Several banks have hiked interest rates after the latest hike in repo rate was announced by the Reserve Bank of India. For certain tenures of its fixed deposits (FDs) under 2 crores, HDFC Bank and Punjab National Bank have increased interest rates.
HDFC Bank:
For the general public, HDFC Bank offers interest rates between 3% and 7.10%, and for senior citizens, between 3.50% and 7.60% for tenure between 7 days and 10 years.
For deposits maturing in the next 6 to 120 months, the bank is giving interest rates ranging from 5.75 to 7.10 per cent; for senior people, the rates range from 6.25 to 7.75 per cent.
Senior adults who desire to renew or open a fixed-term deposit (FD) for less than 5 crore rupees for a term of five to ten years will be eligible for an additional 0.25 per cent premium beyond the current 0.50 per cent bonus.
The period covered by the special deposit offer is from May 18, 2020, to March 31, 2023.
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Punjab National Bank:
For deposits maturing in the range of 271 days to less than a year, the bank increased the interest rate by 30 basis points to 5.80% for regular citizens and 6% from 6.30% for senior people.
The interest rate yield for FDs with maturities between a year and 665 days has increased by 5 basis points to 6.80 per cent and for senior citizens, it is increased by 5 basis points to 7.30 per cent.
Deposit interest rates with maturities between 667 days and two years have increased by 5 basis points to 6.80%.
In addition, the interest rate on fixed-rate debt (FD) with a maturity of two to three years has increased by 25 basis points, to 7% from 6.75%.
