HDFC Bank Hikes Rates! 7.9% on FDs for Seniors (Limited Time!)
HDFC Bank unhappy with deposit growth, raises FD interest rates for 35 & 55 month terms. Senior citizens can now earn up to 7.9%, a move to attract more deposits.
CONTENTS: HDFC Bank Hikes Rates! 7.9% on FDs for Seniors
HDFC Bank hikes FD rates for long terms
HDFC Bank Hikes Rates! 7.9% on FDs for Seniors
Starting today, HDFC Bank has raised its fixed deposit interest rates for two specific tenures. Deposits for 35 months will now earn an interest rate of 7.35%, while deposits for 55 months will earn 7.4%. Senior citizens will receive higher rates, with a 35-month FD offering 7.85% and a 55-month FD offering 7.9%. This adjustment follows the CEO of HDFC Bank, the largest private bank in the country, expressing dissatisfaction with the bank’s deposit figures for the first quarter of this fiscal year.
HDFC Bank prioritizes deposit growth
As of June 30, HDFC Bank reported total deposits of Rs 23.8 lakh crore, marking a 24.4% year-on-year increase. Meanwhile, gross advances surged by 52.6% to Rs 24.9 lakh crore during the same period.
During the Q1FY25 earnings call, CEO Sashidhar Jagdishan stated that the bank has not received any directive from the regulator regarding this matter, but the focus for this year will be on deposit growth. The Reserve Bank of India (RBI) has raised concerns about the significant disparity between credit and deposit growth, which creates pressure to mobilize funds for the entire banking sector.
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