HDFC Bank raises NRE deposit rates

Mumbai, July 7: Leading housing finance company, Housing Development Finance Corporation (HDFC), has upwardly revised the interest rates on its Non Resident External (NRE) Deposits.

HDFC has increased NRE deposits rates by 16 basis points on deposits of three to five years' maturity, by 12 basis points on deposits of two to less than three years' maturity, and by three basis points on deposits of one and two years' maturity, the Bank said here in a statement.

The Bank said deposits of three to five years' maturity will now earn an interest rate of 5.45 per cent as against 5.29 per cent earlier. While those of two to less than three years maturity will earn 5.43 per cent as against 5.31 per cent earlier.

The rates of interest on deposits of maturity between one and two years would be 5.42 per cent as against 5.39 per cent.

The revised interest rates will be considered effective from July 1. Earlier, the Bank had revised its NRE rates on June 1, this year, the Bank added.

UNI