HDFC Bank has revised its interest rates on fixed deposits and savings accounts effectively from June 10. This comes after the Reserve Bank of India delivered a higher-than-expected rate cut of 50 basis points.
The bank now offers a maximum interest rate of 6.6% per annum on FDs with principal amount less than Rs 3 crore for general citizens. This is lower than the 6.85% maximum interest rate which was earlier offered by the bank.
Here's a consolidated list of the latest interest rates on fixed deposits worth less than Rs 3 crore offered by HDFC Bank:
| Tenure | Interest rate (per annum) | |
| General citizens | Senior citizens | |
| 7 - 14 days | 2.75% | 3.25% |
| 15 - 29 days | 2.75% | 3.25% |
| 30 - 45 days | 3.25% | 3.75% |
| 46 - 60 days | 4.25% | 4.75% |
| 61 - 89 days | 4.25% | 4.75% |
| 90 days < = 6 months | 4.25% | 4.75% |
| 6 months 1 days < = 9 months | 5.50% | 6% |
| 9 months 1 day to < 1 year | 5.75% | 6.25% |
| 1 year to < 15 months | 6.25% | 6.75% |
| 15 months to < 18 months | 6.60% | 7.10% |
| 18 months to < 21 months | 6.60% | 7.10% |
| 21 months - 2 years | 6.45% | 6.95% |
| 2 Years 1 day to < 2 Year 11 Months | 6.45% | 6.95% |
| 2 Years 11 Months - 35 Months | 6.45% | 6.95% |
| 2 Years 11 Months 1 day < = 3 Year | 6.45% | 6.95% |
| 3 Years 1 day to < 4 Years 7 Months | 6.40% | 6.90% |
| 4 Year 7 Months - 55 months | 6.40% | 6.90% |
| 4 Year 7 Months 1 day < = 5 Years | 6.40% | 6.90% |
| 5 Years 1 day - 10 Years | 6.15% | 6.65% |
The private lender has also revised its interest rates for savings account. Effective from June 10, the interest rate on all savings accounts has been set at 2.75%. Earlier, the bank used to offer a higher interest rate of 3.25% on savings accounts with over Rs 50 lakh in deposits.
RBI Governor Sanjay Malhotra on June 6 announced the outcome of the central bank's Monetary Policy Committee's (MPC) meeting. RBI reduced its policy repo rate by 50 basis points to 5.5 percent, and changed its stance to 'neutral' from 'accommodative'. RBI also cut the cash reserve ratio (CRR), which banks are required to hold, by 100 basis points to 3% with an aim to accelerate policy transmission and boost lending.
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