HDFC Bank Revises Non-Withdrawable FD Rates Effective From Today: Details Here

The largest private sector lender HDFC Bank has revised its interest rates on non-withdrawable fixed deposits (FDs). The bank is now providing a maximum return of 7.45% on a term of one to two years after the modification. Premature withdrawal is not allowed for fixed deposits, meaning that the depositor cannot exit or withdraw a fixed deposit before the tenure period has expired. As per the official website of HDFC Bank, interest rates on these deposits are effective from today 27th November 2023.

HDFC Bank Non-Withdrawable FD Rates

The bank is paying an interest rate of 7.45% on fixed deposit amounts between Rs 2 Cr and Rs 5 Cr with a 1- to 2-year duration. Non-withdrawable FDs that have a maturity date of two to ten years will earn an interest rate of 7.20%. The non-resident category is also eligible for the deposit and a one-year duration is mandatory for NRE deposits. The non-withdrawable deposit is only available for the amount of Rs 2 crore & above for resident Indian citizens. Quarterly interest calculations are carried out for deposits with terms longer than six months.

HDFC Bank Non-Withdrawable FDs can be booked with maturity instructions as 'Do Not Renew' with no sweep-in facility and partial withdrawal option. Regarding the non-withdrawable deposits, HDFC Bank has mentioned on its website that "Deposit will be booked upon availability of clear funds with the bank and applicable interest rate will be given as on the date of receipt of the funds by the bank."

With regard to non-withdrawable fixed deposits (FDs), HDFC Bank may permit premature withdrawal of these deposits under special circumstances, such as when instructed to do so by the court, statutory, bankruptcy, regulatory agency, or deceased claim settlement claim.

"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," mentioned HDFC Bank on its website.

HDFC Bank said that, on a stand-alone basis, its net profit jumped by 50.6% to Rs 15,976 crore. Net interest income (NII) jumped from Rs 21,021 crore in Q2FY23 to Rs 27,385 crore in Q2FY24, a 30.3% growth. The bank's net revenue jumped by 33.1% YoY on a stand-alone basis, from Rs 28,617 crore for the quarter ended September 30, 2022 to Rs 38,093 crore for the quarter ended September 30, 2023. As of September 30, 2023, the total balance sheet size was Rs 34,16,310 crore, as opposed to Rs 22,27,893 crore in the same period in 2022.

As of September 30, 2023, the bank had total deposits of Rs 21,72,858 crore, up 29.8% from Q2FY23. The bank's distribution network comprised 7,945 branches and 18,183 ATMs (cash recyclers; deposit and withdrawal) spread across 2,488 cities and towns as of September 30, 2023.