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Banks revise FD rates: Latest fixed deposit rates of HDFC Bank and SBI

Banks revise FD rates: Latest fixed deposit rates of HDFC Bank and SBI

New Delhi: Fixed deposits (FD) with banks and post offices have been considered as the safest investment options for most of the conservative persons and risk-averse investors. A number of scheduled commercial banks have revised the fixed deposit rates for various tenures for normal residents and senior citizens. The revision in the interest rates offered on fixed deposits has been done after the central bank slashed the repo rates in the latest MPC meeting held earlier this month.

The Reserve Bank of India (RBI) in its second bi-monthly Monetary Policy Committee (MPC) meeting decreased the repo rates by 25 basis points to a 9-year low of 5.75 per cent. The RBI MPC, in a unanimous decision, also decided to change the stance of monetary policy to accommodative from neutral. The reduction in repo rates is good news for homebuyers, the people willing to take credit for various other purposes such as vehicle purchases, personal loan, etc.

On the other hand, it brings a largely similar revision in the interest rates offered on term deposits, recurring deposits, small savings schemes and other fixed return investment options. India’s largest private sector lender HDFC Bank has revised the FD rates on June 24, 2019, and India’s largest lender by assets and number of customers State Bank of India (SBI) had updated the FD rates in May 2019.

SBI is offering an interest from 5.75 per cent to 7.5 per cent on the fixed deposit of difference tenures for deposits below Rs 2 crore. For a fixed deposit account maturing between 12 months and 24 months, SBI is offering a rate of 7 per cent for normal residents, while senior citizens are eligible to get 7.5 per cent rate on those deposits.

HDFC Bank is offering lucrative interest rates on fixed deposits as compared to the rates being offered by the State Bank of India. HDFC Bank is offering an interest rate between 3.5 per cent to 7.9 per cent on fixed deposits of various tenures for deposits less than Rs 2 crore. The interest on fixed deposits maturing between 1 year and 2 years has been fixed at 7.3 per cent for normal residents and 7.8 per cent senior citizens, whereas the interest rate on fixed deposits maturing between 2 to 3 years has been fixed at 7.4 per cent for normal residents and 7.9 per cent for senior citizens.

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