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New Delhi: Fixed deposits (FD) are often recommended by investment advisors for their stable and predictable returns. FDs hold special significance for senior citizens since banks offer higher interest rates for them compared to those customers who are yet to reach 60.
Check out the FD rates (less than Rs 3 crore) along with the total amount that HDFC Bank would provide for general and senior citizens for some specific tenures and deposit amounts. Let us check how much interest on Rs 5 lakh as a fixed deposit you would get as per the current interest rates.
As per the website of HDFC Bank, the interest rate HDFC Bank offers on FDs for a 1-year maturity period is 5.75%. As per the HDFC Bank FD Calculator, if a person invests Rs 5 lakh in it, he/she would get an interest of Rs 29,377. If a person who is aged more than 60 invests, he or she would get an interest rate of 6.25%. If senior citizens invest Rs 5 lakh in it, they would get an interest of Rs 31990 in 1 year.
As per HDFC Bank, the interest rate for general citizens offered by the lender on FDs for a 3-year maturity period is 6.45%. As per the HDFC Bank FD Calculator, if a person invests Rs 5 lakh in it, they would get an interest of Rs 105,861. Therefore, the total amount payable on maturity will be Rs 605,861 (approx. Rs 6.05 lakh). If a senior citizen invests Rs 5 lakh, they would earn an interest of Rs 114,867. The total amount payable on maturity will be Rs. 614,867 (approx. Rs 6.14 lakh).
| Tenor Bucket | < 3 Crore | |
|---|---|---|
| Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
| 7 - 14 days | 2.75% | 3.25% |
| 15 - 29 days | 2.75% | 3.25% |
| 30 - 45 days | 3.25% | 3.75% |
| 46 - 60 days | 4.25% | 4.75% |
| 61 - 89 days | 4.25% | 4.75% |
| 90 days < = 6 months | 4.25% | 4.75% |
| 6 months 1 days < = 9 months | 5.50% | 6.00% |
| 9 months 1 day to < 1 year | 5.75% | 6.25% |
| 1 year to < 15 months | 6.25% | 6.75% |
| 15 months to < 18 months | 6.35% | 6.85% |
| 18 months to < 21 months | 6.60% | 7.10% |
| 21 months - 2 years | 6.45% | 6.95% |
| 2 Years 1 day to < 2 Year 11 Months | 6.45% | 6.95% |
| 2 Years 11 Months - 35 Months | 6.45% | 6.95% |
| 2 Years 11 Months 1 day < = 3 Year | 6.45% | 6.95% |
| 3 Years 1 day to < 4 Years 7 Months | 6.40% | 6.90% |
| 4 Year 7 Months - 55 months | 6.40% | 6.90% |
| 4 Year 7 Months 1 day < = 5 Years | 6.40% | 6.90% |
| 5 Years 1 day - 10 Years | 6.15% | 6.65% |
Note: The interest rates are subject to the changes made by HDFC Bank from time to time. Please cross-check the rates with the bank before making any investment.
