HDFC Bank has revised the Domestic/NRO and NRE Non-withdrawable Fixed Deposit FD interest rates greater than or equal to 5 Crore with effect from 06 April 2022. HDFC Bank customer Alert: hikes interest rates, Check latest rates.
The HDFC Bank is offering 4.70 per cent interest on non-withdrawable FD interest rates 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.
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HDFC Bank says that the Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non-leap year. The period of Fixed Deposit is calculated in number of days. The Minimum tenure for earning FD interest is 7 days.
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