HSBC Bank RD Interest Rates
HSBC Bank India is a bank with its operational headquarters in Mumbai and is a subsidiary of the UK-based HSBC Holdings plc. The Reserve Bank of India regulates it as a foreign bank under the Banking Regulation Act, 1949.
For those with lower incomes, investing in Hsbc is a great option. The advantage of RDs is that you get the same interest rate for the duration of the RD, even if future RD rates are lower.
Features HSBC Recurring Deposit
Hsbc provides you with the ability to build up capital over time by making frequent monthly deposits of a fixed amount. It provides you with a variety of RD options, ranging from a minimum of 12 months to a maximum of 120 months. An RD’s maximum deposit amount is unrestricted. When you open your RD account, you must provide instructions for the disposition of maturity proceeds. Loans or overdrafts of up to 90% of the deposited amount are available. The rate of interest on RDs is the same as that on term deposits. All Senior Citizens aged 60 and up will be charged at a rate that is 0.50 percent higher than the general customer rate.
Nomination faculty
Recurring deposits with Punjab and Sind Bank have the option of being nominated. Only one nominee per account is allowed if the account is opened in single or joint names. You must ensure that the appointment is carried out by RBI regulations. You may adjust the candidate by filling out the required form and submitting it.
HSBC Recurring Interest Rates
| Maturity Period | Interest Rate (p.a.) |
Disclaimer: The Recurring Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD. Source: Bank Websites
Documents required to open Recurring Deposit Account in Dena Bank
| Identity Proof | Address Proof |
| Passport | Passport |
| PAN card | Telephone bill |
| Voter ID card | Electricity bill |
| Driving license | Bank Statement with Cheque |
| Government ID card | Certificate/ ID card issued by Dena Bank |
| Photo ration card | |
| Senior citizen ID card |
Dena Bank Recurring Deposit Rates – Premature Withdrawal
You can open a Recurring time deposit account with Dena Bank for a minimum tenure of which may go up to maximum tenure of 240 months. Premature withdrawal of RD with Dena Bank is allowed. Dena Bank may charge a nominal amount of penalty as per their banking norms. However, Partial withdrawal of the RD account is not allowed. Bank offers you the grace of some days if you delay the payment beyond the maturity. In case you are doing not pay your installment after maturity, Dena Bank will charge a penalty as per their norms
Tax benefits
Interest gained is taxable depending on the account holder’s tax bracket, so he or she will have to pay tax on it. Profit is taxable under the “Benefit from Other Sources” heading.
On total interest gained up to Rs. 10,000, no TDS will be deducted. TDS of 10% is deducted if cumulative interest received in a financial year reaches Rs 10,000. Any additional TDS may be claimed for a refund. Previously, there was no TDS on RD, but that changed on June 1, 2015, when TDS on RD became applicable under Section 194A.
News Snippets
HSBC’s India operations posted a 1.8 percent year-over-year (y-o-y) increase in profit before tax to $1,024 million on Tuesday. Higher estimated credit losses and other credit impairment charges (ECL) and lower revenue pushed the bank’s global operations profit after tax down 30% to $6.1 billion, partially offset by lower operating expenses.
FAQ’s
✅What is the HSBC Bank minimum balance requirement?
The HSBC Savings Account needs a minimum AQB of INR150,000 to be retained. The AQB is determined by multiplying the end-of-day balances for each day of the quarter by the number of days in the quarter.
✅Is HSBC Bank a reputable institution?
HSBC is a good choice if you’re looking for a full-service bank that offers more than just checking and savings accounts. It’s also a good opportunity if you want to work for a foreign bank.
✅How can I register a nomination?
Specific nomination forms need to be completed and submitted to the Bank for registering the nomination facility. Different forms are applicable to register nominations on deposit accounts and safe deposit lockers. The Bank will acknowledge receipt of the nomination form and send a confirmation of having recorded the same. This confirmation must be kept securely either with the deposit account holder or with the nominee, if the account holder so wishes.
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