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 . . .