HDFC Bank hikes FD rates, senior citizens get up to 7.75% effective from today

The largest private lender in the nation, HDFC Bank, raises interest rates on fixed deposits under 2 Cr. According to the bank’s official website, the new rates are in effect as of today 24th January 2023. In accordance with the revised, the bank is now providing interest rates on deposits maturing in 7 days to 10 years that range from 3.00% to 7.00% for the general public and 3.50% to 7.75% for senior citizens. HDFC Bank is now giving a maximum interest rate of 7.00% for non-senior citizens and 7.75% for senior citizens on a deposit tenor of 5 years, 1 day to 10 years.

HDFC Bank FD Rates

The bank is now giving an interest rate of 3% on deposits that mature in the next 7 to 29 days, while HDFC Bank is now offering an interest rate of 3.50% on deposits that mature in the next 30 to 45 days. HDFC Bank will provide an interest rate of 4.50% for deposits made between 46 and 6 months, and it will provide 5.75% for deposits made between 6 months and 9 months. A 6.00% interest rate will be paid on deposits maturing in 9 months, 1 day to 1 year, and a 6.60% interest rate will be charged on deposits maturing in 1 year to 15 months. HDFC Bank will now grant the general public an interest rate of 7.00% on deposits that mature in 15 months to 10 years.

On a maturity bucket ranging from 7 days to 5 years, senior citizens will receive an additional interest rate of 50 bps, or 0.50% higher than the general public. But senior citizens will get an additional interest rate of 75 bps which is a 25 bps addition to the existing benefit of 50 bps over and above the regular rates on a deposit tenor of 5 years 1 day — 10 years. The additional interest rate of 75 bps for senior citizens is provided under the Senior Citizen Care FD scheme of HDFC Bank and the scheme duration is valid until 31st March 2023.

HDFC Bank FD Rates

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HDFC Bank FD Rates (hdfcbank.com)

In the most recent quarter that concluded in December 2022, HDFC Bank recorded a net profit of Rs. 12,259.50 crore, up from Rs. 10,342.20 crore in the third fiscal quarter of FY22. This is a growth of almost 18.50% YoY. In the most recent quarter, which concluded in December 2022, HDFC Bank recorded NII of 22,987.9 crore, up around 24.60% from its NII of 18,443.50 crore in Q3FY22. Provisions at HDFC Bank were 2,806.4 in Q3FY23 as opposed to 2,994 crore in Q3FY22, a drop of 6.26 per cent YoY. 

For the quarter that ended on December 31, 2022, HDFC Bank’s net revenue grew by 18.3%, to 31,487.7 crore, from 26,627.0 crore for the quarter that ended on December 31, 2021. A growth of 18.4% brought the total balance sheet position as of December 31, 2022 to 2,295,305 crore from 1,938,286 crore recorded in the year-ago quarter. As of December 31, 2022, total deposits had grown steadily and were at 1,733,204 crore, up 19.9% from the previous fiscal quarter. With savings account deposits at Rs. 535,206 crore and current account deposits at Rs. 227,745 crore, CASA deposits increased by 12.0%. The total amount of advances as of December 31, 2022 was Rs. 1,506,809 crore, up 19.5% from December 31, 2021.

In contrast to 5,779 branches and 17,238 ATMs / Cash Deposit & Withdrawal Machines (CDMs) in 2,956 cities / towns as of December 31, 2021, the bank’s distribution network totalled 7,183 branches and 19,007 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities / towns as of December 31, 2022, according to HDFC Bank.

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