HDFC Bank FD Fixed Deposit

HDFC Bank FD offers clients many Fixed Deposit options, allowing them to park and receive substantial returns on their excess deposits for a fixed term. At the time of opening the account with the bank, the depositor is expected to deposit once. The money is guaranteed for the selected tenure and interest is also given. Under the tenure, no more money can be invested and no money can be withdrawn.

HDFC Bank FD Rates Special Features

  • Senior citizens get an additional interest rate of 0.50% p.a. over regular rates
  • The minimum deposit required to open an FD account with HDFC bank is Rs. 5000
  • A nomination facility is provided by the bank
  • The depositor gets attractive HDFC FD rates with an FD account
  • Sweep in and super saver facility is available on the FD account
  • The depositor can earn compound interest by reinvesting your principal along with the interest amount earned on the FD
  • An HDFC fixed deposit account can be opened with the convenience of net banking.

 

HDFC Bank FD

HDFC 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 Fixed Deposit Schemes

  • Regular fixed deposit
  • Dream Deposits
  • 5-Year Tax Saving Fixed Deposit
  • Overdraft Against Fixed Deposits
  • HDFC NRI Fixed Deposit

Let’s have a look at each of these in details:

Regular Fixed Deposits

  • This scheme allows the depositor to save money by depositing into the FD account and earn guaranteed interest on it over a certain period of time
  • A 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 Deposits

This scheme of HDFC Bank’s Dream Deposit provides you with the flexibility to set aside a part of your salary to achieve your goals by enjoying rates on par with the bank’s FDs and RDs. The best thing is, 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, this deposit can be opened with the help of net banking; in case you don’t have an account in the bank, you can visit the bank or call customer care to open an account.

5-Year Tax Saving Fixed Deposit

  • As the name suggests, this deposit is solely meant for tax savings and you can save on the tax under Section 80C of the Income Tax Act.
  • In the case of joint deposits, only the first holder is eligible for tax benefits under 80C.
  • A 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 facility provides you with the benefit of two accounts working together
  • The depositor can choose between a savings account and a current account to link with a fixed deposit account
  • The rewards of the overdraft facility are provided to supplement your household or business needs.
  • The payback interest is applicable only on the drawn amount, while the remaining fixed deposit continues to earn 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 a minimum of 1 year to a maximum of 10 years
  • The interest earned is exempted from Income Tax in India

Eligibility Criteria for HDFC Bank FD

Investors must meet the following requirements when looking to deposit their money into HDFC fixed deposit online- 

  • Indian resident
  • Sole proprietorship enterprise
  • Trusts
  • Limited companies
  • Hindu Undivided Family (HUF members)
  • Partnership firms

Documents Required for HDFC Bank FD

To open a fixed deposit account with HDFC Bank, an individual needs to furnish the following documents.

Proof of Identity

  • Aadhaar card
  • Voter ID
  • PAN card
  • Driving license
  • Ration card with photo
  • Any government-issued ID card
  • Passport

Proof of Address

  • Electricity bill

Bank statement including cheque

  • ID or license issued by the Post Office
  • Telephone bill
  • Passport

HDFC Bank FD Rates

Term deposits with tenures between 2 years and 3 years provide a 5.35%% rate of interest. HDFC Bank fixed deposits offer higher interest to senior citizen investors. At present, senior citizens are eligible to receive interest of FDs at annual rates ranging between 3.21% and 6.00%.

Premature Withdrawal Terms and Conditions

Premature withdrawal refers to closing the HDFC fixed deposit account before completion of the stipulated tenure. Consumers can withdraw the deposited fund from fixed deposits after paying a 1% penalty fee for the same.

However, those who have invested in HDFC’s Tax Saving Fixed Deposit are ineligible for such withdrawal before the mandatory 5-year lock-in period is complete.

Loan against HDFC Bank Fixed Deposits 

A fixed deposit investor is eligible for credits against an HDFC FD. The bank approves loans of up to 90% of the FD’s value in most cases. NRE and NRO FD account holders can avail such extensive loan quantum as well. Only Foreign Currency non-repatriable fixed deposits investors are eligible for a loan of up to 70% of FD worth.

Keep in mind that such loans are only available to investors operating Regular Fixed Deposit schemes and not to those investing in HDFC Tax Saving Fixed Deposit product.

HDFC Fixed Deposit Calculator Interest Rates

The interest earned on your FD account depends on a lot of factors, viz. The amount, the interest provided, tenure, interest calculation frequency, and taxation. One can use the HDFC FD Calculator to calculate the interest on their FD account upon maturity. It’s a seamless process where the depositor has to enter basic details pertaining to their FD such as the amount, interest and tenure.

HDFC FD Interest Rates – Taxation

TDS (Tax Deducted at Source) will be deducted when interest payable on FD across all branches exceeds Rs. 40,000 (Rs. 50,000 for senior citizens) in a financial year.

Tax Benefits on HDFC Fixed Deposit

  • As the name suggests, this deposit is solely meant for tax savings and you can save on the tax under Section 80C of the Income Tax Act.
  • In the case of joint deposits, only the first holder is eligible for tax benefits under 80C.
  • A 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.

News Snippets

HDFC Bank on Friday said it will cover the vaccination cost for its over 1 lakh employees and their family members.

HDFC Bank will sponsor the inoculation of over 1 lakh employees of the bank and their immediate family members against coronavirus. The bank will reimburse vaccination cost for the two mandated doses, the lender said in a statement.

“Our employees have shown exemplary perseverance, professionalism and dedication to serve millions of customers. Covering the cost of vaccination for our employees and their dependent family members is a small gesture from the organisation to express our gratitude to our employees,” Vinay Razdan, Group Head HR, HDFC Bank, said.

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 documents needed to open an FD account in HDFC Bank?

An HDFC Fixed Deposit account can be opened with a minimum deposit of 5000 rupees. One must have a PAN card if the deposit amount is greater than 50,000 rupees.
For senior citizens, valid age proof is also required.

✅ What happens if I open an HDFC FD account without a PAN card?

Following are the implications of opening an FD account without having a pan card:

  1. TDS will be deducted at 20% as against 10% under section 206AA
  2. No TDS Certificate will be issued and also no credit from the Income Tax department
  3. Form 15G/H and other exemption certificates will be invalid
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