HDFC Bank revises interest rates on non-withdrawable FDs; see rates here

These new rates have come into effect from March 01, 2022.

Lender is offering 4.70% interest on non-withdrawable FDs 5 crore to 200 crores on tenure of 3 years to 10 years. Meanwhile, a rate of 4.6% is offered on tenures ranging from 2 years to less than 3 years.

For tenures ranging from 1 year to less than 2 years, 4.55% interest rate can be earned. Further, the rate of 4.15% is applicable for tenures above 9 months and less than 1 year, whereas, the rate of 4% is offered for tenures ranging from 6 months to less than 9 months.

The minimum rate offered is 3.75% and is offered on non-withdrawable FDs with tenures ranging from 91 days to less than 6 months.

Non-withdrawable FDs are different from normal deposits. As the name suggests, these are FDs in which there is no facility of premature withdrawal i.e. the fixed deposit cannot be closed by the depositor before the expiry of the period of such deposit.

However, under its notes, HDFC Bank has stated that the bank may allow premature withdrawal of these deposits in exceptional circumstances such as in the event of any directions from any judiciary/statutory and/or regulatory authorities in deceased claim settlement matters. In.

In the event of premature withdrawal of these deposits, HDFC Bank stated that it will not pay any interest on the principal amount of the deposit. Any interest deposited or paid up to the date of such premature closure shall be recovered from the deposit.

However, if there is premature withdrawal of these deposits on account of death claim, interest will be paid to the claimant. The rate of interest applicable on such withdrawal will be the contracted rate or the base rate applicable for the period of deposit with the bank, whichever is lower. The base rate is the rate applicable to deposits of Rs 5 crore from the date of booking of the deposit.

SBI and ICICI Bank Have revised their interest rates on the above FD on 10th March 2 crores.