HDFC BANK Charging 1% penalty on sweep-in

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Old 5th February 2011, 09:50 PM
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Angry HDFC BANK Charging 1% penalty on sweep-in

HDFC BANK Charging 1% penalty on sweep-in

Note: "As per the Terms & Conditions of Fixed Deposit Accounts of the bank, the penalty on premature closure of Fixed Deposits including sweep-in and partial closures has been fixed by the Bank at the rate of 1%." This will be applicable with effect from 24th January 2011."

Does this not sound a little weired and trust breaking. Probably bank does not want to increase the interest rate and at the same time do not want the fund to flow out hence, made a new rule starting Jan 24, 2011 and not even bothred to advertise ( ;-) ) this.


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Old 5th February 2011, 11:23 PM
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Default Re: HDFC BANK Charging 1% penalty on sweep-in

A) HDFC is like premium bank out of desi pvt banks. It's charges are too high and for almost anything. But you pay for quality and good team they have.

B) Trust in banking or for that matter financial world is expected on both sides. If you promise to lend a bank a lumpsum money they'll count your money to further lend to it's customer. If you withdraw before planned time, you break plan and hurt incomes. Hence penalty. If there was no penalty everyone will start taking out money if int rates start going up as fast as seen these days to convert to new FD!
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Old 10th February 2011, 01:35 PM
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Default Re: HDFC BANK Charging 1% penalty on sweep-in

Banks charge penalty if u want to prematurely break a deposit , they do the same if u pre-pay a loan...

Thats called having your cake and eating it too, and we the stupid consumers bow our heads and accept all the s&*^ thrown at us.


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