HDFC Bank raises FD rates by up to 50 bps on select tenures

India's largest private lender, HDFC Bank, has increased interest rates on select fixed deposits (FDs) below Rs 3 crore by up to 50 basis points (bps) with the revised rates. New Delhi, Nov 7 (IANS) India’s largest private lender, HDFC Bank, has increased interest rates on select fixed deposits (FDs) below Rs 3 crore by up to 50 basis points (bps) with the revised rates. Following the revision, general customers can earn interest of up to 6.60 per cent, while senior citizens can get a maximum rate of 7.20 per cent, depending on the deposit tenure. For general customers, rates on deposits of 61 days to six months have been raised by 50 bps to 4.75 per cent. Rates on deposits of six months and one day to nine months have increased by 15 bps to 5.65 per cent, while those for nine months and one day to less than one year have risen to 5.90 per cent from 5.75 per cent. The bank has also raised rates on select longer-term deposits.FDs with tenures of 18 months and one day to two years will now fetch 6.50 per cent, against 6.45 per cent earlier. Rates on deposits of two years and one day to three years have been increased to 6.55 per cent from 6.45 per cent. For deposits of three years and one day to five years, rates have been raised to 6.60 per cent. The biggest increase for general customers is on deposits of five years and one day to 10 years, where the rate has risen by 45 bps to 6.60 per cent from 6.15 per cent. For senior citizens, rates on deposits of 61 days to six months have been increased by 50 bps to 5.25 per cent. The highest rate of 7.20 per cent is available on deposits of three years and one day to five years. Rates on senior citizen deposits of five years and one day to 10 years have increased to 7.10 per cent from 6.65 per cent. However, the rates came into effect from November 4. Additionally, other lenders -- including ICICI Bank, Punjab National Bank, Kotak Mahindra Bank and Axis Bank -- have also revised rates on select FDs in recent months.