HDFC Bank Hikes FD Rates: Are You Getting 7.2%?

HDFC Bank, ICICI Bank, and PNB have all revised their fixed deposit rates. Some tenures now offer up to 7.20% annually. Senior citizens get an extra 0.25–0.50% on top. Here is what it means for your savings.

Here's what happened: HDFC Bank, ICICI Bank, and PNB have each revised their fixed deposit interest rates, with select tenures now offering up to 7.20% per annum for general public depositors.. Senior citizens continue to receive a preferential rate — typically 0.25% to 0.50% higher than the general rate — making FDs especially attractive for retirees managing monthly income.. Rate revisions are tenure-specific, meaning only certain deposit periods qualify for the highest slab; shorter or longer tenures may carry noticeably lower rates..

What you should do: Compare the current FD rate cards of HDFC Bank, ICICI Bank, and PNB side by side — look at tenures between 12 and 24 months where the best rates are usually concentrated.. Check your existing FDs' maturity dates now; if any mature within 90 days, plan to reinvest immediately into the tenure fetching the highest current rate rather than auto-renewing blindly.. If you or a family member qualifies as a senior citizen (60+), open the FD in their name to automatically unlock the higher senior-citizen rate on the same amount..

Pro tip: Some banks offer an additional 0.10% rate boost if you book your FD through their mobile app or net banking instead of visiting the branch — always check the digital channel rate before walking in.