New Years HDFC Bank Good News! Interest rate hike on fixed deposits, read full details

Mumbai: Now is the right time to put your money in fixed deposits to get assured returns with safe investments. Because HDFC Bank has hiked interest rates for the second time on December 27. Earlier on December 14, the bank had increased the interest rate on deposits. Bank is giving maximum interest to senior citizens. Those who invest Rs 5 lakh in the bank’s FD scheme are getting Rs 7.26 lakh.

Increase in repo rate
The Reserve Bank (RBI) has increased the repo rate to 6.25 percent on December 7. Since then, banks have increased interest rates on fixed deposits. HDFC Bank has also increased interest rates on FDs for customers investing from Rs 2 crore to Rs 5 crore. The bank is offering an opportunity to invest Rs. The bank is offering 0.50 percent more interest rate to senior citizens than general customers on almost every tenure FD.

Highest interest rate for senior citizens is 7.55%
The bank is offering higher interest on investing in FDs to senior citizens than general customers. According to the bank, the highest interest rate for senior citizens is 7.75 per cent on 5-year to 10-year FDs. Whereas 7.50 percent interest rate is being given on two fixed deposit schemes of 2 years to 5 years duration.

7.25 lakhs on 5 lakhs
If a senior citizen invests Rs 5,00,000 in a fixed deposit for five years, he will get a total of Rs 7,26,755 lakh after the tenure. During this period, seniors will get interest at the rate of 7.55 percent and the total interest amount will be Rs.2,26,755 lakh. This means that a deposit of Rs 5 lakh will result in more than Rs 7.26 lakh.