INSUBCONTINENT EXCLUSIVE:
HDFC Bank FD Rate: Axis Bank pays a 6.8% interest to senior citizens on a fixed deposit of one yearHDFC Bank pays interest rates to the tune
These fixed deposits, also known as retail term deposits, are available in 13 maturity options ranging from seven days to 10 years at the
country's largest bank by market value
HDFC Bank pays slightly higher returns to senior citizen retail depositors compared to other customers
For example, on a fixed deposit up to Rs 2 crore of one year, HDFC Bank pays interest at the rate of 6.80 per cent to senior citizen
Bank Fixed Deposit RatesMaturity PeriodInterest Rate (With Effect From November 16)PublicSenior CitizenSeven to 14 days3.50%4.00%15 to 29
days4.00%4.50%30 to 45 days4.90%5.40%46 to 60 days5.40%5.90%61 to 90 days5.40%5.90%91 days to six months5.40%5.90%Six months and one day to
nine months5.80%6.30%Nine months and one day to less than one year6.05%6.55%One year6.30%6.80%One year and one day to two years6.30%6.80%Two
years and one day to three years6.40%6.90%Three years and one day to five years6.30%6.80%Five years and one day to 10
years6.30%6.80%(Source: hdfcbank.com)Investment in fixed deposits with a maturity period of five years offers income tax benefit up to Rs
1.5 lakh per financial year under Section 80C of the Income Tax Act
Interest income, however, is subject to income tax.
