fd interest rates hike for senior citizens, HDFC Bank has hiked interest rates for senior citizens for fixed deposits! – hdfc bank offers 8 percent interest rate on fixed deposits to senior citizens

Over the past few months, many banks have increased interest rates on fixed deposits for senior citizens. It includes Bharat State Bank, ICICI and HDFC Bank. Generally, senior citizens invest a portion of their savings in FDs. This provides them with the liquidity they need and ensures interest income from time to time. Besides, this savings will also help them build a corpus amount for any emergency.

HDFC Bank offers 8% interest per annum on fixed deposits called Diamond Deposits with a lock-in period of 75 months. The minimum investment amount for this is Rs.2 crore. It offers 0.05% overall additional incentive on online renewal and cash deposit.

HDFC Bank has also raised its retail prime lending rate to 9.20%. Apart from this, the Home Loan Retail Prime Lending Rate (RPLR) has been hiked and the Adjustable Rate Home Loans (ARHL) has also been hiked by 25 basis points. These interest rates are effective from March 1.

Earlier this month, the Reserve Bank of India hiked the benchmark policy rate by 25 basis points to 6.5 percent, citing inflation.
Subsequently, all banks have increased their MCLR interest rates. In particular, SBI Bank has increased the MCLR interest rate by up to 10 basis points.