HDFC Bank has outlined the details of its Embassy Deposits, which are exclusively available to diplomats, non-diplomatic staff, and diplomatic missions. These deposits are Foreign Currency (FCY) Term Deposits, currently available only in USD (United States Dollar). The latest update specifies the minimum deposit amount, interest rates, and renewal policies effective from March 18, 2025.
Understanding HDFC Bank Embassy Fixed Deposit
What is an Embassy Fixed Deposit?
Embassy Fixed Deposits are a specialized category of term deposits offered by HDFC Bank. They cater specifically to individuals and organizations related to diplomatic missions. These deposits allow foreign currency investments in USD while offering competitive interest rates based on the tenure of the deposit.
Key Features of HDFC Bank Embassy Fixed Deposit
1. Eligibility Criteria
Embassy Deposits are exclusively available for the following categories:
- Diplomats
- Non-diplomatic staff associated with embassies
- Diplomatic missions operating in India
2. Currency and Minimum Deposit Amount
- Embassy Fixed Deposits are available only in USD (United States Dollar).
- The minimum deposit amount required is USD 5,000 equivalent.
- Additional deposits can only be made in multiples of USD 1,000.
- There is no upper limit mentioned on the maximum investment amount.
3. Interest Rates on Embassy Fixed Deposit
Interest rates on Embassy Deposits are updated on the 1st of every month and are subject to market conditions.
| Deposit Tenure | Interest Rate |
|---|---|
| 1 Month | 2.20% |
| 3 Months | 3.60% |
| 6 Months | 4.20% |
| 1 Year | 4.75% |
- Interest rates remain uniform across all deposit slabs.
- Effective interest rates are as of March 18, 2025.
4. Categorization of Deposits
Deposits are classified into six different slabs, ranging from less than Rs 1 lakh to Rs 100 million (Rs 10 crore) and above. However, despite the different deposit slabs, the interest rates remain the same for each corresponding tenure.
5. Renewal & Maturity Rules
- Automatic renewal is NOT permitted for Embassy Fixed Deposits.
- On maturity, the proceeds are credited back to the original foreign currency account of the depositor.
If reinvestment is desired, the depositor must submit a fresh application, including:
- A new request form
- All necessary declarations
- Updated nomination details
6. Market Dependency & Updates
- Interest rates are subject to market fluctuations and change monthly.
- Investors should monitor the rates on the 1st of every month on HDFC Bank’s official website.
Summary of Embassy Fixed Deposit
| Feature | Details |
| Eligibility | Diplomats, Non-Diplomatic Staff, Diplomatic Missions |
| Currency | USD (United States Dollar) |
| Minimum Deposit | USD 5,000 |
| Additional Deposits | Multiples of USD 1,000 |
| Maximum Deposit | Not specified |
| Interest Rate (1 month) | 2.20% |
| Interest Rate (3 months) | 3.60% |
| Interest Rate (6 months) | 4.20% |
| Interest Rate (1 year) | 4.75% |
| Interest Rate Review | Updated on the 1st of every month |
| Renewal Policy | Automatic renewal not allowed |
| Maturity Process | Proceeds credited to the original FCY account |
| Reinvestment | Requires fresh application |
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