HDFC Bank offers several fixed deposit options to its clients in which they can store their surplus savings for a fixed term and enjoy significant returns on it. At the moment of opening the account with the bank, the depositor is allowed to deposit once. The money for the chosen tenure will be guaranteed and interest will be provided accordingly. During the tenure, additional money cannot be deposited and there can also be no funds withdrawn.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 needed to open an HDFC bank FD account is Rs. 5000.
- The bank provides the nomination service.
- With an FD account, the depositor gets attractive HDFC FD rates.
- Sweep in and super saver facility is available on the FD account.
- By reinvesting the principal along with the interest rate received on the FD, the depositor will collect compound interest.
- With the comfort of net banking, an HDFC fixed deposit account can be opened.
TYPES OF HDFC FIXED DEPOSIT SCHEMES
1) Regular Fixed Deposits
- This mechanism helps the depositor to save money by depositing and collecting promised interest on the FD account for a certain period of time.
- Nomination facility is available.
- Attractive interest rates.
- Sweep in and super saver facility available.
- A lending facility of up to 90 percent is available on your deposit.
Eligible are resident Indians, HUFs, associations, sole proprietorship companies, limited partnerships, and trusts.
2) Dream Deposits
This HDFC Bank Dream Deposit scheme allows you the flexibility to set aside a portion of your pay check to accomplish your goals by enjoying rates on par with the FDs and RDs of the bank. The best thing is, unlike a standard FD account, you are not charged with a penalty on breaching the account or skipping the monthly payment. If you are a current customer, this deposit can be opened with the aid of net banking; you can visit the bank or call customer service to open an account if you do not have an account at the bank.
3) 5-Year Tax Saving Fixed Deposit
- As the name suggests, under Section 80C of the Income Tax Act, this deposit is strictly intended for tax benefits and you can save on the tax.
- Only the first holder is eligible for tax benefits under 80C in the case of joint deposits.
- Nomination facility is available.
- Interest is quarterly compounded on deposit.
- A monthly and quarterly pay-out may be selected by the depositor.
- It can be opened up through net banking.
- Resident Indians and HUFs of 18 years or more than that.
4) Overdraft against Fixed Deposits
- The value of two accounts working together is provided to you by this facility.
- To associate with a fixed deposit account, the depositor can choose between a savings account and a current account.
- To supplement your household or business needs, the benefits of the overdraft facility are given.
- Payback interest is applied only to the amount drawn, although interest continues to be received on the remaining fixed deposit.
- Resident individuals, HUFs, private and public limited companies are eligible for this
5) HDFC NRI Fixed Deposit
- HDFC provides different kinds of FDs from which to choose.
- The minimum deposit sum required for opening a new account is Rs. 25000, while for add-ons it’sRs. 10000.
- The term ranges from at least 1 year to a maximum of 10 years.
- The interest received in India is excluded from income tax.
HDFC FD RATES 2020
When it comes to the FD interest rate, the highest rate offered on HDFC Bank FD is 5.50%. Latest HDFC Bank FD interest rate for senior citizens, on the other hand ranges from 3.00% to 6.25%.
|Tenure||FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 14 days||2.50%||3.00%|
|15 days to 29 days||2.50%||3.00%|
|30 days to 90 days||3.00%||3.50%|
|91 days to 6 months||3.50%||4.00%|
|181 days to 364 days||4.40%||4.90%|
|1 year 1 day to 2 years||5.00%||5.50%|
|2 years 1 day to 3 years||5.15%||5.65%|
|3 years 1 day to 5 years 731 days||5.30%||5.80%|
|5 years 1 day to 10 years 9 days||5.50%||6.25%|
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. To measure the interest on their FD account upon maturity, one may use the HDFC FD Calculator. It is a seamless process in which the depositor has to enter simple information such as number, interest and tenure relating to their FD.
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
In the event of premature withdrawal, the bank charges a nominal penalty of approximately 1 per cent on the interest rate. The penal provisions relating to premature closure are subject to the judgement of the bank. At any time, the rates can change.