Private lender HDFC Bank, following the footsteps of ICICI Bank and the State Bank of India, has revised its rates on fixed deposits. However, the rates have been revised on non-withdrawable fixed deposits for various tenures. The new rates have come into effect from the first day of this month and has been made applicable for on bulk FDs amounting greater than or equal to Rs 5 crore.
The new rates are effective for domestic citizens, NROs and NREs, the HDFC Bank said on its website.
The HDFC Bank is offering 4.70 per cent interest on non-withdrawable fixed deposits ranging from Rs 5 crore to Rs 200 crore. This is applicable on a tenure of three years to 10 years. On the other hand, the lender is providing 4.6 per cent rate of interest on the same amount for a tenure of two years or less than three years.
Depositors who have fixed deposits with the HDFC Bank can get a 4.55 interest on tenures for one year to less than two years. On the other hand, those who have these fixed deposits for a tenure of above 9 months to less than one year will get a 4.15 per cent rate of interest. Furthermore, the bank will provide an interest rate of 4 per cent for deposits with tenures of six months and below nine months.
Those who have the non-withdrawable fixed deposits of this amount at the HDFC Bank for a tenure 91 days to less than six months, will get the lowest interest rate of 3.75 per cent.
Non-withdrawal fixed deposits are different from regulars FDs. These FDs, according to the HDFCC bank’s website, cannot be closed by the depositor before
expiry of the term of such deposit — as the name suggests. 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.
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, the HDFC Bank noted in its announcement.
In the event of premature withdrawal of these FDs due to death claim , interest to be paid to the claimant, the bank has said in the note. 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. The base rate is the rate applicable to deposits of Rs 5 crore as on the date of booking the deposit.
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