Private sector lender, HDFC Bank has announced increase interest rates on fixed deposits by as much as 125 basis points on different maturities.
The revised rates have come into effect from January 1, 2011 and are applicable to deposits of less than Rs 15 lakhs.
Deposits of tenor 6 months 16 days will now fetch the borrower an interest of 7.75% as compared to 6.5% earlier. Also, a deposit having maturity of 9 month 15 days will offer interest of 7.75% as against 6.75% earlier.
The bank has also recently raised its benchmark lending rates (base rate and BPLR). The base rate of the bank now stands at 7.75% as compared to 7.5% earlier.