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Sunday, January 23, 2022

HDFC Ltd reduced interest rate on FD, now 0.20% less interest on deposits

Let us know that since June this year, HDFC Ltd has reduced interest rates on deposits four times. Financial advisors believe that corporate deposit interest rates are currently going down. This is because banks and NBFCs have a lot of liquidity

At this time, due to the companies having enough money, they are continuously reducing interest on deposits, on the other hand, banks and NBFCs are also reducing interest rates on loans in which the depositors have losses, so the borrowers are benefiting.

Leading housing finance company HDFC Ltd has reduced interest rates on FD. With this, customers will now get less interest on their deposits. The company has stated that these interest rates have been reduced from 0.10% to 0.20%. These rates will be applicable from Thursday. This information is given by the company.

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This period will earn interest

After the cut in interest rates by HDFC Ltd, now investors will get 5.7% interest on 15 months deposit. 5.8% interest will be given on 22 months deposit. 5.75% on 30-month deposits, 6.1% on 44-month deposits and 6.25% on 66-month deposits. Investors will have the option to take interest on monthly, quarterly, half-yearly and yearly basis.

Marginally more interest from post office

Investors who want to keep their money in fixed deposits for a period of 1-3 years will pay a very modest higher interest than the post office to HDFC Ltd. The interest rate on post office deposits is 5.5% per annum. However, on a five-year deposit, the post office gets 6.7% interest. This is about 45bps or 0.45% more than HDFC Ltd.

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No reduction in post office interest

Significantly, the post office has not cut interest rates for the October-December quarter. So it is still attractive compared to other deposits. Let us know that since June this year, HDFC Ltd has reduced interest rates on deposits four times. Financial advisors believe that corporate deposit interest rates are currently going down. This is because banks and NBFCs have a lot of liquidity.

Many banks and NBFCs have reduced rates

Let us know that recently many banks and other companies have reduced interest rates on fixed deposits. Also, interest rates have come down on all types of loans. In such a situation, interest rates will continue to decrease on loan and deposit in the coming time. However, interest rates on loans and deposits are currently at a low level for many years. However, some companies are still paying interest rates up to 9% on deposits.

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