HDFC Bank Revises Non-Withdrawable Fixed Deposit Rates: Check Details

India's largest private sector lender HDFC Bank has made revisions on non-withdrawable fixed deposit (FD) rates. As per the official website of the bank the revised rates are applicable on amounts of Rs 2 Cr and above and are effective as of 4th September 2023.

HDFC Bank Non-Withdrawable FD Rates

On FD amounts of Rs 2 crore to Rs 5 crore maturing in 1 Year to 15 months, the bank is offering an interest rate of 7.35% and an interest rate of 7.20% on a tenure of 15 months to 10 years. These rates are applicable on Domestic, NRO, NRE term deposits. Customers can get a maximum return of 7.40% on non-withdrawable deposits of Rs 25 crore to Rs 300 Cr maturing in 9 months 1 day to 15 months. These rates will be calculated on a quarterly basis for deposits with a tenor above 6 months. The above rates are applicable for fresh fixed deposits, according to the bank.

Sweep-in facility and partial withdrawal are not permitted for non-withdrawable FDs. Non-resident category deposits are also accepted; the minimum tenure for NRE deposits is one year. Non-withdrawable deposits are only available for deposits of Rs 2 crore and above. The minimum tenor for resident and NRO deposits of Rs 2 crore is one year, and 90 days for deposits of Rs 5 crore and above.

"Non-withdrawable 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," mentioned HDFC Bank on its website.

These fixed deposits do not include a premature withdrawal option, thus the depositor cannot close the account before the maturity period. However, in unusual circumstances, such as in the event of any direction from any judicial, legislative, and/or regulatory authorities cases or death claim settlement situations, the bank may permit the premature withdrawal of these deposits. In such circumstances, the interest rates will not be incurred on the deposit's principal amount and any interest that has been credited or paid as of the premature closure date will be deducted from the deposit by the bank.

The applicable interest rates would be provided to the claimant in the event that these FDs are prematurely withdrawn owing to a death claim. With effect from July 22nd, 2023, the interest rate that will apply for premature withdrawals will be the rate that was in force from the date the deposit was booked to the time that the deposit was held by the bank.