Banks Revise Interest Rates on Fixed Deposits

HDFC Bank and Union Bank of India have revised their fixed deposit rates for sums less than Rs 2 crores in light of the Reserve Bank of India's 50 basis point (bps) raise in repo rates at its monetary policy meeting on June 8, 2022.

HDFC Bank, one of India's largest private banks, increased the FD interest rates for the second time this week; by up to 25 basis points. The new interest rates are effective from June 17, 2022.

HDFC Bank's latest FD rates
7 days to 29 days - 2.75 %, up from 2.50%.
30 days to 90 days - 3.25%, up from 3 %.
91 days to 6 months - 3.75%, up from 3.50 %.
1 year to 2 years - 5.35%, up from 5.10%.
2 years to 3 years - 5.50%, up from 5.40%.
3 years to 5 years - 5.70%, up from 5.60%.
5 years to 10 years - 5.75%.

In the meantime, the Union Bank of India hiked its fixed deposit interest rates with effect from June 16th. The bank offers interest rates ranging from 3% to 5.80% for terms ranging from 7 days to 10 years.

7 days to 14 days - 3%
15 days to 30 days - 3% 
31 days to 45 days - 3%
46 days to 90 days - 4.05% 
91 days to 120 days - 4.10%
121 days to 180 days - 4.10%
181 days to < 1 Year - 4.60% 
1 year - 5.35 %
>1 Year to 2 Years - 5.45 %
>2 Years to 3 Years - 5.50 %
>3 Years to 3 Years 14 days - 5.75%
3.04 years- 5.75%
> 3 Years 15 days to 5 Years - 5.75%
>5 Years to 10 Years - 5.80%

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