HDFC fixed deposit rates: The bank pays slightly higher returns to senior citizen customers

Private sector lender HDFC Bank offers fixed deposit maturities ranging from seven days to 10 years. HDFC Bank offers interest rates to the tune of 3.50-7.40 per cent to the general public on fixed deposit (FD) up to Rs. 2 crore, according to its website, hdfcbank.com. The bank pays slightly higher returns to senior citizen customers. In the same range of maturities, the bank pays interest at the rate of 4-7.90 per cent to senior citizens on FDs up to Rs. 2 crore. These interest rates on fixed deposits up to Rs. 2 crore are applicable with effect from June 6, 2019, according to the lender's portal.

Earlier in the day, the Reserve Bank of India's Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, unanimously lowered key lending rate or repo rate by 25 basis points or 0.25 per cent to 5.75 per cent.

The following FD interest rates are applicable on deposits below Rs. 2 crore from June 6, 2019 according to hdfcbank.com:

Period General Public (% p.a.) Senior Citizen (% p.a.) 7 - 14 days 3.50 4.00 15 - 29 days 4.25 4.75 30 - 45 days 5.75 6.25 46 - 60 days 6.25 6.75 61 - 90 days 6.25 6.75 91 days - 6 months 6.25 6.75 6 months 1 day- 6 months 3 days 6.75 7.25 6 months 4 days 6.75 7.25 6 months 5 days- 9 months 6.75 7.25 9 months 1 day- 9 months 3 days 7.10 7.60 9 months 4 days 7.10 7.60 9 months 5 days - 9 months 15 days 7.10 7.60 9 months 16 days 7.10 7.60 9 months 17 days < 1 Year 7.10 7.60 1 year 7.30 7.80 1 year 1 day - 1 year 3 days 7.30 7.80 1 year 4 days 7.30 7.80 1 year 5 days - 1 year 15 days 7.30 7.80 1 Year 16 days 7.30 7.80 1 year 17 days - 2 years 7.30 7.80 2 years 1 day - 2 years 15 days 7.40 7.90 2 years 16 days 7.40 7.90 2 years 17 days - 3 years 7.40 7.90 3 years 1 day - 5 years 7.25 7.75 5 years 1 day - 8 years 6.50 7.00 8 years 1 day - 10 years 6.50 7.00

Fixed deposit interest rates are subject to change from time to time. Last week, private sector lender Axis Bank also revised its fixed deposit interest rates on select maturities.

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act, 1961.