Fixed Deposit Hikes: The changes in the monetary policy of the Reserve Bank of India are directly affecting the banks of the country. In the last few months, almost every bank in the country has increased the interest rates of its loans and deposits. Recently, the country’s largest private sector bank HDFC Bank and the public sector bank ie Bank of Maharashtra have increased their FD rates. This increase has been made on deposits of less than Rs 2 crore. HDFC Bank has increased its FDs below Rs 2 crore by 35 basis points.
It is worth noting that since May till now, the Reserve Bank of India has increased its FD interest rates a total of 4 times. The last time RBI increased the repo rate was on 30 September. In such a situation, the up repo rate has increased to 5.90 percent. Since this hike, banks have been continuously increasing their loan interest rates and deposit rates such as FD rates and savings account interest rates. Now the names of these two banks have also been added to this list. Let us know how much interest rate HDFC Bank and Bank of Maharashtra is offering to customers on their FDs of less than 2 crores.
HDFC Bank interest rate on FD less than 2 crores
The new interest rates on HDFC Bank FDs of less than 2 crores (HDFC Bank FD Rates) have been implemented from 8 November 2022. The bank is offering interest rates ranging from 3.00 percent to 6.25 percent to its ordinary citizens on FDs from 7 days to 10 years. At the same time, the bank is offering the maximum interest rate to senior citizens ranging from 3.50 percent to 7.00 percent.
The bank is offering 3.00 percent interest rate on FDs of 7 to 29 days. On the other hand, 3.50 percent on FDs of 30 to 45 days, 4.00 percent on FDs of 46 to 60 days, 4.50 percent on FDs of 61 to 89 days, 4.50 percent on FDs from 90 to 6 months, HDFC on FDs of 6 to 9 months The bank is offering 5.25 percent interest rate. 5.50 percent interest rate on FDs from 9 months to 1 year, 6.10 percent on FDs of 1 year to 15 months, 6.40 percent on FDs from 15 months to 18 months, 6.50 percent on FDs from 18 months to 5 years and 5 years to 10 HDFC Bank is offering 6.25 percent interest rate on FDs up to a year.
Bank of Maharashtra interest rate on FD less than 2 crores
At the same time, Bank of Maharashtra FD Rates of the public sector has decided to increase the interest rate on its FD of Rs 2 crore. These rates have come into effect from 9 November 2022. The bank is offering interest rates ranging from 2.75 percent to 5.75 percent to ordinary citizens on FDs ranging from 7 days to 10 years. At the same time, customers are getting maximum interest on FD of 400 days i.e. Maha Dhanvarsha deposit. This interest rate is 6.30 percent.
The bank offers 2.75 percent on 7 to 30 days FD, 3.00 percent on 31 to 45 days FD, 3.50 percent on 46 to 90 days FD, 4.50 percent on 91 to 119 days FD, 4.75 percent on 120 to 180 days FD , 5.25 percent on FDs of 181 to 270 days, 5.50 percent on FDs of 271 to 299 days, 5.85 percent interest rate on FDs of 300 days, the bank is offering. At the same time, 5.50 percent on FDs of 301 to 364 days, 6.00 percent on FDs of 365 days, 6.00 percent on FDs of 1 year to 399 days, 6.30 percent on FDs of 400 days, 6.00 percent on FDs from 401 days to 2 years, The bank is offering 6.00 percent interest rate on FDs from 2 to 3 years, 5.75 percent on FDs from 3 to 5 years and 5.75 percent on FDs of more than 5 years.