06/01/2025
India's Top Banks Increase Deposit Rates
* SBI and HDFC Bank have raised interest rates on deposits to attract more savings.
* SBI introduced a new "Patron" category for those over 80 years old, offering a 10 basis point bonus on top of the standard senior citizen rate. They also have a new "Har Ghar Lakhpati" scheme for recurring deposits aimed at helping customers reach savings goals of Rs 1 lakh.
* HDFC Bank increased rates on bulk deposits (Rs 5 crore and above) by 5-10 basis points across various tenors.
* SBI's highest deposit rate is 7.25% for their "444 days" (Amrit Vrishti) scheme, while senior citizens receive 7.75%.
* HDFC Bank offers 7.25% for non-seniors on 55-month deposits and 6.6% to 7% for deposits between one and five years.
* The rate revisions come at a time when there is widespread demand for a rate cut by the Reserve Bank of India (RBI) to boost growth. Meanwhile RBI data shows that bank deposits and credit were growing at the same pace of 11.5% as of mid-December.
