HDFC, India’s biggest mortgage lender, has raised rates on numerous deposit categories for consumers. The hike will be most beneficial to senior citizens. The revised rates came into effect at the beginning of this month.

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HDFC is now offering 6.25% per annum interest on deposits for 33 months. Deposits for 66 and 99 months will pay interest at 6.70% and 6.80%, respectively. These rates apply to deposits up to Rs2 crore. Previously, the NBFC offered 6.2% on deposits for 33 months, 6.6% on deposits for 66 months, and 6.65% on deposits for 99 months.

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HDFC was trading at Rs 2,788.85 a share at around 10.45 a.m., up Rs 85.55 or 3.2%. The stock was trading close to the day’s high of Rs 2,792.20.

Furthermore, beginning this month, HDFC has altered premium deposit rates for amounts up to Rs2 crore. HDFC offers 5.7% for a 15-month term, 5.80% for an 18-month duration, and 5.95% for a 22-month tenure. Deposits with terms of 30 months and 44 months are offered at rates of 6% and 6.35 %, respectively. In the premium category, for deposits of Rs 2-5 crore, a 5.45% rate is offered for 18 months and 5.75% for 30 months.

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Senior Citizens (60 years and older) will be eligible for an additional 0.25% is offered on deposits up to Rs 2 crore (other than recurring deposits). Additionally, an additional interest of 0.10% is available on individual deposits up to Rs 50 lakh per month per customer placed/renewed online and on auto-renewed deposits. Interest is compounded yearly for the cumulative option.

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ICICI Bank, too, has revised interest rates on fixed deposits (FDs) ranging from 7 days to 10 years. The new interest rates, according to the bank, will apply to both new deposits and the renewal of existing term deposits.