Unlike SBI and ICICI Bank, private lender HDFC Bank has revised its interest rates on non-withdrawable fixed deposits for various tenures. These rates apply to domestic citizens, NROs and NREs. The revision is made on bulk FDs greater than or equal to ₹5 crore.
These new rates have come into effect from March 01, 2022.
The lender is offering 4.70% interest on non-withdrawable FDs for ₹5 crore to ₹200 crore on tenures from 3 years to 10 years. Meanwhile, a 4.6% rate is given on 2 years to less than 3 years tenure.
A 4.55% interest rate can be earned on tenures for 1 year to less than 2 years. Furthermore, a 4.15% rate is applicable on tenure above 9 months to less than 1 year, whereas, 4% is given on 6 months to less than 9 months.
The lowest rate offered is 3.75% and is given on non-withdrawable FDs for 91 days to less than 6 months.
Non-withdrawable FDs are different from normal deposits. As the name suggests, these are FDs that do not have any premature withdrawal facility i.e. the Fixed Deposits cannot be closed by the depositor before the expiry of the term 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 direction from any judiciary /statutory and/or regulatory authorities cases of deceased claim settlement cases.
In an event of pre-mature withdrawal of these deposits, HDFC Bank stated that it 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.
However, in case there is the premature withdrawal of these deposits due to a death claim then interest will 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. The base rate is the rate applicable to deposits of 5 crores as of the date of booking the deposit.
SBI and ICICI Bank on March 10 have revised their interest rates on FDs above ₹2 crore.
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HDFC Bank revises interest rates on non-withdrawable FDs; Check rates here - Mint
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