Today, HDFC Bank has launched two special fixed deposits (FDs) for a limited time period. As per the bank's website, these rates are launched only for a limited period. These rates are effective from May 29, 2023.
The HDFC Bank website states, "Enjoy HIGHER FD Rates @7.20 per cent on tenure 35 months and @7.25 per cent on tenure 55 months. What's more? Senior Citizen benefits 0.50 per cent EXTRA!...So Hurry! Valid for Limited Period only!" This means the special FDs with a 35- months or 2 years 11 months tenure will offer you a 7.20 per cent interest rate, and the special FD with a 55-month or 4 Year 7 months tenure will offer an interest rate of 7.25 per cent. Besides, the senior citizen rates do not apply to NRIs.
For a tenure of 1 year to less than 15 months, the bank has revised the rate to 6.6 per cent, and for senior citizens, the rate has been revised to 7.1 per cent. Similarly, for 21 months to 2 years, the rate has been revised to 7 per cent, and for senior citizens, the rate has been revised to 7.5 per cent. According to the bank's website, interest rates are subject to change from time to time.
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The HDFC bank computes interest based on the actual number of days in a year. If the deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days, i.e.,366 days in a leap year & 365 days in a non-leap year. The period of Fixed Deposit is calculated in a number of days. The minimum tenure for earning FD interest is seven days.