HDFC Bank has launched a special fixed deposit scheme. Its name is Diplomat or Embassy Scheme. This scheme has been introduced for special type of customers.
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.
Related Articles:-
Gold Purity Test: How to check the purity of gold while buying it? Know here
Govt Scheme: Government is giving interest free loan of Rs 5 lakh, know benefits and More
SBI Special FD: THIS special FD of SBI is giving high Returns – Check Details
