HDFC Bank FD Interest Rates

HDFC bank offers various Fixed Deposit options to its customers where they can invest their additional savings for a fixed tenure and enjoy significant outcomes on it. It is mandatory for the depositor to deposit only once at the time of opening the account with the bank. The money will be kept safe for the tenure chosen and interest will be provided according to that. Extra money cannot be deposited in between the tenure and no funds can be withdrawn as well.

HDFC Bank Fixed Deposit Features

HDFC Bank FDs tend to be the best investment option for depositors looking to invest in a fixed income instrument and maximise the returns than savings accounts. Prime Features of HDFC Bank Fixed Deposit are:

  • Deposit Amount: HDFC Bank FD can be created with an amount as a low ₹ 5,000 to up to No Limit.
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.50% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate: 3.00% to 6.25% p.a.
  • Highest Interest Rate: As per today’s rate, HDFC Bank’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of HDFC Bank Deposits: HDFC Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: HDFC Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto-Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposit, HDFC Bank 5 Year Tax Saving Fixed Deposit, Foreign Currency Non-Resident (FCNR) Fixed deposit, Non-withdrawable Deposits, Overdraft against Fixed deposit.

HDFC Bank FD Interest Rates

Tenure FD Interest Rates for General Citizens FD Interest Rates for Senior Citizens
7 days – 14 days 2.50% 3.00%
15 days – 29 days 2.50% 3.00%
30 days – 90 days 3.00% 3.50%
91 days – 6 months 3.50% 4.00%
181 days – 364 days 4.40% 4.90%
1 year 4.90% 5.40%
1 year 1 day – 2 years 5.00% 5.50%
2 years 1 day – 3 years 5.15% 5.65%
3 years 1 day – 5 years 731 days 5.30% 5.80%
5 years 1 day – 10 years 9 days 5.50% 6.25%

Types of HDFC Bank Fixed Deposit Schemes

  1. Regular fixed deposit
  2. Dream Deposits
  3. 5-Year Tax Saving Fixed Deposit
  4. Overdraft Against Fixed Deposits
  5. HDFC NRI Fixed Deposit

Let’s know more in detail:

Regular Fixed Deposits

  • This scheme permits the depositor to retain money by depositing into the FD account and secure a guaranteed interest on it for a certain period of time
  • Nomination facility is available
  • Attractive interest rates
  • Sweep in and super saver facility available
  • Up to 90% loan facility is available on your deposit
  • Resident Indians, HUFs, organizations, sole proprietorship firms, limited companies, and trusts are eligible

Dream DepositsHDFC Bank

This scheme of HDFC Bank’s Dream Deposit offers the customers the flexibility to keep aside a part of your income to fulfil your goals by enjoying rates on par with the bank’s FDs and RDs. The best thing is here is that, unlike a typical FD account, you are not charged with a penalty on breaking the account or missing the monthly payment. If you are an existing customer of HDFC bank, this deposit can be created via net banking. In case of not having an account in the bank, visit the bank or call the customer care to open an account.

5-Year Tax Saving Fixed Deposit

  • As per its name, the deposit is primarily meant for tax savings and can save on the tax under Section 80C of the Income Tax Act.
  • Only the first holder is eligible for tax benefits under 80C, in case of joint deposits.
  • Nomination facility is available.
  • Interest on deposit is compounded quarterly.
  • The depositor can opt for a monthly and quarterly payout.
  • Can be opened through net banking.
  • Resident Indians and HUFs of 18 years or more than that.

Overdraft Against Fixed Deposits

  • This scheme offers you with the benefit of two accounts working together
  • The depositor can opt between a savings account and a current account to link with a fixed deposit account.
  • The rewards of the overdraft facility are issued to assist your household or business needs.
  • The payback interest is applicable only on the drawn amount, while the balance fixed deposit continues to receive the interest.
  • Resident individuals, HUFs, private and public limited companies are eligible for this

HDFC NRI Fixed Deposit

  • HDFC offers multiple types of FDs to select from
  • The minimum deposit amount required to open a new account is Rs. 25000, while it’s Rs. 10000 for add-ons
  • The tenure ranges from minimum 1 year to a maximum of 10 years
  • The interest earned is exempted from Income Tax in India

Documents required to open an HDFC Bank FD

Mandatory Proofs:

  • Recent photograph
  • KYC documents

Individual and Company Proofs:

  • PAN card
  • Aadhaar Card
  • Passport
  • Driving License
  • Voter’s ID

Partnership Proofs:

  • Incorporating certificate
  • Authorised signatories ID proofs
  • Partnership Deed
  • Authorised signatories’ signatures

For Hindu Undivided Families:

  • Self-attested PAN card
  • HUF declaration deed
  • HUF’s bank statement

HDFC Bank Fixed Deposit Rates – Premature Withdrawal

Premature closure of Term Deposit with HDFC Bank comes along with a lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on HDFC Bank FD are dependent to change from time to time and can also differ with deposit schemes.

