HDFC Bank and Ujjivan Small Finance Bank have also announced an increase in fixed deposit rates.
Bank interest rate: Banks and financial institutions have started announcing increase in interest rates. State Bank of India (SBI) has increased the repo rate or reverse repo rate by 10 bps without waiting for the RBI. HDFC Bank and Ujjivan Small Finance Bank have also announced an increase in fixed deposit rates.
HDFC Bank has increased the interest rates on fixed deposit increased rate. The increased interest rates on FDs are applicable from 1st December 2021. HDFC Bank has increased rates by up to 10 basis points (bps) on select periods.
HDFC Bank
According to the new interest rates, HDFC Bank (HDFC Bank FD rate) has announced an interest rate of 2.50 percent on deposits between 7 days to 29 days and 3 percent on deposits maturing in 30-90 days. It has been said to pay interest at the rate of 3.5 percent on FDs from 91 days to 6 months and 4.4 percent for 6 months one year. The bank is giving 4.9% interest on FDs maturing in one year. HDFC Bank has increased the interest rates by 10 basis points (bps) on deposits maturing in one year and two years. Now 5 percent interest rate will be available on these deposits.
FDs maturing in 2 years to 3 years will get interest at the rate of 5.15 percent. The bank has also increased the interest rates on deposits maturing in 3 years to 5 years. Interest of 5.35 percent will be given on these deposits, 5.50 percent on maturity from 5 years to 10 years.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank has offered an interest rate of 6.6 per cent for deposits of 19 months one day to 24 months for the common citizen. The interest rate has been increased to 6.5 percent for a tenure of 12 months. The previous rates for these times were 6 per cent. The new rates are applicable from 9 December 2021.
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