HDFC Bank has raised interest rates on recurring deposits (RD). The new rates are effective from 11 October 2022. HDFC Bank has increased interest rate by up to 50 basis points on select tenures. The bank has raised the interest rates on RDs maturing in 6 to 36 months and 90 to 120 months. After the latest hike, HDFC Bank will now offer 4.25% to 6.10% interest rates on RDs with tenures ranging from 6 months to 120 months for the general public
HDFC Bank RD rates for senior citizens
HDFC Bank will now offer 4.75% to 6.75% interest rates on RDs to senior citizens with tenures ranging from 6 months to 120 months
HDFC Bank new FD rates
HDFC Bank has hiked interest rates on fixed deposits of less than ₹2 crore. As per the bank’s official website, the new rates are effective from 11th October 2022. After the latest hike, HDFC Bank interest interest rates ranging from 3.00% to 6.00% on deposits maturing in 7 days to 10 years to general public. Senior citizens are getting an interest rate ranging from 3.50% to 6.75% on these deposits.
Recurring deposits (RDs) are similar to fixed deposits (FDs). But in case of RD, instead of investing everything at once, you may set up recurring deposits to make deposits on a monthly basis.
Investing in an RD scheme is a great option for salaried people as they do not have to invest a lump sum amount at one time as is the case in Fixed Deposits. In RD, the investor needs to invest only a part of their income every month, the amount of which is predetermined.
