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SBI and HDFC Bank Increase Fixed Deposit Rates for Seniors and Bulk Deposits

share-iconPublished: Saturday, January 04 share-iconUpdated: Saturday, January 04 comment-icon1 year ago
News sources:
INDIATIMES
SBI and HDFC Bank Increase Fixed Deposit Rates for Seniors and Bulk Deposits

Credited from: INDIATIMES

  • SBI has launched a new category for super senior citizens aged above 80, offering an extra 10 basis points on fixed deposits.
  • HDFC Bank has adjusted rates on bulk deposits (Rs 5 crore and above) with increments of 5-10 basis points across various tenors.
  • Banks are responding to customer demand, as higher deposit rates are linked to increased borrowing costs due to the marginal cost of lending.
  • SBI's innovative schemes, like 'Har Ghar Lakhpati', aim to simplify financial planning for customers and promote savings.
  • As of July 2024, SBI offers varied rates from 3.5% to 7.75% on different tenures, emphasizing attractive conditions for both senior and regular depositors.

For more details, visit the original article: Times of India.

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Fixed deposits Sbi Hdfc bank Interest rates Senior citizens Bulk deposits
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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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