HSBC Bank FD Interest Rates

2.25% - 4.00%
Interest rates
7 days - 5 years
Time Period
10,000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About HSBC Bank FD

HSBC Holdings plc is a global investment bank and financial services holding corporation based in the United Kingdom. With total assets of $2.984 trillion, it is Europe's second-largest bank. At competitive interest rates, HSBC Bank provides a variety of fixed deposit programs to both ordinary consumers and elderly citizens. The bank offers fixed deposit programs ranging from 7 days to 5 years. Let's take a look at the various sorts of HSBC FD rates in 2022.

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Started On1850
Head QuartersNew York, USA
CRISIL RatingNA
CEOMichael Roberts
Listed on exchange asHSBC Holding Plc
ICRA RatingNA

HSBC Bank FD Rates 2023

TenureRegular customersSenior citizens

Features and Benefits of HSBC FD

  • The procedure for opening an HSBC Fixed Deposit (FD) account is straightforward and takes only a few steps.
  • A minimum deposit of Rs.10,000 is required to start an FD account.
  • Deposits can earn you a high-interest rate.
  • You may select the duration according to your needs.
  • You can use the HSBC Smart Money Account program, which enables you to withdraw up to 90% of your deposit amount as an overdraft. On the HSBC official website, you may apply for this plan online.

Types of HSBC Bank FD Schemes

For the Residential Indians

  • Cumulative
  • Ordinary

For the Non-Residential Indians

  • FCNR B-Cumulative
  • FCNR B-Ordinary
  • Resident FCY Deposit
  • NRE – Cumulative
  • NRE – Ordinary
  • NRO – Cumulative
  • NRO - Ordinary

Term wise HSBC Bank FD Rates

Short-term deposits

 The short-term deposit ranges from 7 Days to 364 Days. The interest rates offered are 2.25% to 3.25% for general customers and 2.75% to 3.75% for senior citizens.

Medium-term deposits

The medium-term deposit ranges from 365 days to 60 months. The interest rates offered are 3.15% to 4.00 for general customers and 3.65% to 4.50% for senior citizens.

HSBC Bank vs Other Banks' FD Rates

NameTenureInterest rate

How to invest in HSBC Bank FD?

An HSBC Bank FD account can be opened through online and offline modes-

1) Online Method

  • For opening a new Fixed Deposit, first, log in to your HSBC Internet Banking account.
  • Click on 'Accounts' and select 'Open New Fixed Deposit'.
  • Choose the type of Fixed Deposit.
  • Choose the currency applicable to the deposit.
  • Select the tenor of your Fixed Deposit.
  • Choose the account from which funds will be used to open the Fixed Deposit Account.
  • Fill out the fixed Deposit amount in 'Amount to Debit'.
  • Click on 'Open' to proceed.
  • A summary will be displayed of all the details entered.
  • Click on 'Confirm' to open your Fixed Deposit.

2) Offline Method

For opening an HSBC Bank FD account via offline mode, one has to visit the nearest HSBC Bank branch. Fill out the HSBC Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by HSBC Bank.

Eligibility for HSBC Bank FD Account

Individuals or entities satisfying the following criteria can opt for a fixed deposit in HSBC Bank –

  • Resident individuals
  • Minors
  • Non-resident individuals

Documents to Open HSBC Bank FD

The following documents have to be furnished for opening an HSBC Bank FD –

  • Address proof ( Aadhar Card, Passport, Bank Statement with Cheque)
  • ID proof (Voter ID, PAN Card, Aadhar Card, Passport, Driving License)
  • Age proof (Birth certificate, Service Discharge Certificate, Voter ID, Aadhar Card)

Tax on HSBC Bank Fixed Deposits

HSBC Bank FD is not eligible for tax deductions under Section 80C. Therefore, the interest income is taxable according to the income tax slab rates. Also, HSBC Bank will deduct a 10% TDS if the interest income surpasses Rs. 40,000. For senior citizens, the TDS limit is Rs. 50,000 p.a.

Also, the 10% TDS rate will only apply when the investors disclose their PAN Card details. If someone does not disclose the PAN Card details, the 20% TDS will be levied.

Loan Against HSBC Bank FD

HSBC Bank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan. The rate of interest for the loan will be according to the terms and conditions of HSBC Bank.

Premature Closure of HSBC Bank FD

HSBC Bank permits premature withdrawal of Fixed Deposit. The bank will levy a penalty of 1% on the contracted interest rate.

FAQs

 Can an account holder modify the term of an existing HSBC Bank fixed deposit account?

Account-holders cannot modify the term of an existing HSBC Bank fixed deposit account.

What are the eligibility requirements for an HSBC Fixed Deposit?

The following are the qualifying requirements for an HSBC Fixed Deposit account:

Individuals residing in the country, HUFs, NRIs, and businesses, and including minors.

 Is there a penalty for withdrawing from an HSBC Fixed Deposit early?

Yes, HSBC Bank imposes a 1 percent premature withdrawal penalty if the account user withdraws a portion or all of the HSBC fixed deposit sum before maturity.

Can an account holder open an HSBC fixed deposit online using net banking/mobile banking if he or she does not already have an account with HSBC Bank?

No, you must already have an account with HSBC Bank to use internet banking and create an FD account.

What is the HSBC Fixed Deposit Account's minimum deposit amount?

The HSBC Fixed Deposit requires a minimum deposit of Rs. 10,000.

What tax benefits does the FD offer?

If the interest on your fixed deposit exceeds Rs 40,000 (Rs.50,000 for senior people) throughout the fiscal year, the bank deducts 10% tax at the source. Because of the COVID-19 pandemic, this rate has been decreased to 7.5 percent.

What documents do I need to carry along?

The documents needed are:

  • Identity Proof - Passport, PAN, Voter ID, Driver's License, and Aadhaar.
  • Address Proof - Passport, Aadhaar, or Bank Statement.
  • Date of Birth Proof - PAN, Aadhaar, Voter ID, Discharge certificate.
Calculate HSBC Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
HSBC Bank
@3.25% p.a
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