GIFT City Corporate FD Interest Rates

T&C for Callable/Non-Callable Corporate FDs

Interest Computation:

• FDs up to 12 months: Simple interest (calculated only on the principal amount).


• FDs above 12 months: Interest compounded annually (calculated on both the principal amount and accumulated interest).
  

Premature Withdrawal:

• Non-Callable FDs cannot be withdrawn before maturity.


• Callable FDs can be withdrawn before maturity. Callable options are as follows:



• Interest is calculated for the actual period the deposit was held.




• A 0.5% penalty applies on the interest rate.




• If the applicable interest rate is less than 0.5%, no interest is payable, but the principal is fully protected.

 

• No interest is payable for deposits withdrawn within 7 days, and no premature withdrawal charges apply.

 

• If the deposit has completed a tenure offered by the bank, interest on early withdrawal will be the lower of the rate for the completed tenure or the original tenure, minus 0.50%.


• In some cases, the amount returned on premature withdrawal may be less than the principal, depending on the interest already paid.

Deposit Amount & Tenure:

• Minimum deposit: Foreign currency units 1,000.


• Deposits above USD 5 million or equivalent require Treasury approval on a case-by-case basis.


• Tenure ranges from 7 days to 39 months.

Rates & Currency:

• FD rates are indicative and may change without notice.


• The actual rate is quoted at the time of FD placement.


• For foreign currency deposits, please contact your Relationship Manager.

Governance & Compliance:

• FD account and business relationship are governed by the conditions mentioned in the Application Form read with general terms and conditions - IBU General Terms & Conditions, as may be amended from time to time.


• Applicable TDS or withholding tax will be deducted as per Indian Tax laws.