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HDFC Bank has hiked interest rates on term deposits by up to 100 basis points. It has also increased rates on fixed deposits (FDs), under Rs 1 crore. The new rates are effective from April 24.
The bank in an email to customers stated, “We are glad to inform you that the Fixed Deposit interest rate for deposits of more than or equal to Rs.1 crore has been increased to 7.25% from 7.10% earlier, for a tenure of 1 year 5 days to 3 years. This is effective from April 25-April 27, 2018.”
Furthermore, the revised interest rates on FDs in the 2 year to 1 day up to 5 years will earn depositors 7% interest and the deposit rate on 1 year FDs have also been increased to 6.85%.
