Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. In its June policy review, while reducing the rate for the third time in a row, the RBI had signalled more easing as it looked to boost the slowing economy.
RBI has already reduced the repo rate three times in the last three MPC meetings. These rate cuts come just before the Reserve Bank of India's monetary policy review scheduled on 7 August, amid expectations of yet another 25 basis points cut in lending rate. State Bank of India (SBI) and Punjab National Bank (PNB) also revised interest rates on retail fixed deposits effective 1st and 2nd August respectively. HDFC Bank had increased the rates on these deposits by 50 basis points, when it had last revised the rates on 22 July 2019. As per the Terms & Conditions of Fixed Deposit Accounts of the bank,With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Sweep-in / Partial Withdrawal will be 1 lower (as applicable) of the rate on the date of deposit booked, to the period for which deposit remained with the bank and not at the contr. For term deposits maturing in 5 years to 10 years, the bank is offering an interest rate of 7.00%. The bank has also not revised the rates on the long-term tax-saving FDs, according to the lender's website. View Full Image HDFC Bank did not revise the interest rates on the long-term tax-saving FDs, according to the lender's website.
