HDFC Bank announced an increase to fixed deposit rates across two tenures with effect from today. Accounts with 35-month and 55-month deposit tenures will receive 7.35% interest, respectively; deposits for senior citizens will receive 7.85% and 7.9%, respectively.
HDFC Bank FD rates 2024 : Budget 2024
After the HDFC Bank CEO stated he was dissatisfied with their deposit numbers during the first quarter of this fiscal year, they made this statement.
Bank of India reported total deposits at Rs 23.8 lakh crore as of June 30, an increase of 24.4% compared with June 2016 levels. Gross advances surged 52.6% year-on-year to Rs 24.9 lakh crore during this time frame.
Even without receiving any specific directive from their regulator, HDFC Bank CEO Sashidhar Jagdishan stated at their earnings call for Q1FY25 that the primary goal this year is deposit growth.
The Reserve Bank has identified the widening gap between credit and deposit growth as a significant regulatory concern for the banking sector as a whole.
