HDFC Bank has increased its one-year FD interest rate by 10 basis points from 5 per cent to 5.10 per cent. The new rates have become effective from 6 April.
New Delhi: Private sector lender HDFC Bank has changed interest rates. The bank has decided to give higher returns on the amount deposited in fixed deposits. HDFC Bank has increased interest rates on fixed deposits of less than Rs 2 crore. The new rates have become effective from 6 April.
According to the bank’s website, HDFC Bank has increased its one-year FD interest rate by 10 basis points from 5 per cent to 5.10 per cent. FDs with tenor from one year to one day to two years have also been increased by 10 basis points to 5.10 per cent.
The bank has said that it will continue to pay 25 basis points premium to senior citizens with fixed deposits of less than Rs 5 crore for a period of five years. This offer will be given in addition to the regular 50 basis point premium and will be valid for new fixed deposits as well as renewal of old FDs.
In February, the bank increased the interest rate of 1-year FD from 4.9 percent to 5 percent and 3-year to 5-year FD interest rate increased by 5 basis points from 5.40 percent to 5.45 percent.
RBI will issue new monetary policy
The Reserve Bank of India (RBI) will issue the latest repo and reverse repo in its monetary policy review to be announced on April 8. The first 2-day monetary policy review meeting of the new financial year is starting from today. After this meeting, RBI Governor Shaktikanta Das will unveil the first monetary policy of the new financial year on Friday, 8 April.
Experts related to this matter believe that there will be no change in the policy rates of RBI. The central bank did not make any changes in interest rates in its last meeting as well. Repo rate may remain unchanged at 4 per cent and reverse repo rate at 3.5 per cent.
Rates were not changed in last 10 meetings
RBI has not made any change in interest rates in the last 10 meetings. In the last financial year, the first Kovid and finally the Russo-Ukraine war affected the whole world badly. Therefore, experts are expecting that there will be no change in the rates in this meeting as well, as in the previous 10 meetings also the rates were kept unchanged.
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