HDFC Bank Increases Fixed Deposit Rates
- 6 Comment
India’s second largest private sector bank HDFC Bank has increased the fixed deposit rates by 150 points. Earlier I have posted about the CRR Ratio hike by the Reserver Bank of India(RBI). As I have explained in the post. CRR hike will reduce the liquidity of the banks and will tighten the money lending to the customers. This process will force them to borrow money from the public. The only way to attract the public deposits is increasing the deposit rates. We can expect the other banks also will follow the HDFC bank. The following is the updated interest rates:
- ** Only Senior Citizens / Retired Personnel (60 years and above) who are Resident Indians are eligible. The special rates are applicable only for INR deposits.
- *** The FD rate applicable for a monthly interest option will be a discounted rate over the standard FD Rate. Please contact the nearest Branch for further information.
- ****For interest rates on Fixed Deposits for Rs. 15 Lacs and above, please contact your nearest HDFC Bank branch.
Subscribe to our future articles here.
Related posts:
6 Comments on this post
Trackbacks
-
Amandeep Singh said:
Hey Krishna, Thanks a lot for the update,… this is a real good news for the people who refrain from investing in instruments like Equity, Mutual FUnds and keep the safety of their principal amount at the top priority…
February 23rd, 2010 at 3:04 am -
Ravi said:
but the website is still showing the old rates?
February 28th, 2010 at 9:51 am -
Nidhi said:
We just made a fixed deposit on 13th mar 2010 in HDFc and still these rates were not applicable. The rate list they provided had lesser rates than this. from where is this data got? Please clarify
March 16th, 2010 at 10:49 pm -
S. Das said:
Can an OCI card holder (US Citizen) avail of these F/Ds by investing US $ in INR and converting back to US $ on maturity? If so what type of account would it need to be – NRE or NRO? Also, does it require going to India or can it be done from the US? Thanks.
March 17th, 2010 at 7:34 am -
Steve said:
If India’s second largest bank has increased their fixed deposit rates by 150%, then lets see what other banks are doing in the world??
April 28th, 2010 at 9:34 pm -
Mia said:
Steve, Australian banks have made a similar move with their Term Deposits. I’m working in Australia for the next 4 years with my employer so I’ll be taking full advantage of the increased rates!
July 22nd, 2010 at 5:27 pm
|
|
