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HDFC Bank and Axis Bank rises fixed deposit interest rates

August 1, 2013‐ Mumbai, India

Two major Indian private sector banks, the second topper HDFC Bank and Axis Bank have announced hiking their fixed deposit interest rates. Only on Wednesday that Yes Bank has announced hike of lending and deposit rates by up to 0.5%.

A 1% interest hike was announced by HDFC Bank for deposits with a tenure of 15 days to 6 months and 1 day. Similarly, a hike of 0.75% was announced for deposits with maturities between 6 months 1 day to 1 year.

For bulk deposits of over Rs. 1 crore, Axis Bank fixed deposit rates for periods between 14 days to 29 days will fetch 8% (up as much as 4%) while deposits of 7 to 14 days tenure will fetch 7.5% (up by 3.5%). Similarly, tenures from over 29 days buy up to 1 year have seen interest rate hikes from 0.5% to 2.25%.

The interest hike for short term durations by the banks appears to be a move to contain the tight liquidity situation that the banks might be facing for the short term.

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