HDFC Bank, the leading private sector bank, has cut interest rates for fixed deposits (FDs). This deduction has been made in interest rates for one-year and two-year FDs. The bank has cut interest rates for FDs of one year duration by 20 basis points (0.2 per cent) and for two-year FDs by 10 basis points (0.1 per cent). These interest rates have come into effect from October 15 today. There is no change in the interest rates of fixed deposits for periods other than FDs of one and two years.
FD interest rates effective from October 15
The interest rates fixed by HDFC Bank for FDs less than 2 crores are given below. Senior citizens are getting 0.5 percent more interest than others. However, for a period of 5 years to 10 years, senior citizens are getting 6.25 percent interest offer. Senior citizens will currently get an additional 0.25 per cent offer on 0.5 per cent premium between May 18 and December 31 for an FD for a period of 5 years 1 day to 10 years. Apart from the new FD, this offer will also be available for renewing the old FD.
HDFC Bank’s Festive Offer
A few days ago HDFC Bank announced its festive offers for people living in rural areas across the country. The bank has launched this offer in semi-urban and rural areas through the Common Service Center (CSC) of the Government of India. Through a network of 1.2 lakh village-level entrepreneurs (VLEs) enrolled with CSC, customers can avail of the special offers made for them at these places. Customers can avail flat 5% to 15% discount in different categories including electronics, home decor and jewellery etc. Apart from this, both retail and business customers can get discounts on processing fees for loans, reduced EMI, foreclosure charge on some loans.
Under this offer, two-wheeler loan will be available on zero processing fee loan. The down payment for the first six months is Rs 1999 and a lower EMI of up to 25 per cent. Apart from this, there will be a 50 percent discount on foreclosure charge on tractor loans booked from October 1 to November 15 and up to 90 percent funding on tractors. There will be a 50 percent discount on the processing fee of Kisan Gold Loan.