HDFC Bank’s New Fixed Deposit Interest Rates: A Comprehensive Guide for Savers
HDFC Bank Fixed Deposit : HDFC Bank, a leader in the private banking sector, has recently announced significant changes to the interest rates on its non-withdrawable fixed deposits (FDs), effective from November 27, 2023. This move presents new opportunities for savers and investors looking for reliable returns in a fluctuating economic landscape.
Understanding the New FD Rates
- Revised Interest Rates: For FDs with a term of 1 to 2 years, the bank now offers an interest rate of 7.45%, and for those ranging from 2 to 10 years, the rate stands at 7.2%.
- Rate Range for General Customers: HDFC Bank’s newly adjusted FD rates for the general public vary from 3% to 7.20%, catering to deposit periods from 7 days up to 10 years.
Terms for Non-Withdrawable FDs
- Fixed Tenure: These FDs, as the name suggests, cannot be closed before their maturity date, ensuring a fixed return for the deposit term.
- Exceptional Withdrawal Conditions: While early withdrawal is generally not permitted, the bank makes exceptions in extraordinary circumstances, such as legal directives or settlement of a deceased depositor’s claim.
- Interest Policy on Premature Closure: In normal circumstances, no interest is paid if these FDs are withdrawn early. However, any interest paid up until the closure date will be reclaimed from the deposit amount.
- Death Claim Withdrawals: In cases of premature withdrawal due to death claims, the claimant is entitled to receive the interest accrued.
Special Provisions for NRI Depositors
- HDFC Bank extends these FD options to non-resident Indians (NRIs) as well, with a minimum deposit term of one year, making it an inclusive financial product for Indians residing abroad.
Competitive Rates for Larger Deposits
- For deposits equal to or exceeding ₹2 crores, the bank offers a uniform interest rate of 7.45% for periods ranging from 1 year to less than 21 months. For durations extending from 2 years and 1 day to 10 years, the interest rate is pegged at 7.2%.
Market Trends and Comparison
- This revision in HDFC Bank’s FD rates comes close on the heels of a similar move by Yes Bank, which recently increased its FD interest rates for deposits less than ₹2 crores for selected durations, effective November 21, 2023.