HDFC Bank, Union Bank increase FD rates

The two banks have hiked interest rates on fixed deposits

Here are the details

Background

Bank FD rates had gone to all-time low during COVID

The rates were low due to increased money supply

With central banks hiking rates, FD rates will go up

What has happened?

HDFC, Union Bank have hiked FD interest rates across tenures

Rates are up 0.1-0.25% across tenures

It comes 2 days after RBI also hiked repo rate by 0.25%

New interest rates

30-90 days: 3% -> 3.25% 91-180 days: 3.5% -> 3.75% 1-2 years: 5.1% -> 5.35% 2 years 1 day-3 years: 5.4% -> 5.5%

HDFC Bank

New interest rates

46-90 days: 4.05% 91-120 days: 4.1% 181 days- < 1 year: 4.6% 1 year: 5.35% 1-2 years: 5.45%

Union Bank of India

Want to know more about how to take advantage of growing rates?

Here is an ultimate guide to the best banks for FD in India in 2022!