HDFC Bank has announced an uptick in the interest rates for fixed deposits under ₹2 crore. This adjustment, extending up to 25 basis points, is branded under the “HDFC Bank Special Edition Fixed Deposits.” Notably, the bank is now extending an enhanced interest rate of 7.20% and 7.25% for fixed deposits over tenures of 35 months and 55 months, respectively.
The revised interest rates span a broad spectrum of tenures, starting from as brief as 7 days to as prolonged as 10 years, with specific rates earmarked for senior citizens. However, it’s important to note that the preferential rates for senior citizens are not applicable to Non-Resident Indians (NRIs), and the minimum tenure for Non-Resident External (NRE) Deposits is set at one year.
Parallel to its revised deposit rates, HDFC Bank has also made headlines with its inaugural sustainable finance dollar-denominated bond issue, raising $300 million. According to Arup Rakshit, the Group Head-Treasury at HDFC Bank, the proceeds from this bond issue are earmarked for financing eco-friendly vehicles, bolstering small and medium-sized enterprises, and promoting affordable housing projects.
Further consolidating its market position, HDFC Bank has received the green light from the Reserve Bank of India (RBI) to acquire stakes of up to 9.5% in six prominent banks, namely Axis Bank, Suryoday Small Finance Bank, ICICI Bank, Bandhan Bank, Yes Bank, and IndusInd Bank, for a period extending till 4 February 2025. During this period, HDFC Bank is mandated to ensure that its aggregate holding across these six banks does not surpass 9.50% of the paid-up share capital or voting rights of the respective institutions.
Also Read | RBI nods HDFC Bank to take over 9.5% stake in six Banks
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