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HDFC Bank Responds On Automatic Renewals

Reader Tushar writes in, on the “Banks Sucker You On Automatic Renewals” post. He took the trouble of writing to HDFC Bank (thanks!) and getting a response.

We wish to inform that a Fixed deposit is a contract between the Bank and the customer for a given term and at a given interest rate corresponding to the contracted term. Hence, on auto renewal, the term of the contract remains the same and the prevailing rate for that term is offered . . .

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