Fixed Deposit (FD) is considered one of the most preferred and safe means of investing money. If you are also planning to deposit your money in FD scheme, then there is a bad news for you.
In fact, HDFC Bank, the largest private sector bank, has reduced the interest rate on FD for some selected period of time for its customers. After this latest update, the bank is now offering 3% to 7.20% interest to its customers on FDs maturing in 7 days to 10 years. Whereas customers falling in the category of senior citizens will be given the benefit of interest on FD ranging from 3.5% to 7.75%. These new rates on FD will be considered effective from October 1, 2023.
How much have interest rates on FD reduced?
HDFC Bank has reduced the interest rate on FD of 4 years 7 months or 55 months by 5 bps. Earlier, HDFC Bank was giving the benefit of interest of 7.25 percent to the customers and 7.75% to the elderly on FD of the same period. Apart from HDFC Bank, IndusInd Bank, Punjab & Sindh Bank have also changed the interest rates on their FDs. IndusInd Bank has changed the interest rate on FD less than Rs 2 crore. After the latest changes, this bank is now offering interest rates ranging from 3.50% to 7.85% for the general public and 4.25% to 8.25% for senior citizens. According to the official website of the bank, these rates will be applicable from October 1, 2023.
Punjab and Sindh Bank
Punjab and Sindh Bank has changed the interest rate on FD less than Rs 2 crore. After the latest change, the bank is now offering interest rates ranging from 2.8% to 7.35% on deposits maturing in seven days to ten years. At the same time, senior citizens are being given the benefit of 0.50% extra interest on FD of less than Rs 2 crore. Whereas customers falling in the category of Super Senior Citizens are being given the benefit of 0.15% extra interest on FDs of 333 days, 444 days and 555 days.
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