.9% on FDs maturing in one year. HDFC Bank has hiked the interest rates by 10 basis points (bps) on deposits maturing in one year and two years. These deposits will now fetch a 5% interest rate.
FDs maturing in 2 years to 3 years will give 5.15%. The bank has also hiked interest rates on deposits maturing in 3 years to 5 years. These deposits will give 5.35%, Deposits with maturity period 5 years to 10 years will give 5.50% interest.
Ujjivan Small Finance Bank latest FD rates
The Ujjivan SFB is now offering an interest rate of 6.6% for deposits for tenures of 19 months, one day to 24 months for the general citizen up to 60 years. The interest rate has been increased to 6.5% for 12 months of tenure. The previous rates for these tenures were 6%. The new rates are applicable from 9 December 2021, the bank said.
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