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  • HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme

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    HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme

    This FD from HDFC bank is an investment-cum-tax-saving tool that promises excellent returns over its tenure. Deductions are available under Section 80C of the Income Tax Act, 1961, for amounts up to Rs.1,50,000 for investments in tax saver fixed deposit schemes.

    There is a 5-year lock-in on this FD. Every quarter, interest and re-investment interest is calculated and the Principal amount is increased with the interest earned in the previous quarter.

    TDS is deducted as and when applicable under the prevalent Taxation Regulations.

    Eligibility Criteria for applying for HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme

    In order to be eligible for this scheme, one must either be:

    • Individual Residents.
    • Hindu Undivided Families.

    You will also have to submit an additional document in case the account is being opened for a Senior Citizen - a proof of age that confirms that the account holder is in fact a Senior Citizen.

    Features of HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme

    Account Type Joint / Single.

    Minimum: Rs.100, and in multiples of Rs.100 thereafter.

    Maximum: Rs.1,50,000 in a financial year.

    Rate of Interest

    For investments < Rs.1 crore:

    Interest rate p.a.: 7.65%.

    Interest rate p.a. for senior citizens: 8.15%.

    Period 5 year lock in.

    TDS will be deducted when the interest re-invested or payable per customer is over Rs.10,000 in a financial year.

    At the end of every quarter, the bank will send a TDS certificate containing all the details related to TDS deductions.

    TDS rate is 10% for resident individuals and HUFs.

    HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme Interest Rates

    Category Non-senior citizens Senior citizens
    Interest rate 7.65% p.a. 8.15% p.a.

    HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme FAQs

    1. What are the documents required in order to open a DFC Bank 5 Year Tax Saving Fixed Deposit Scheme account for a senior citizen?
    2. In order to open this account for a senior citizen, you will need to furnish any of the following documents:

      • Secondary School Leaving Certificate.
      • Voter's ID card.
      • Birth Certificate.
      • PAN Card.

      Basically any legally recognisable document that verifies the applicant's age as a senior citizen.

    3. How will the proceeds be disbursed on maturity?
    4. All interest earned and total proceeds and benefits of the plan do not need to be physically collected from the bank, as they will be automatically and directly credited to the customer's account.

    5. When does TDS start to become applicable on my FD account?
    6. Once the aggregate interest on your deposit grows larger than Rs.10,000 in a financial year, you will be subject to Tax Deduction at Source (TDS).

    7. If my interest on deposit is under Rs.10,000 in a financial year, how do I apply for TDS exemption?
    8. A form must be submitted to your HDFC Bank branch which intimates them that the interest income for the year has not exceeded Rs.10,000. It is worthwhile to note that:

      • 15H / 15AA Forms are only valid during the financial year in which they're issued.
      • A 15G/H Form is a separate form that must be submitted during the first week of the financial year for any existing deposit.
      • The 15G/H Form must be submitted each time a subsequent deposit is booked in the relevant financial year.
      • The 15AA Form can be acquired from the Assessing Officer of the Income Tax Department.

    *All amounts, tenures, repayment requirements, interest rates, charges, fees, ceilings, requirements, criteria, exclusions, terms and conditions are as of December, 2015. HDFC reserves the right to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at its own discretion.

    Useful Information on HDFC Fixed Deposit

    HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme Reviews

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