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  • HDFC Bank 5 Year Tax Saving Fixed Deposit Scheme

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Fixed Deposit BYTES FROM OUR KITCHEN

    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.
    Amount

    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

    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

    • HDFC Bank Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a fixed deposit with the HDFC bank for 1 Lakh, they offered an annual interest rate of 9.5% annual. They also offers special rates for Senior Citizen. Apart from the fixed deposit I hardly use the account. Overall their banking services are good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2018
    • HDFC Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have a Fixed Deposit with HDFC bank from last 4 years, my experience was good so far and i did not face any issues with this bank. I have deposited a fixed amount of Rs 5-6 lakhs. When it comes to customer service, it is good and they gave all the right information. I get interest of 6% as returns and i am satisfied with it.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 29, 2018
    • HDFC Bank Fixed Deposit
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I also bank with HDFC Bank for the fixed deposit. The customer services are good and there are no issues in the process. The lock in period is for a year. The interest rate is good and there are no charges. The experience has been good as I can track all the details on the mobile application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2018
    • HDFC Bank Fixed Deposit
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      It was a smooth process to open a fixed deposit at HDFC Bank. There is a lock in period for one year. After which I can close the account. The rate of interest is normal like the other banks. There are no charges taken for this. Good services overall.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 19, 2018
    • HDFC Bank Fixed Deposit
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      My fixed deposit account is with HDFC Bank and the rate of interest is of 6.5%. The customer services are good and the response is also satisfactory. They contact me on time when ever there is a query. I been a long time privilege customer and I am happy with the services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • HDFC Bank Fixed Deposit
      "Average"
      0.5 3.5/5 "Pretty good"
      I do have Fixed deposit account with the HDFC bank and the interest rate was around 7.5% and the customer service was an average one. I would like to say that the response was okay one for me with the HDFC bank and everything is good one too with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 06, 2018
    • HDFC Bank Fixed Deposit
      "Easy to start and renew"
      0.5 4.5/5 "Excellent!"
      I had invested in FD with HDFC through net banking. The benefits what I get here are huge. It hardly takes about 5 minutes to open this deposit. Net banking and mobile app are very easy to use. I can see the FD summary online and also renew it online. Current Rate for 1 year FD is 6.75% per annum.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 28, 2018
    • HDFC Bank Fixed Deposit
      "Very Convenient "
      0.5 5.0/5 "Blown Away!"
      I have opened HDFC fixed deposit before eight months, I have deposited the amount for the period of one year. Then if I want I can renew it through online. They are providing 6.9% of interest for FD account, I could track FD through netbanking and phone banking.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 23, 2018
    • HDFC Bank Fixed Deposit
      "FD with HDFC"
      0.5 4.0/5 "Great!"
      I have opened a fixed deposit account with HDFC bank. They are providing good interest for fixed deposit. The interest rte is 6.75% annually. The duration for my FD is for 12 months. If i withdrew with in the duration then some charges will be applicable which is around 1 to 2% of the principal amount.
      Was this review helpful? 0
      , thane
      Reviewed on Dec 30, 2017
    • HDFC Bank Fixed Deposit
      "Better"
      0.5 4.0/5 "Great!"
      I had opened a Fixed Deposit account with HDFC Bank through online portal. Earlier they provided higher rate of interest now it was come down to 6.9%. Whenever I call the customer support they respond properly and IVR system is good. The net banking features are good.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 29, 2017
    • HDFC Bank Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a fixed deposit with Hdfc,the service was good. I use Hdfc fixed deposit online application which was easy to use still I use to visit their branch directly to deposit it has been 20 years I have taken the fixed deposit with Hdfc it was a fine experience with Hdfc fixed deposit service.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 26, 2017
    • HDFC Bank Fixed Deposit
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the fixed deposit account with the HDFC bank and the online banking services are good one too. I am happy with the HDFC bank till now. Online banking services are really good one with the HDFC bank.
      Was this review helpful? 9
      , bangalore
      Reviewed on Dec 07, 2017
    • HDFC Bank Fixed Deposit
      "FD is pretty good"
      0.5 5.0/5 "Blown Away!"
      The return in this Bank's Fixed Deposite is pretty good. I believe their customer service is good. The good thing about this account is that I can take the money even during pre-mature stage. It's one of the good investment that I have made recently.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 01, 2017
    • HDFC Bank Fixed Deposit
      "Excellent"
      0.5 4.0/5 "Great!"
      I am having the fixed deposit account with the HDFC bank and the online banking services are very much convenient. I would like to say that the response is really good one for me with them. Everything is fine one with the HDFC bank
      Was this review helpful? 4
      , ghaziabad
      Reviewed on Nov 29, 2017
    • HDFC Bank Fixed Deposit
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been banking with Hdfc bank since 2016,they give the best service to the customers.I am using net banking and Mobile App us very comfortable to use.I maintain a minimum balance of 40,000,they give the Best rate of interest.Hdfc products are always best.
      Was this review helpful? 5
      , mumbai
      Reviewed on Nov 28, 2017
    • HDFC Bank Fixed Deposit
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the fixed deposit account with he HDFC bank and the response is good and I used to get the reminder on every month of time. Everything is fine one with hem. I am happy with the HDFC bank and I really dont have any issues on it.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 28, 2017
    • HDFC Bank Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      I am having the fixed deposit account with the HDFC bank and am holding it from the last five years of time. I would like to say that the rate of interest was reduced around up to 7.5% as cumulative one, which is an average one.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Nov 14, 2017
    • HDFC Bank Fixed Deposit
      "Fixed deposit"
      0.5 5.0/5 "Blown Away!"
      HDFC Fixed Deposit is good, as every one can invest in FD the interest rate at that time was 6.5% for a short tenure. I am pretty sure for the long tenure they will provide tax benefits. I had placed a request for this FD through online through my account i can view my maturity information online. I remember placing a request for change of nominee online once.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 10, 2017
    • HDFC Bank Fixed Deposit
      "Smart Investment"
      0.5 5.0/5 "Blown Away!"
      I am holding it for shorterm period its good. I have activated the amount through FD I almost invested close to 1 lakh, they giving the interest around 6.5%. It has tenure of one year. Its a liquidity any term, I could withdraw it from 7 days to 365 days.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • HDFC Bank Fixed Deposit
      "FD account"
      0.5 5.0/5 "Blown Away!"
      HDFC FD is really good, I have got a competitive interest rate also everything is prefect here. I am not getting tax benefit, but I am holding this FD for a period of 2 to 3 months. No compliments were offered. I had placed a request for the FD online and the interest rate is 6.75%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 29, 2017
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