HDFC Bank revises fixed deposit (FD) interest rates: A comparison with SBI, Axis, and Punjab National Bank

India’s biggest private lender, HDFC Bank, has revised fixed deposit (FD) interest rates for both senior citizens and the general public. For deposits in the range of ₹3 crore to ₹5 crore, the bank will now offer interest up to 7.40% for the general public and 7.9% for senior citizens on the basis of tenure.

On fixed deposits with tenures from 7 to 29 days, depositors can earn 4.75% and 5.50% for 30 to 45 days. For deposits with tenures of 46 to 60 days, depositors can earn 5.75% and 6.0% interest for tenures of 61 to 89 days. The bank offers multiple deposit options, with tenures ranging from 7 days to 10 years.

Additionally, HDFC Bank has revised the Marginal Cost of Funds based Lending rate (MCLR), effective January 7, 2025. The new rates range from 9.15% to 9.45% per annum.

MCLR has been dropped from 9.15% to 9.20%. The one-month MCLR remains at 9.20%, whereas the three-month rate is still at 9.30%

The MCLR for the six-month and one-year tenures is 9.45%, up from 9.50%. Meanwhile, the three-year and two-year MCLR are at 9.45%.

FD rates for other banks

Axis Bank

For the general public, Axis Bank offers interest up to 7.30% on deposits between ₹3 crore and ₹5 crore for a tenure of one year, 11 days to one year, 24 days. Earn up to 7.0% interest on deposits for a tenure of two years to 30 months.

For senior citizens, the bank offers 7.80% interest for a tenure of one year, 11 days to one year, 24 days and 7.50% interest on deposits for a tenure of two years to 30 months.

State Bank of India (SBI)

For deposits from ₹3 crore and above, the State Bank of India offers interest up to 7.0% to regular citizens and 7.50% per cent to senior citizens for deposits in the tenure of 1 year to less than 2 years and 2 years to less than 3 years.

Punjab National Bank

PNB offers 7.25% to regular citizens and 7.55% to senior citizens for deposits of one-year tenure in the range of ₹3 crore to ₹10 crore.

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