Private sector lender HDFC Bank offers fixed deposit maturities ranging from seven days to 10 years.
Fixed deposits (FDs) are secure investment instruments that offer higher interest rates than deposits in savings accounts.
HDFC Bank offers interest rates to the tune of 3.50-7.40 per cent to the general public on fixed deposit (FD) up to Rs.
2 crore, according to its website, hdfcbank.com.
The bank pays slightly higher returns to senior citizen customers.
In the same range of maturities, the bank pays interest at the rate of 4-7.90 per cent to senior citizens on FDs up to Rs.
2 crore.( 10 big investment mistakes you should avoid)PeriodGeneral public (% p.a.)Senior citizens (% p.a.)7 - 14 days3.504.0015 - 29 days4.254.7530 - 45 days5.756.2546 - 60 days6.256.7561 - 90 days6.256.7591 days - 6 months6.256.756 months 1 day- 6 months 3 days6.757.256 months 4 days6.757.256 months 5 days- 9 months6.757.259 months 1 day- 9 months 3 days7.107.609 months 4 days7.107.609 months 5 days - 9 months 15 days7.107.609 months 16 days7.107.609 months 17 days < 1 Year7.107.601 Year7.307.801 year 1 day - 1 year 3 days7.307.801 year 4 days7.307.801 year 5 days - 1 year 15 Days7.307.801 Year 16 days7.307.801 year 17 days - 2 years7.307.802 years 1 day - 2 years 15 days7.407.902 years 16 days7.407.902 years 17 days - 3 years7.407.903 years 1 day - 5 years7.257.755 years 1 day - 8 years6.507.008 years 1 Day - 10 years6.507.00Fixed deposit interest rates are subject to change from time to time.
Last week, private sector lender ICICI Bank also revised its fixed deposit interest rates on select maturities.( How to decide the best size and lock-in period for your fixed deposit)The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.