HDFC Bank Revises Non-Withdrawable FD Rates (W.e.f. 19.04.2022)

HDFC Bank, a private sector lender, has adjusted the interest rate on non-withdrawable fixed deposits. The interest rate revision went into effect today, April 19th, 2022. Non-withdrawable fixed deposits are those that cannot be withdrawn prematurely, i.e. those that cannot be withdrawn by the depositor before the tenure of the deposit expires. For those who want to make a premature withdrawal from such deposits, the lender has mentioned on its website that "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."

The bank will not pay any interest on deposits prematurely withdrawn due to the above-mentioned reasons, and if any interest amount credited on the principal amount would be recovered by the bank from the deposit account.

"In the event of premature withdrawal of these FDs due to death claim, interest to be paid to the claimant. The interest rate applicable on such withdrawal will be the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower. The base rate is the rate applicable to deposits of 5 crores as on the date of booking the deposit" the bank has mentioned on its website.

Non Withdrawable Deposits are available exclusively for deposits of 5 crores or more, and the deposit will be registered with the maturity instruction 'Do Not Renew'. Sweep-in and partial withdrawal are not permitted on non-withdrawable deposits, and the interest rate will be applied only if the minimum single deposit amount is 5 crores. Non-withdrawable deposits can be booked for a minimum tenure of 91 days, and interest is determined quarterly for deposits with a tenor of more than 6 months.

Non-Withdrawable Domestic/NRE/NRO Term Deposits Interest Rates For Amounts Greater Than Or Equal To 5 Crs W.e.f. 19th April 2022

Period	Rs 5 Cr to 5.25 Cr	Rs 5.25 Cr to 5.50 Cr	Rs 5.50 Cr to 24.75 Cr	Rs 24.75 Cr to 25 Cr	Rs 25 Cr to 50 Cr	Rs 50 Cr to 75 Cr	Rs 75 Cr to 100 Cr	Rs 100 Cr to 150 Cr	Rs 150 Cr to 300 Cr	Rs 300 Cr and above
91 days to 6 months	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%	3.75%
6 mnths 1 day to 9 months	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.50%
9 mnths 1 day to 1 Year	4.15%	4.15%	4.15%	4.15%	4.15%	4.15%	4.15%	4.50%	4.50%	4.50%
1 Year to 15 months	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	5.15%	4.55%
15 months to 18 months	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%
18 months to 21 months	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%
21 months to 2 years	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%	4.55%
2 year 1 day to 3 years	4.60%	4.60%	4.60%	4.60%	4.60%	4.60%	4.60%	4.60%	4.60%	4.60%
3 year 1 day to 5 years	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%
5 year 1 day to 10 years	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%	4.70%
Source: hdfcbank.com

HDFC Bank announced a 23 percent year-on-year (YoY) increase in net profit for the March quarter of Rs 10,055.20 crore after accounting for Rs 2,989.50 crore in taxation on Saturday. In the year-ago quarter, the bank made a profit of Rs 8,187 crore. Net interest income (NII) climbed 10.2 percent year on year to Rs 18,872.7 crore in Q4, with credit increasing by over 21% and deposits increasing by 16.8 percent.