HDFC bank provides its customers with multiple Fixed Deposit options wherein they can park their surplus savings for a fixed tenure and enjoy substantial returns on it. The depositor is required to deposit the once at the time of opening the account with the bank. The money will be secured for the tenure chosen and interest will be provided accordingly. Additional money cannot be deposited during the tenure and no funds can be withdrawn as well.
In this article
- HDFC FD Interest Rates
- HDFC Bank FD Rates Special Features
- Types of HDFC Fixed Deposit Schemes
- Calculation of HDFC Fixed Deposit Interest Rates
- HDFC Fixed Deposit Interest Rates – FAQs
HDFC FD Interest Rates
Last updated 13th Jan 2021
|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 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%|
Money can be invested for a tenure anywhere between 7 days to 10 days.
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
- 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.
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
- 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
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 the 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 case of joint deposits, only the first holder is eligible for tax benefits under 80C.
- 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 minimum 1 year to a maximum of 10 years
- The interest earned is exempted from Income Tax in India
Calculation of HDFC Fixed Deposit 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.
HDFC Fixed Deposit Rates – Premature Withdrawal
The bank charges a nominal penalty of around 1% on the interest rate in case of premature withdrawal. The penal provisions on premature closure are subject to the bank’s decision. The rates can change anytime.
HDFC Fixed Deposit Interest Rates – FAQs
Ques. Can I change the existing tenure of the HDFC Bank Fixed Deposit account?
Ans. 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.
Ques. What is the tenure for the HDFC FD account?
Ans. The tenure for HDFC Fixed deposit ranges from a minimum of 7 days to a maximum of 10 years.
Ques. What are the current HDFC FD interest rates 2021?
Ans. 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.
Ques. What are the documents needed to open an FD account in HDFC Bank?
Ans. 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, a valid age proof is also required.
Ques. What happens if I open an HDFC FD account without a PAN card?
Ans. Following are the implications of opening an FD account without having a pan card:
- TDS will be deducted at 20% as against 10% under section 206AA
- No TDS Certificate will be issued and also no credit from the Income Tax department
- Form 15G/H and other exemption certificates will be invalid
Ques. Can I deposit some additional amounts in my FD account?
Ans. 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.
Ques. What is the highest FD interest rates provided by HDFC Bank?
Ans. 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.
Ques. Who is eligible for opening an HDFC Fixed Deposit Account?
Ans. Below given people can open an FD account with HDFC Bank:
- HUFs (Hindu undivided families)
- Resident Citizens
- Sole proprietorship firms
- Partnership firms
- Limited companies