India’s biggest private lender, HDFC Bank, has revised fixed deposit (FD) interest rates for both senior citizens and the general public. For deposits in the range of ₹3 crore to ₹5 crore, the bank will now offer interest up to 7.40% for the general public and 7.9% for senior citizens on the basis of tenure.
On fixed deposits with tenures from 7 to 29 days, depositors can earn 4.75% and 5.50% for 30 to 45 days. For deposits with tenures of 46 to 60 days, depositors can earn 5.75% and 6.0% interest for tenures of 61 to 89 days. The bank offers multiple deposit options, with tenures ranging from 7 days to 10 years.
Additionally, HDFC Bank has revised the Marginal Cost of Funds based Lending rate (MCLR), effective January 7, 2025. The new rates range from 9.15% to 9.45% per annum.
MCLR has been dropped from 9.15% to 9.20%. The one-month MCLR remains at 9.20%, whereas the three-month rate is still at 9.30%
The MCLR for the six-month and one-year tenures is 9.45%, up from 9.50%. Meanwhile, the three-year and two-year MCLR are at 9.45%.
FD rates for other banks
Axis Bank
For the general public, Axis Bank offers interest up to 7.30% on deposits between ₹3 crore and ₹5 crore for a tenure of one year, 11 days to one year, 24 days. Earn up to 7.0% interest on deposits for a tenure of two years to 30 months.
For senior citizens, the bank offers 7.80% interest for a tenure of one year, 11 days to one year, 24 days and 7.50% interest on deposits for a tenure of two years to 30 months.
State Bank of India (SBI)
For deposits from ₹3 crore and above, the State Bank of India offers interest up to 7.0% to regular citizens and 7.50% per cent to senior citizens for deposits in the tenure of 1 year to less than 2 years and 2 years to less than 3 years.
Punjab National Bank
PNB offers 7.25% to regular citizens and 7.55% to senior citizens for deposits of one-year tenure in the range of ₹3 crore to ₹10 crore.
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