Important Information
• Resident Deposits are subject to TDS, where applicable.
• Interest on Savings Accounts is paid every quarter.
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| The Bank, on request from a depositor, may at its discretion allow withdrawal of a term deposit before completion of the period of the deposit agreed upon at the time of placement of the deposit. For term deposits that are prematurely encashed, penal interest @1% will be levied. The interest paid will be 1% lower than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the bank or the contractual rate, whichever is lower. No interest will be paid on premature withdrawals or deposit which has remained with the Bank for less than the minimum period for which deposits were being accepted for the said currency and deposit type, as on the date of placement of deposit. |
Method of interest rate calculation:
• Rupee Time deposits held in Domestic, Ordinary Non-Resident (NRO) and
Non-Resident (External) NRE Accounts In case of cumulative deposits,
interest is compounded quarterly and the basis of interest calculation
is 30/365. For term deposit with tenor less than three months or where
the terminal quarter is incomplete, interest is calculated
proportionately for the actual number of days reckoning the year at 360
days (360 days for leap years). In case of non-cumulative deposits,
interest is paid out quarterly or half - yearly as preferred by
customer.
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| *Interest rates are subject to change from time to time. Please check the applicable interest rates and Account rules on HSBC Fixed Deposit displayed at our branches or visit our website www.hsbc.co.in/deposits before placing a fixed deposit. |
