As banks are gradually increasing fixed deposit(F.D)interest rates, private banks are too on it’s way to increase F.D interest rates. Recently ICICI bank has hiked interest rates, now it’s turn of leading private sector bank HDFC Bank.
HDFC Bank proposed to hike interest rates on “Special Term Deposits” which can’t be cancelled/prematurely withdrawn before the maturity period. If you are committed to invest for specific period without a thought to prematurely withdrawn before the due date, then this offer is especially for you! But do remember these special rates are applicable only on bulk deposits equal to 5 crore rupees or more than that!
These special rates on bulk deposits of equal to or more than 5 crores would be applicable to ordinary customers as well as NRE(Non-Resident External),NRO(Non Resident Ordinary)customers.
The Rates applicable on bulk deposits of 5 crores and more than that are as follows-
|Period of Deposit||Interest Rate Applicable|
|7 days – 45 days||3%|
|3 Months(91 days) to 120 days||3.75%|
|121 days to 180 days||4.30%|
|Greater Than 6 Months But Less Than 1 Year||4.40%|
|Greater Than 1Years to 2 Years||5.10%|
|Greater Than 2 Years to 3 Years||5.30%|
|Greater Than 3 Year to 3 Year 14 days||5.40%|
|Exact 1111 days(Special Deposit Scheme)||5.50%|
|Greater Than 3 Year 15 days to 5 Years||5.40%|
|5 Years to 10 Years||5.50%|
So if you have bulk money and wanted to invest in safe return instruments consider HDFC Bank Fixed Deposits. Do remember this interest rates are applicable to NRE, NRO as well as general customers also on bulk deposits of equal to 5 crores or more than that!