· The deposits in the Bank are insured with DICGC for an amount of Rs.5 Lakhs (Principal + Interest) per depositor
· In terms of Reserve Bank of India Directives, Interest will be calculated at quarterly intervals on Term Deposits and payable at the rate decided by the bank depending upon the period of deposits. In case of Monthly Deposit Scheme, the interest will be calculated for the quarter and paid monthly at discounted value.
· HDFC Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e., 366 days in a leap year & 365 days in a non leap year.
· In the absence of any maturity instruction or in case of auto renewal the deposit will be renewed for a period equal to that of the original deposit at the prevailing rate on the date of renewal
· Maturity amount for deposits would vary to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity and also due to rounding off (to the extent of 50 paise in each F.Y.)
· Effective Deposit Date will be based on fund received in HDFC Bank account.
· In case of premature closure of Fixed Deposit (including sweep in / partial closure) the interest rate will be 1.00% below of the lower of either – 1) the contracted rate or 2) the applicable rate for the period the deposit has remained with the bank, whichever is lower.
· In Case of premature withdrawal of the fixed deposit based on depositor’s instructions or the instructions of all the joint depositors in the case of joint deposit, the bank has the right to recover interest already paid or the penalty, if any, from the proceeds of the fixed deposit in accordance with prevailing regulations of the bank and the Reserve Bank of India.
· To know more about HDFC Bank products/ prevailing interest rates /any query/ suggestion/ feedback, please visit our branch, bank website www.hdfcbank.com or you may write to [email protected]