Loan against Fixed Deposit HDFC bank

HDFC Bank provides loans up to 90% against its own deposit. Note that HDFC Bank will not provide you loan against FD of any other bank. HDFC Bank issues Loan against FD at the rate of 3.5% to 6.5%. Maximum loan tenure is limited to the maximum tenure of the FD.

Calculation of HDFC Bank FD Interest Rates

The interest received for your HDFC Bank FD account is impacted by a lot of factors such as the amount, the interest provided, tenure, interest calculation frequency, and taxation. You can apply the HDFC FD Calculator to calculate the interest on the FD account upon maturity. It is an easy procedure where the depositor has to submit basic details regarding their FD such as the amount, interest and tenure.

FD Account Opening Process at HDFC bank

To open a Fixed Deposit account in HDFC Bank, one should visit the official website and login to their account. Opt for the Fixed Deposit from the menu and select the Type of FD required and proceed. Then fill the deposit amount and select the ‘Senior Citizen’ option if you are above 60. One has to choose the tenure of deposit and interest payout frequency. Later click on Submit to open the HDFC Bank FD after going through the terms and conditions.

Nomination Facility on HDFC bank FD

One can avail nomination facility on HDFC bank FD to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Yet only one person can be chosen as a nominee. They can fill in nominee details while creating an HDFC Bank FD. Nominees have to submit their identification proof at the time of claim.

Tax Benefits on HDFC Bank FD

HDFC Bank also provides a ‘Five Year Tax Saving Fixed Deposit’ where the minimum deposit allowed is Rs.100 and in multiples of Rs.100 thereafter. The maximum deposit that can be made is Rs.1.5 lakh per financial year. A lock-in period of five years is applicable as prescribed by the income tax rules. You can avail income tax benefits on the deposit you make in the account under Section 80C of the Income Tax Act, 1961.

Regarding the interest payable or reinvested in the fixed or recurring deposit account exceeding Rs.40,000 (Rs.50,000 for senior citizens), the tax will be deducted at source (TDS) by the bank at the rate of 10% p.a. You can get free from TDS by submitting Form 15G/15H, as applicable, if your total annual income for the financial year is less than the basic exemption limit.

Also know about the Axis Bank FD Interest Rates.

HDFC Bank News Snippets

Buy HDFC Bank; target of Rs 1720: Motilal Oswal

HDFC Bank (HDFCB) reported a strong performance, with advanced growth driven by both corporate and revival in the Retail segment. Operating performance remained steady, led by healthy business growth, sequential margin improvement, and cost control. The bank further shored up provisions, providing INR24b toward potential NPAs (not declared due to the SC order) and other contingent provisions. n Asset quality remained stable, while total restructuring stood at 0.5% of loans. Proforma slippages stood at INR49b; the bank holds a sufficient additional contingent provision buffer to manage the COVID impact. n We marginally increase our estimates for FY22/FY23 and expect an earnings CAGR of 20% over FY20–23E. 

HDFC Bank Q3 profit up 18%, here are highlights of analyst call

HDFC Bank on January 16 reported a standalone profit of Rs 8,758.3 crore for the quarter ended December 2020, which was up 18.1 percent higher than the previous year and beat the CNBC-TV18 poll estimate of Rs 8,264.8 crore. The growth was led by non-interest income and pre-provision operating profit with improved asset quality performance.

Its net interest income, the difference between interest earned and interest expended, grew by 15.1 percent to Rs 16,317.6 crore in Q3FY21, compared to the corresponding period, driven by advances growth of 15.6 percent, and a core net interest margin for the quarter of 4.2 percent.

HDFC Bank Fixed Deposit Interest Rates – FAQs

Can I change the existing tenure of the HDFC Bank Fixed Deposit account?

No, it is not possible to change the tenure once you have opened an FD account in HDFC bank. However, you can opt to close the existing fixed deposit account and can open a new account with a tenure of your choice.

What is the tenure for the HDFC FD account?

The tenure for HDFC Fixed deposit ranges from a minimum of 7 days to a maximum of 10 years.

What are the current HDFC FD interest rates for 2021?

HDFC provides a 2.50% to 5.40% interest rate on their FD schemes for general citizens and 3.00% – 6.25% for senior citizens depending on the tenure.

What are the highest FD interest rates provided by HDFC Bank?

The highest HDFC FD interest rates provided by HDFC Bank is 5.50%  for a medium-term FD ranging from 5 years to 10 years.

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