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Business News/ Industry / Banking/  HDFC Bank revises interest rates on non-withdrawable fixed deposits (FDs) effective from today
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HDFC Bank revises interest rates on non-withdrawable fixed deposits (FDs) effective from today

The largest private sector lender HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (FDs).

Consequently, HDFC Bank is now providing a maximum interest rate of 7.90% on these deposits.Premium
Consequently, HDFC Bank is now providing a maximum interest rate of 7.90% on these deposits.

The largest private sector lender HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (FDs). Deposits that cannot be prematurely withdrawn from the bank are known as non-withdrawable or non-callable deposits. Consequently, HDFC Bank is now providing a maximum interest rate of 7.90% on these deposits. The interest rates for non-withdrawable fixed deposits are effective as of today, March 29, 2023, according to the bank's official website.

HDFC Bank Non-Withdrawable FD Rates

On non-withdrawable fixed deposits of 2 crore to 5 crore maturing in 1 year to 2 years, the bank is offering an interest rate of 7.35% and on those maturing in 2 years 1 day to 3 years, HDFC Bank is offering an interest rate of 7.30%. Deposits maturing in 3 years 1 day to 10 years will fetch an interest rate of 7.25%. On non-withdrawable fixed deposits of more than 500 Cr, the bank is offering a maximum interest rate of 7.90% on a tenor of 1 year to less than 15 months.

HDFC Bank Non-Withdrawable FD Rates
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HDFC Bank Non-Withdrawable FD Rates (hdfcbank.com)

“The Fixed Deposits does not have any premature withdrawal facility i.e. the Fixed Deposits cannot be closed by the depositor before expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in the exceptional circumstance such as in the event of any direction from any judiciary /statutory and / or regulatory authorities cases or deceased claim settlement cases," HDFC Bank has mentioned on its website.

“In the event of premature withdrawal of these deposits under above mentioned exceptional circumstances (except for deceased claim settlement case), the Bank will not pay any interest on the principal amount of the deposit. Any interest credited or paid up to the date of such premature closure will be recovered from the deposit," according to HDFC Bank website.

“In the event of premature withdrawal of these FDs due to death claim, interest to be paid to the claimant. The interest rate applicable on such withdrawal will be the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower. For deposits 2 crore to < 5 crore, the base rate is the rate applicable to deposits of 2 crores as on the date of booking the deposit. For deposits >=5 crore, the base rate is the rate applicable to deposits of 5 crores as on the date of booking the deposit," said HDFC Bank on its website.

With HDFC Bank's non-withdrawable fixed deposits, the interest is calculated on a quarterly basis for deposits with a term longer than six months, and the sweep-in facility and partial withdrawal are not permitted. The aforementioned rates are valid for brand-new fixed deposits, and the maturity instruction will be marked as "Do Not Renew."

 

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 29 Mar 2023, 02:44 PM IST
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