The second largest private sector lender of the country, HDFC Bank has increased interest rates on fixed deposits by as much as 50 basis points on different maturities. The bank has taken this step a week after it raised its lending rates.
Deposits having tenor of one year to one year and 15 days will now fetch 7% interest while those maturing in 2-3 years would fetch 7.25%.
Deposits having maturity of 30-45 days will now give 4% interest as against 3.75% earlier. nterest rate on 91 days to less than 6 months will go up by 25 basis points at 5.5 per cent.
The bank has revised its lending as well as deposit rates owing to the policy rate hike by RBI in the second quarter review of monetary policy in September.