HDFC Bank has changed the interest rates of Fixed Deposit (FD). This change has been made in the interest rates of FDs less than Rs 2 crore. The new rates have come into effect from 18 August 2022
Here are the new interest rates
| Duration | Rate of interest |
| 7 to 29 days | 2.75% |
| 30 to 89 days | 3.25% |
| 90 days to 6 months | 3.75% |
| 6 months one day to less than one year | 4.65% |
| 1 year | 5.50% |
| 1 year 1 day to 3 years | 5.50% |
| 3 years one day to 5 years | 6.10% |
| 5 years one day to 10 years | 5.75% |
Keep these things in mind while making FD
Choosing the Right Tenure Important
Before investing in an FD, it is important to think about its tenure. This is because if investors withdraw before maturity, they will have to pay the penalty. Breaking the FD before maturity will result in a penalty of up to 1%. This can reduce the total interest earned on the deposit.
Do not invest the entire money in a single FD
If you are planning to invest 10 lakh rupees in FD in any one bank, then instead of 8 FDs of Rs 1 lakh in more than one bank and 4 FDs of Rs 50 thousand Invest. With this, if you need money in the middle, you can arrange money according to your need by breaking the FD in the middle. Rest of your FD will be safe.
Withdrawal of interest
Banks had the option to withdraw interest on a quarterly and annual basis. Now you can also do monthly withdrawal in some banks. You can choose it according to your need.
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