Many banks including SBI, HDFC Bank are increasing the interest rates of fixed deposits, know the reason

HDFC Bank changed the interest rates on special FDs before Holi, know how many new rates are now

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new Delhi. Unlike SBI and ICICI Bank, HDFC Bank has revised the interest rates for Non-Withdrawal Fixed Deposits for various tenures. The new rates are for Domestic Citizens, NRO and NRE. This amendment is for bulk FDs of an amount greater than or equal to Rs 5 crore. The new rates are applicable from March 1, 2022.

According to Live Mint, the private sector bank said that after this amendment, 4.70 percent interest will be available on non-withdrawal FDs of Rs 5 crore to 200 crore for a period of 3 years to 10 years. The bank is offering 4.60 per cent interest for the non-withdrawal FD tenure between 2 years to 3 years.

Also read- Why is it PPF, Sukanya Samriddhi Yojana and NPS I need to deposit money every year

Know what are the new rates after revision
Under the new rates, customers will get 4.55 percent interest on non-withdrawal FDs of more than one year and less than two years. The bank is giving 4.15 percent interest on the tenure of more than 9 months to less than one year. The rate of interest on non-withdrawal FDs of more than 6 months and less than 9 months is 4 percent. For a period of 91 days to 6 months, this rate is 3.75 percent.

read this also- LIC Jeevan Saral Pension Plan: By investing in this scheme, you can get a pension of up to Rs 12000 thousand., Know the details

What is Non-Withdrawal FD
Non-withdrawal FDs are different from normal FDs. They do not have the facility of premature withdrawal. This means that the depositor can neither withdraw nor close the money before the deposit period. Although HDFC Bank offers the facility of withdrawal from non-withdrawal FDs in case of emergency, this facility is generally not available. The bank says that in case of emergency withdrawal, no interest will be available on the principal amount.

Tags: Fixed deposits, hdfc bank, Interest Rates, Personal finance

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