Private sector bank revises rates on these fixed deposits

Mumbai: Leading private sector lender, HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (FDs).  New interest rates on these deposits are effective from  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.

New rates:

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%

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.

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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.