HDFC increases fixed deposit rates by 50 basis points across maturities
October 10, 2010‐ Mumbai, India
Just after a week of hiking its lending rates, HDFC Bank has announced its increase in fixed deposit rates by 50 basis points. The rate hike is across maturity period of its products. The new rates become effective October 11, 2010.
A 30 to 45 day fixed deposit will now fetch 4% while it used to fetch 3.75% earlier. Similarly, a 1 year to 1 year 15 days deposit will fetch 7%. A 2 – 3 year deposit will fetch 7.25%.
Banking industry analysts observe that this is the third time in a two month span that the Bank has increased its fixed deposit interest rates.
Most other banks, including SBI, ICICI Bank, Punjab National Bank and Bank of Baroda have announced their rate hikes after the Reserve Bank of India has revised the repo and reverse repo rates in its September monetary review.
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