Indians banks are really giving good rates to resident Indians
HDFC hikes fixed deposit rate, others may follow
HT Correspondent, Hindustan Times
Mumbai, December 23, 2010
Home loan provider HDFC Ltd triggered a rate war on Thursday by quietly offering its existing customers a 9.05% fixed deposit (FD) interest rate - higher than the rates offered by other financial institutions. What the quiet move means for you is a higher interest income on your savings parked with
HDFC in 22 or 33-month long-term fixed deposits.
Only two public sector banks, the State Bank of India and Punjab National Bank, are anywhere close to offering the rates for FDs that HDFC has. They offer up to 8% and 8.25% for two-year and three-year term deposits, respectively.
Private sector ICICI Bank offers 7.25 to 7.75% for the same tenures. Other banks offer the same or less.
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