HDFC Bank raises fixed deposit rates by up to 0.6%
The revised rate of interest is effective today, as per the information posted on the HDFC Bank website.
The interest rate on fixed deposit of longer tenure of 9 months three days to less than 1 year has been raised by 60 basis points while for one year it has been increased by 40 basis points to 7.25 percent.
The retail inflation, which is factored in by the central bank's Monetary Policy Committee, spiked to a five-month high of 5 percent in June on costlier fuel.
The government has mandated RBI to keep inflation at 4 percent (+/- 2 percent).
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)