HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (FDs). As per the official website of HDFC Bank, interest rates on these deposits are effective from today 27th November 2023.
The non-withdrawable FDs do not have any premature withdrawal facility. The deposit is allowed for Non-Resident Category also. The minimum tenor for an NRE deposit is 1 Year.
After the latest revision, HDFC Bank is now offering a maximum return of 7.45% on a term of one to two years, and 7.2% on two years to ten years.
HDFC Bank’s non-withdrawal FD rates greater than or equal to ₹2 crore
1 Year to < 15 months- 7.45%
15 months to < 18 months 7.45%
18 months to < 21 months 7.45%
21 months to 2 years 7.45%
2 years 1 day to 3 years 7.2%
3 years 1 day to 5 years 7.2%
5 years 1 day to 10 years 7.2%
What are non-withdrawable fixed deposits (FDs)
These term deposits cannot be closed by the depositor before the expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in exceptional circumstances such as in the event of any direction from any judiciary /statutory / bankruptcy and/or regulatory authorities cases or deceased claim settlement cases
In the event of premature withdrawal of these deposits (except for the 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
In the event of premature withdrawal of these FDs due to a death claim, interest is to be paid to the claimant.
HDFC Bank’s latest FD rates
After the latest revision, the bank is offering an interest rate ranging from 3% to 7.20 % to general customers on deposits maturing in 7 days to 10 years. Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits. These rates are effective from 1 October 2023.
Meanwhile, Yes Bank has hiked the fixed deposit interest rate on selected tenure for deposits below ₹2 crore with effect from November 21, 2023.
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Updated: 28 Nov 2023, 07:53 AM IST