HDFC Bank and Interest Rates
Today I am sharing some information about the HDFC bank. HDFC Bank is one of the top performing banks in India. It functions in the private sector which gets the first approval to set up a private sector bank in 1994 from Reserve Bank of India. Reserve Bank of India is the apex bank which controls all the banking sector and economic sector in India. HDFC Bank has 5345 branches and 15433 ATM’s in total. It shows the coverage of a private sector bank in India while it has competition from other nationalized, private banks and the private financial institutions also. It’s an achievement to them for their quality in services and the banking products they have been offer.
Here is the fixed deposit (term deposit) interest rates offered by the HDFC bank. Every period of deposit have an extra 0.50 % of additional interest given to the senior citizens as per RBI’s guidelines. Senior citizen means Indian citizen who have age of 60 or above. We have the facility to give instruction to transfer the interest amount of our deposit into our savings bank account monthly, quarterly or half yearly as per our wish. And also they provide an auto renewal of Fixed deposits if we need. Take a look in the interest rate table.
With effect from 22 April, 2020
| Less than 2 crore | 2 crore and above and below 5 crore | ||
|---|---|---|---|---|
Interest % |
| Interest % |
| |
| 7-14 days | 3.00 % | 3.50 % | 3.00 % | 3.50 % |
| 15-29 days | 3.50 % | 4.00 % | 3.00 % | 3.50 % |
| 30-45 days | 4.25 % | 4.75 % | 3.50 % | 4.00 % |
| 46-60 days | 4.75 % | 5.25 % | 3.75 % | 4.25 % |
| 61-90 days | 4.75 % | 5.25 % | 3.75 % | 4.25 % |
| 91 days-6 months | 4.75 % | 5.25 % | 4.25 % | 4.75 % |
| 6 months- 9 months | 5.25 % | 5.75 % | 5.00 % | 5.50 % |
| 9 months 1day -364 days | 5.50 % | 6.00 % | 5.00 % | 5.50 % |
| 1 year | 5.80 % | 6.30 % | 5.25 % | 5.75 % |
| 1 year 1 day - 2 years | 5.80 % | 6.30 % | 5.25 % | 5.75 % |
| 2 years 1 day - 3 years | 6.00 % | 6.50 % | 5.25 % | 5.75 % |
| 3 year 1 day - 5 years | 6.00 % | 6.50 % | 5.25 % | 5.75 % |
| 5 years 1 day - 10 years | 6.00 % | 6.50 % | 5.25 % | 5.75 % |
HDFC Bank aims in their functions are Customer focus, Product Leadership, Sustainability.
As like every business firm, they treat their customers as king. It results in
their growth.
Their
businesses are spread in the Retail Banking, Wholesale banking, Treasury etc.
If you are a commerce student or an economics student, you need to study about
what are retail banking, wholesale banking and treasury. Retail banking consist
of the phone banking, net banking, ATMs etc. And it also includes the auto
loans, mortgage loans etc to the individuals. Retail banking served the
financial requirements to the individual customers through a single window.
HDFC bank is the first one in India to launch an international Debit Card in
association with VISA (VISA Electron).
The bank involves in the share market as well as the Foreign Exchange
and Derivatives, Local currency money market & Debt securities and
Equities. In the wholesale banking, bank aims the large companies and the blue
chip companies to increase their wealth and growth by providing their services
and financial products. They also satisfy the financial requirements of the corporate
which results in their growth and the nation’s itself. You can refer HDFC Bank's Official website for more information. I will update the interest rate as soon as it changes.
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