HDFC Bank Revises Non-Withdrawable FD Interest Rates: Check Details Here

India's largest private sector lender HDFC Bank has revised its interest rates on non-callable fixed deposits. Non-withdrawable fixed deposits do not offer a premature withdrawal option, which means that the depositor cannot withdraw the fixed deposit before maturity. Non-callable deposits are only available for amounts of Rs 2 Cr and above and do not provide sweep-in or partial withdrawal options. As per the official website of HDFC Bank, the interest rates applicable on non-callable FDs are effective from 22nd July, 2023.

HDFC Bank Non-Withdrawable FD Rates

HDFC Bank is offering interest rates ranging from 6.85% to 7.20% on non-callable deposits. Customers will get a maximum interest rate of 7.20% on tenors of 15 months to 10 years. These rates are applicable on Domestic, NRO, NRE term deposits.

"The Fixed Deposits does not have any premature withdrawal facility i.e. the Fixed Deposits cannot be closed by the depositor before expiry of the term of such deposit. However, 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," mentioned HDFC Bank on its website.

"In the event of premature withdrawal of these FDs due to death claim, interest to be paid to the claimant. With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal will be the rate on the date of deposit booked, to the period for which deposit remained with the bank and not at the contracted rate," according to HDFC Bank website.

The interest rates only apply to new deposits, and the maturity instruction will be marked as "Do Not Renew."

The bank's standalone net profit jumped by 30% YoY to Rs 11,952 crore in Q1FY24 from Rs 9,196 crore in the same quarter the previous year. To reach Rs 57,817 crore, the quarter's total sales climbed 39% YoY. Operating profit jumped by 22% YoY to Rs 18,772 crore, while net interest income climbed by more than 21% YoY to Rs 23,599 crore. As of June 30, the gross non-performing assets (NPA) ratio was 1.17%, down from 1.12% in Q4FY23 and 1.28% in Q1FY23, while the net NPA ratio was 0.30%.

For the quarter under review, the cost-to-income ratio was 42.8%. The bank's capital adequacy ratio was 18.93%, down from 19.26% in Q1FY23.

According to HDFC Bank, total deposits stood at Rs 19,13,096 crore as of June 30, which is a rise of 19.2% over Rs 16,04,800 crore as of June 30, 2022. As of March 31, 2023, deposits were up 1.6% over Rs 18,83,400 crore. Advances made by HDFC Bank in the June quarter totalled Rs 16,15,672 crore, up 15.8% from Rs 13,95,100 crore in the corresponding quarter previous year. The total balance sheet climbed 18.6% YoY to Rs 25,01,693 crore from Rs 21,09,772 crore in Q1FY23. With saving deposits at Rs 5,60,604 crore and current account deposits at Rs 2,52,350 crore, CASA deposits jumped by 10.7% in Q1FY24.