Private lender HDFC Bank has recently revised its interest rates on non-withdrawable fixed deposits. In a notification on its website, the bank said that the interest rates on non-withdrawable fixed deposits have been revised from November 27, 2023. This comes just a week before Reserve Bank of India’s upcoming bimonthly monetary policy meeting. The central bank’s Monetary Policy Committee (MPC) is expected to keep the repo rate unchanged amid encouraging inflation numbers.
HDFC Bank is offering a maximum return of 7.45 per cent for tenures of one to two years, and 7.2 per cent on two years to ten years on non-withdrawable fixed deposits. A non-withdrawable FD is a safe investment option that gives you a higher rate of return compared to a regular fixed deposit account. These fixed deposits do not have any premature withdrawal facility. That means these schemes cannot be closed by the depositor before the expiry of the term of such deposit.
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In special occasions, banks allow premature withdrawal in cases such as in the event of any direction from any judiciary /statutory / bankruptcy and/or regulatory authorities cases or deceased claim settlement cases.
In case of premature withdrawal of these deposits (except for the 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 deducted from the principal deposit.
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HDFC Bank’s non-withdrawal FD rates (Rs 2 crore or more)
1 Year to < 15 months- 7.45 per cent
15 months to < 18 months 7.45 per cent
18 months to < 21 months 7.45 per cent
21 months to 2 years 7.45 per cent
2 years 1 day to 3 years 7.2 per cent
3 years 1 day to 5 years 7.2 per cent
5 years 1 day to 10 years 7.2 per cent
n comparison, the State Bank of India is offering an interest rate of 7.10 per cent for 1 year and 7.40 per cent for 2 years under its ‘Sarvottam’ scheme. For senior citizens, it is 7.60 per cent for 1 year and 7.90 per cent for two years. The minimum deposit is Rs 15 lakh, while the maximum limit is Rs 2 crore.
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For Rs 2 crore to Rs 5 crore, SBI is offering 7.05 per cent for 1 year and 6.90 per cent for 2 years under its ‘Sarvottam’ scheme. For senior citizens, 7.55 per cent for 1 year and 7.40 per cent for 2 years.
