However, in addition to HDFC Bank, IDBI Bank and SBI recently extended the validity of their special fixed deposit schemes for older residents.
This declaration is consistent with the RBI's 50 basis point increase in the repo rate to 5.9%. In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower.'
HDFC Bank has stated on its website on the premature withdrawals from Senior Citizen Care FD that “In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) on or before 5 years, the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower.
