Staff of embassies of other countries located in India, non-diplomatic staff of the embassy and diplomats can take advantage of this scheme. In this scheme, the customer’s money will be in US dollars. Let us know about this scheme in detail.

No automatic renewal option

Under this fixed deposit scheme, money can be deposited for 1 month, 3 months, 6 months and 1 year. There is no option of automatic renewal in this scheme. This means that when the FD matures, the money will be credited to the customer’s foreign currency account. If the customer wants to put the deposited money in this scheme again, then he will have to fill the form again and complete all the formalities.

Minimum deposit amount $5000

The minimum deposit amount for HDFC Bank Diplomat FD Scheme is $5,000. After this, the investment can be increased in multiples of $1,000. The bank has not set any maximum limit for deposit in this scheme. Since, in this scheme the customer has to deposit dollars, the interest rate of this scheme matters a lot. In this scheme, the interest rate is updated on the first of every month. This means that the interest rate keeps changing every month.

Vidol allowed before maturity

HDFC Bank is the largest private sector bank in the country. Experts say that customers should know about the interest rate before investing money in this scheme. Once invested in this scheme, the duration of the FD cannot be changed. If needed, withdrawal of money from this scheme before maturity is allowed. But, for this the customer will have to pay a penalty.

Different interest rates for different periods

This scheme offers different interest rates for different periods. For example, the interest rate on one month deposit is 2.20 percent. On 3 month deposit it is 3.6 percent. On 6 month deposit it is 4.2 percent. On 1 year deposit it is 4.75 percent. In this scheme, the bank offers higher interest if the deposit period is longer.

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Yes Bank is now offering an interest rate of 3.25% on FDs maturing in 7 to 14 days and 3.70% on FDs maturing in 15 to 45 days. The interest rates offered by Yes Bank are 4.10% for FDs held for 46 days to 90 days and 4.75% for FDs held for 91 days to 180 days.

Yes Bank hikes FD rates on select tenors

Yes Bank has increased the interest rates of FDs maturing between 181 to 271 days and 272 to 1 year by 10 bps. They will now get interest at the rate of 6.1%, while FDs maturing between 272 to 1 year will now get interest at the rate of 6.35%. At the same time, the bank will pay 7.50% interest rate on FDs with maturity between 1 year and 18 months and 7.75% interest on maturity of 18 months to 36 months. On FDs maturing in 36 and 120 months, the bank is offering an interest rate of 7%.

Latest Yes Bank FD Rates

1. 3.25% interest will be available on FDs of 7 days to 14 days.
2. 3.70% interest will be available on FDs of 15 days to 45 days.
3. 4.10% interest will be available on FD of 46 days to 90 days.
4. 91 days to 120 days FD will get 4.75% interest.
5. 5.00% interest will be available on FDs of 121 days to 180 days.
6. 6.10% interest will be available on FDs of 181 days to 271 days.
7. 6.35% interest will be available on FD of 272 days to 1 year.
8. 7.50% interest will be available on FD of 1 year to 18 months.
9. 7.75% interest will be available on FD of 18 months 36 months.
10. 7.25% interest will be available on FD of 36 months to 60 months.
11. 7.00% interest will be available on FD of 60 months to 120 months.

Senior citizens will get 0.50% additional interest

Senior citizens will get an additional interest rate of 0.50% over and above the regular rates. Yes Bank is now offering interest rates on FDs maturing in 7 days to 10 years, which ranges from 3.75% to 8.25% for senior citizens.

The post Fixed Deposit: Interest rate increased on this bank FD scheme, now this will be more beneficial, know details first appeared on Rightsofemployees.com.