HDFC Bank raises fixed deposit interest rates to 7.40% for general public and 7.90% for seniors

HDFC Bank has updated its fixed deposit interest rates, now offering up to 7.40% for the general public and 7.90% for senior citizens on deposits between ₹3 crore to ₹5 crore. The new rates are effective as of January 7, 2025. For shorter tenures, HDFC Bank offers 4.75% for deposits of 7 to 29 days and 5.50% for 30 to 45 days. The bank has also revised its Marginal Cost of Funds based Lending rate (MCLR), which now ranges from 9.15% to 9.45% per annum. In comparison, Axis Bank offers up to 7.30% for similar deposits, while State Bank of India provides up to 7.0% and Punjab National Bank offers 7.25% for one-year tenures. Senior citizens receive slightly higher rates across these banks.