HDFC Bank on Friday increased the fixed deposit rates by up to 150 basis points across maturities, a move that follows the Cash Reserve Ratio hike of 75 basis points by the Reserve Bank of India last month. HDFC Bank is the second lender to hike the deposits rates post the credit policy review on January 29.

Fixed deposits with maturity between 3 and 10 years will now yield more with 7.5 per cent interest against the earlier rate of 6 per cent. The interest rate for term deposits between 2 and 3 years has been raised by 100 basis points to 7 per cent. The interest rate on fixed deposits with tenor of 366 days to two years has been increased by 50 basis points to 6.5 per cent except for 1 year and 16 day maturity in which case the depositors will get 6.75 per cent interest, according to the bank's website.

Keywords: HDFC BankRBICRR

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