HDFC Bank has changed the interest rates of Fixed Deposit (FD). This change has been made in the interest rates of FDs less than Rs 2 crore. The new rates have come into effect from 18 August 2022 i.e. today.
Term Interest Rate
7 to 29 days 2.75%
30 to 89 days 3.25%
90 days to 6 months 3.75%
6 Months One Day To 4.65%
-Less Than One Year
1 year 5.50%
1 year 1 day to 3 years 5.50%
3 years 1 day to 5 years 6.10%
5 years 1 day to 10 years 5.75%
Earlier, recently IndusInd Bank increased the rates of interest on FD. Now you will get a maximum of 6.75% interest on making FD in IndusInd Bank.
It is important to choose the right tenure
Before investing in an FD, it is important to think about its tenure. This is because if the investors withdraw before maturity, they will have to pay the penalty. Before the FD matures, he will have to pay a penalty of up to 1% for breaking it. This can reduce the total interest earned on the deposit.
If you are planning to invest 10 lakh rupees in FD in any one bank, then instead invest in 8 FDs of 1 lakh rupees and 4 FDs of 50 thousand rupees in more than one bank. With this, if you need money in the middle, you can arrange money according to your need by breaking the FD in the middle. The rest of your FD will be safe.
Banks earlier had the option to withdraw interest on a quarterly and annual basis. Now you can also do monthly withdrawals in some banks. You can choose it according to your need.
