HDFC Bank revises interest rates on non-withdrawable fixed deposits


Investment

oi-Vipul Das

|

Private sector lender HDFC Bank revised its interest rates on non-withdrawable domestic term deposits, NREs and NROs. According to the bank, the new rates are in effect from January 5, 2022. On the other hand, from January 1, 2021, the bank also changed its interest rates on domestic withdrawable term deposits, NRE and NRO of more than or equal to Rs. 5 Cr. The new bank interest rates on these deposits are discussed here.

HDFC Bank revises interest rates on non-withdrawable fixed deposits

HDFC Bank non-withdrawable fixed deposit interest rate

HDFC Bank is currently granting the following interest rates on domestic non-withdrawable term deposits, NREs and NROs greater than or equal to Rs. 5 Cr maturing in 91 days to 10 years, effective January 5, 2022. Deposits Fixed do not allow early withdrawal, which means that the depositor cannot terminate the account before the expiration of the deposit period.

In addition, in extraordinary circumstances, such as in the event of direction from any judicial / statutory and / or regulatory body or claims settlement situations, the bank may authorize premature withdrawals. The bank will not pay interest on the principal amount of these deposits if they are withdrawn prematurely under the above unusual circumstances.

Any interest credited or paid up to the early deposit closing date will be claimed by the bank. Interest will be paid to the applicant or nominee if these FDs are withdrawn prematurely due to a death claim on behalf of a primary account holder. The contractual rate or the base rate applicable during the entire term of the deposit with the bank, whichever is less, will apply to such withdrawals.

Period 5 Cr to 5.25 Cr 5.25 Cr 5.50 Cr 5.50 Cr to 24.75 Cr 24.75 Cr to 25 Cr Rs 25 Cr to 50 Cr Rs 50 Cr to 75 Cr Rs 75 Cr to 100 Cr 100 Cr to 150 Cr 150 Cr to 200 Cr More than Rs 200 Cr
91 days 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75% 3.75%
6 months 1 day 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
9 months 1 day to 4.15% 4.15% 4.15% 4.15% 4.15% 4.15% 4.15% 4.15% 4.15% 4.15%
1 year to 2 years 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
2 years 1 day to 3 years 4.60% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60%
3 years 1 day to 5 years 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70%
5 years 1 day to 10 years 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70% 4.70%
Source: Bank website. Wed 5 January 2022

Interest rate on fixed deposits withdrawable from HDFC bank

As of January 1, 2022, HDFC Bank is offering the following interest rates on national term deposits, NRE and NRO withdrawable greater than or equal to Rs. 5 Cr refining in 91 days to 10 years. Customers should be aware that if the NRE deposit is withdrawn before the first year, no interest will be issued as NRE deposits have a minimum term of one year. A penalty of 1% will be deducted from the contract rate or the applicable base rate during the term of the deposit held with the bank, whichever is lower if a fixed deposit is closed prematurely.

Period 5 Cr to 5.25 Cr 5.25 Cr 5.50 Cr 5.50 Cr to 24.75 Cr 24.75 Cr to 25 Cr Rs 25 Cr to 50 Cr Rs 50 Cr to 75 Cr Rs 75 Cr to 100 Cr 100 Cr to 150 Cr 150 Cr to 200 Cr More than Rs 200 Cr
7 – 14 days 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
15-29 days 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
30-45 days 2.75% 2.50% 2.75% 2.50% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%
46-60 days 2.75% 2.50% 2.75% 2.50% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%
61-90 days 3.00% 2.75% 3.00% 2.75% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
91 days 3.25% 2.75% 3.25% 2.75% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25%
6 months 1 day 3.50% 3.00% 3.50% 3.00% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
9 months 1 day to 3.65% 3.00% 3.65% 3.00% 3.65% 3.65% 3.65% 3.65% 3.65% 3.65%
1 year to 2 years 4.00% 3.20% 4.00% 3.20% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
2 years 1 day to 3 years 4.50% 3.20% 4.50% 3.20% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
3 years 1 day to 5 years 4.60% 3.20% 4.60% 3.20% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60%
5 years 1 day to 10 years 4.60% 3.20% 4.60% 3.20% 4.60% 4.60% 4.60% 4.60% 4.60% 4.60%
Source: Bank website. Wed, January 1, 2022

Article first published: Thursday, January 6, 2022, 11:51 a.m. [IST]


Comments are closed.