HDFC Bank Fixed Deposit

HDFC Bank offers investment opportunities such as Term Deposits or Fixed Deposits. FDs enable an investor to park any surplus funds for an interest income. This scheme is for a fixed interest rate and a predetermined period.

A Fixed deposit with HDFC Bank can be opened for a period that ranges between 7 days and 10 years. The interest paid by the lender on FDs range between 2.50% to 5.50% p.a.

Types of HDFC Bank Term Deposit schemes

Features of HDFC Bank Regular Fixed Deposit

  • The interest rates for HDFC Bank FD scheme lie within the range of 2.50% p.a. to 5.50% p.a.
  • Senior citizens are eligible to receive a rate which is 0.50% higher than the regular rates.
  • The interest income earned on HDFC Bank FD Time Deposit is taxed under Tax Deducted at Source (TDS) as per the Income Tax Act, 1961.
  • In case, you make a premature withdrawal within 7 days of opening the account, you won’t receive any interest on the deposit.
  • One can open or close the FD account using the internet banking facility.
  • The tenure range for HDFC Bank Fixed Deposits is between 7 days and 10 years.
  • Nomination facility available.

Features of HDFC Bank Overdraft against Fixed Deposit

  • You can link your savings account or current account to your fixed deposit.
  • In case of withdrawals, you must repay the amount at an interest rate which is 2% more than the FD rate.
  • The minimum deposit amount to open an overdraft against FD account is Rs.25,0000
  • Pay back with interest is only on the drawn amount, the remaining amount continues to yield interest.
  • The bank allows you to modify the tenure, payment and maturity instructions, rollover mode before maturity of the deposit.

Features of HDFC Bank Foreign Currency Non-Resident (FCNR) Fixed Deposit

  • Can hold your deposit is any of the six major global currencies i.e., US dollar, pounds sterling, Euro, Japanese Yen, Australian dollars, and Canadian dollars.
  • Avail fully repatriate principal and interest amount.
  • Tax exemption on the entire deposit.
  • Overdraft available on your NRO savings or current account against the FCNR fixed deposit with the Super Saver facility.

Features of HDFC Bank 5-year Tax Saving Fixed Deposit scheme

  • This variant of Term Deposit comes with a lock-in period of 5 years.
  • You can invest within the range of Rs.100 and Rs.1.5 lakh.
  • You can choose to receive the interest income either on a monthly or quarterly basis.
  • The HDFC 5-year Tax Saving FD comes with tax benefit as per Section 80C of the Income Tax Act, 1961.
  • The interest rate for the Tax Saving FD is 5.50% p.a. for the general public and 6.25% p.a. for senior citizens.

Additional Features of HDFC Fixed Deposits

  • You can avail loans and credit cards through HDFC Fixed Deposit with 90% of the FD as loan and credit cards at minimal interest rates.
  • Online benefits such as booking an FD, appoint nominees, liquidate deposits, and view fixed deposit advice.
  • You could earn compound interest by reinvesting your principal along with the interest amount earned during the FD period.
  • Avail Sweep-in facility wherein you can transfer money to your savings or current account from your FD if the balance in your savings or current account goes below a certain limit.
  • Avail Super Saver facility to take advantage of the funds in your savings or current account wherein you can opt between a savings or current account to link it to your FDs and utilise an overdraft facility for your requirements.

HDFC NRI Fixed Deposit

  • Multiple types of FDs to suit your needs.
  • Minimum deposit amount is Rs.25,000 for a fresh or new account, while it's Rs.10,000 for add-ons.
  • Interest and principal are fully repatriable.
  • You can benefit from an Overdraft in NRO savings or current accounts of up to 90% of the FD amount.
  • Tenure of a minimum of 1 year and a maximum of 10 years.
  • Interest amount earned is exempted from income tax in India.

How is the interest rate calculated on HDFC Bank Fixed Deposit?

  • In case of term deposits having a tenure below 6 months with quarterly interest payout option, the interest is calculated on a quarterly basis.
  • For term deposits having a tenure below 6 months with monthly interest payout option, the interest is calculated for the quarter and paid monthly at a discounted rate over the standard deposit rate.
  • Fixed Deposits having a tenor below 6 months with interest reinvestment option, cumulative interest for the quarter is added to the principal in subsequent quarter and interest is calculated on the total amount.
  • For fixed deposits with a tenure equal to or above 6 months, simple interest is paid.

Eligibility Criteria for HDFC Bank FD

  • Indian resident
  • Member of the Hindu Undivided Family
  • Firms with Sole Proprietorship
  • Firms with partnership
  • Trusts
  • Limited Companies

Documents needed to be submitted for opening a FD with HDFC Bank

  • Government validated identity and address proof
  • PAN Card
  • Form 15G/15F (if you need exemption from TDS)
  • Recent passport-size photograph.

HDFC Bank FD rates: Deposits Below Rs.2 crore

Period Interest Rate for Deposits Below Rs.2 crore
General Public Senior Citizens
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 3.00% 3.50%
46 days to 60 days 3.00% 3.50%
61 days to 90 days 3.00% 3.50%
91 days to 6 months 3.50% 4.00%
6 months 1 day to 9 months 4.40% 4.90%
9 months to less than 1 year 4.40% 4.90%
1 year 4.90% 5.40%
1 year 1 day to 2 years 4.90% 5.40%
2 years 1 day to 3 years 5.15% 5.65%
3 years 1 day to 5 years 5.30% 5.80%
5 years 1 day to 10 years 5.50% 6.25%

*The HDFC Bank Fixed Deposit rates are subject to change as per the discretion of the bank. The rates mentioned here are applicable as of 13 November 2020.

HDFC Bank FD rates: Deposits Above Rs.2 crore

Period Interest Rate for Deposits Above Rs.2 crore to less than Rs.5 crore
General Public Senior Citizens
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 2.75% 3.25%
46 days to 60 days 2.75% 3.25%
61 days to 90 days 3.00% 3.50%
91 days to 6 months 3.00% 3.50%
6 months 1 day to 9 months 3.50% 4.00%
9 months 1 day to less than 1 year 3.65% 4.15%
1 year 3.75% 4.25%
1 year 1 day to 2 years 3.75% 4.25%
2 years 1 day to 3 years 4.25% 4.75%
3 years 1 day to 5 years 4.25% 4.75%
5 years 1 day to 10 years 4.25% 5.00%

* New rates are effective from 13 November 2020 and can change from time to time.

FAQs about HDFC Bank Fixed Deposit

  1. What is the highest HDFC Bank FD rate?

    In case of deposits under Rs.2 crore, the highest rate for HDFC Bank Fixed Deposit is 5.50% p.a. for a tenure ranging between 5 years 1 day and 10 years.

  2. How can I open a HDFC Bank Fixed Deposit account?

    One can open an FD account either by visiting the nearest bank or through net banking.

  3. What is the minimum deposit needed to open a HDFC Bank FD account?

    For a regular FD account, one needs to deposit a minimum amount of Rs.500.

  4. What is the minimum amount needed to open a 5-year Tax Saving FD account?

    The minimum amount needed for a Tax Saving Term Deposit is Rs.100.

  5. How can I get an exemption from TDS on my FD?

    You can get exemption from TDS by submitting Form 15G or 15F.

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