HDFC BANK Charging 1% penalty on sweep-in
hdfcbank.com/personal/accounts/fixed_deposits/regular_fixed_deposit/regular_fd_interest.htm
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."
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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.
hdfcbank.com/personal/accounts/fixed_deposits/regular_fixed_deposit/regular_fd_interest.htm
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.