Those who have this amount in non-redeemable fixed deposits at HDFC Bank for a period of 91 days to less than six months would receive the lowest interest rate of 3.75 percent.
New Delhi: Following in the footsteps of ICICI Bank and the State Bank of India, private lender HDFC Bank has altered its fixed deposit rates. However, the rates on non-withdrawable fixed deposits for various tenures have been altered. The revised rates went into effect on the first of this month and are only applicable to bulk FDs worth more than or equivalent to Rs 5 crore.
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The increased prices apply to domestic nationals, NROs, and NREs, according to the HDFC Bank website.
The HDFC Bank is giving 4.70 percent interest on non-redeemable fixed deposits of Rs 5 crore to Rs 200 crore. This is suitable for terms ranging from three to ten years. The lender, on the other hand, is offering 4.6 percent interest on the same amount for a two-year or less-than-three-year term.
Fixed depositors with HDFC Bank can earn 4.55 percent on terms ranging from one year to less than two years. Those who have these fixed deposits for a period of more than 9 months but less than one year, on the other hand, will receive a 4.15 percent interest rate. Furthermore, the bank will offer a 4% interest rate on deposits with terms of six months to nine months.
Those who have this amount in non-redeemable fixed deposits at HDFC Bank for a period of 91 days to less than six months would receive the lowest interest rate of 3.75 percent.
Non-withdrawal fixed deposits are not the same as conventional FDs. According to the HDFC bank’s website, these FDs cannot be closed by the depositor before the term of the deposit expires — as the name implies. However, in extraordinary circumstances, such as in the event of any directive from any judiciary/statutory and/or regulatory agencies cases or deceased claim settlement situations, the Bank may enable premature withdrawal of these deposits
In the event that these deposits are withdrawn prematurely due to the aforementioned unusual circumstances (save in the case of a deceased claim settlement), the Bank will not pay any interest on the principal amount of the deposit. According to the HDFC Bank release, any interest credited or paid up to the date of such premature closure will be reclaimed from the deposit.
The bank stated in the notice that if these FDs are withdrawn prematurely owing to a death claim, interest will be given to the claimant. The interest rate on such a withdrawal will be the contracted rate or the base rate in effect during the time the deposit was with the bank, whichever is lower. The base rate is the rate that applies to deposits of Rs 5 crore as of the date the deposit is booked.
