|Listed on exchange as
|HDFC Bank Ltd.
For an HDFC Bank FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.00% p.a. to 5.50% p.a. These deposits are known as short-term deposits as their tenure is less than 1 year.
Medium-term fixed deposits have tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 6.10% – 6.50% p.a.
These deposits have a tenure ranging from 5 years to 10 years and offer an interest rate of 6.25%.
An HDFC Bank FD account can be opened via different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps to open an HDFC Bank FD account via internet banking-
2) Mobile App - HDFC Bank App
Follow the steps mentioned ahead to open an FD account via HDFC Bank Mobile App-
3) Opening HDFC Bank FD Offline
An HDFC Bank FD account can be opened offline as well. One will be required to visit the nearest HDFC Bank branch and fill out the HDFC Bank FD application form. Also, all the necessary documents along with the deposit amount will be required to be provided. After successful processing of the application, an FD receipt will be provided by the HDFC bank.
Investors must meet the following requirements when looking to deposit their money into HDFC fixed deposit online-
To open a fixed deposit account with HDFC Bank, an individual needs to furnish the following documents.
Proof of Identity
Proof of Address
HDFC Bank Fixed Deposit has a tax savings investment option entitled to tax deduction under Section 80C of the Income Tax Act. In it, the interest on the deposit is compounded quarterly. Also, note that only the first holder is eligible for tax savings in joint deposits.
TDS on interest will be deducted after the end of every quarter. All such individuals who are seeking exemption from TDS on the interest income of FD are required to submit a completed Form 15 G/ Form H at the nearest branch or online within the 1st week of the new Financial Year and every time whenever a new deposit is made.
A fixed deposit investor is eligible for a loan against HDFC FD. The bank approves loans of up to 90% 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 Bank levies an Interest rate that will be applicable for premature closure. Note that this will be the lower amount of either of the following:
The base rate will apply to all deposits amounting to less than Rs.1 crore on the date of booking your deposit. For all deposits over Rs.5 crores, the base rate will be for Rs.5 crore as on the date of booking your deposit. HDFC Bank will charge a penalty of 1% for premature withdrawals, for example, sweep-ins and partial withdrawals. The premature withdrawal penalty will not apply for any fixed deposits booked for 7 days to 14 days.
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 2022?
HDFC provides a 3.00% to 7.25% interest rate on their FD schemes for general citizens and 3.50% – 7.75% 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:
Can I deposit some additional amounts in my FD account?
No, you are not allowed to deposit any additional amount as you are allowed to deposit the amount only at the time of opening the account. If you want to change the amount, you need to open a new fixed deposit account with HDFC.
What is the highest FD interest rate provided by HDFC Bank?
The highest HDFC FD interest rate provided by HDFC Bank is 7.25% for regular citizens.
Who is eligible for opening an HDFC Fixed Deposit Account?