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    Overview of HDFC Bank Fixed Deposit

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    3.50% - 8% Quarterly compounding
    Response Time Within 30 minutes
    NRI - FD
    Up to ₹1Cr
    7 Days to 10 Years
    7.25% - 7.50% Quarterly compounding
    Response Time Within 30 minutes
    Fixed Deposit BYTES FROM OUR KITCHEN

    About HDFC

    HDFC Bank was established in 1994 and now has a nationwide network of 3,600 branches across 2,272 towns and cities in India. HDFC Bank began its banking enterprise as a Scheduled Commercial Bank in January 1995. Its registered office and HDFC Bank headquarters is situated in Mumbai, Maharashtra.

    With 11,515 ATM centres, HDFC Bank has become a vital part of the Indian infrastructure. HDFC Bank is strongly interconnected with an online real-time link between all of its branches.

    HDFC Bank has an intricate network of delivery channels including, phone banking, net banking, mobile banking and SMS based banking.

    HDFC Bank Fixed Deposits

    HDFC Bank offers the following fixed deposit account options-

    • Domestic deposits (less than 1 crore)
    • Domestic deposits (1 crore – 5 crores)
    • Domestic deposits (5 crores and above)

    Features of the HDFC Bank Fixed Deposits

    HDFC Bank fixed deposits are the sensible solution to investments problems, allowing you to accrue valid returns on your deposit. Here are some of the appealing features that HDFC Bank fixed deposits has to offer to you-

    • Extremely effortless investments
    • High returns on your savings
    • Attractive rates of interest
    • Flexible pay-out options
    • Security of investing your money with a known and trustworthy bank
    • High interest rates on fixed deposit accounts for senior citizens
    • Simple and quick online booking of your fixed deposit account
    • Online updates of the status of your fixed deposit account

    Interest Pay-out Options Offered By HDFC Bank

    The different interest pay-out options allows depositors to choose to create an income stream to suit their financial requirements.

    Following are the pay-out options offered by HDFC Bank-

    • Monthly
    • Monthly pay-out options are suitable for persons looking for a regular monthly income from their fixed deposit accounts in order to fulfil monthly and recurring expenditures.

    • Quarterly
    • Quarterly pay-out options are more relevant for persons who are looking to reinvest the sum that has compounded at the end of the quarter. It is also useful for retirees who are looking to receive a fixed sum of money every quarter.

    • Lump-sum (paid on maturity of the fixed deposit)
    • Lump sum pay-out option is the most widely used pay-out option allowing the depositor to use the accrued amount towards fresh investments, like college educations, property purchases or even for reinvestment purposes.

    Eligibility for Applying for a HDFC Bank Fixed Deposit Account

    Following are the individuals and groups that are eligible for the HDFC Bank fixed deposit account-

    • Residents
    • Sole proprietorship firms
    • Partnership firms
    • Limited companies
    • Hindu undivided families
    • Trust accounts

    Procedure for Opening a Fixed Deposit Account with HDFC Bank

    The procedure for opening a fixed deposit account with HDFC Bank is the simplest thing to do in order to securely invest your money.

    HDFC Bank offers its customers the facility to open fixed deposits either manually or online. In order to open a fixed deposit account with HDFC Bank manually, you have to simply walk into the nearest branch of HDFC Bank to you and fill up a simple and easy form.

    Once you have filled the form and provided the supporting documents, you can deposit your money into your new HDFC Bank fixed deposit account.

    Another easier way to book a fixed deposit account with HDFC Bank is to download the fixed deposit form that is available online and fill it out.

    After that, you provide the supporting documents and deposit amount and your HDFC Bank fixed deposit account is in motion.

    Furthermore, for those who already have net banking access with HDFC Bank, they can fill an existing template and transfer funds into their newly created fixed deposit account.

    In fact, the easiest way to open a fixed deposit account with HDFC Bank is to go to the BankBazaar web page where you can compare interest rates and directly book your fixed deposit account.

    Interest Rates Available on the HDFC Bank Fixed Deposit Account

    HDFC Bank offers its customers with one of the most attractive rates of interest for fixed deposits in the market currently.

    A wide spectrum of tenures allows depositors to choose the tenure with the most suitable rate of interest.

    A medium to long-term fixed deposit earns a higher value on the investment than shorter tenures when interest is compounded frequently.

    A resident Indian can expect a rate of interest in the range of 8.75% p.a. that is compounded quarterly.

    An individual can earn around 8.25% p.a. for vested assets for a tenure of 9 months or more Furthermore, if the aforementioned individual invests the same amount of money for a period of 120 days to 6 months, the interest will accumulate at the rate of 8.00%.

    On the other hand, for a 60 or 90-day tenure, the same individual stands to earn returns on the fixed deposit at the rate of 7.75% p.a. with the extra benefit of liquidity. In case, the individual is looking for the maximum available liquidity, then for a tenure of 30 days, the individual will earn interest at a rate of 6.00%.

    Minimum and Maximum Amount Required to Open an HDFC Bank Fixed Deposit Account

    The minimum amount required to open a fixed deposit account with HDFC Bank is ₹ 5,000.

    If the amount you invest in a fixed deposit account with HDFC Bank exceeds ₹ 50,000 you will be requested to produce your PAN card, operative since 1st April 2010.

    Minimum and Maximum Tenure of a HDFC Bank Fixed Deposit Account

    The minimum tenure that a fixed deposit account can be opened with HDFC Bank is 7 days.

    The maximum tenure that a fixed deposit account can be opened with HDFC Bank is 10 years.

    Are funds held in Fixed Deposits with HDFC Bank taxable?

    Tax on interest earned is deducted at source, if applicable, as per the prevailing Income Tax regulations. Else, interest earned will form a part of depositor’s income and tax will have to be paid thereon, depending on the depositor’s tax liability.

    What Online Banking Services Can One Avail with HDFC Bank Fixed Deposits?

    HDFC Bank offers online banking to make fixed deposit transactions hassle-free and cost- effective for its clients. You can do the following online with relation to your HDFC Bank FD-

    • Book your fixed deposit accounts from the comfort of your home.
    • Appoint nominees for your fixed deposits and secure your family’s interests.
    • Avail Sweep-in and Super Saver Facility for fixed deposit accounts held in a single name.
    • View the advice of your fixed deposit account and save time.
    • Liquidate your assets without the inconvenience of travelling to the HDFC Bank branch nearest to you.

    Can a Loan Be Applied for Against a Fixed Deposit Account with HDFC Bank?

    Yes, HDFC Bank offers the overdraft facility for all fixed deposit account holders.

    What are the Benefits Offered to Senior Citizens for Opening a Fixed Deposit Account with HDFC Bank?

    Senior citizens who are residents of India enjoy an increased rate of 0.50% over the existing rate of interest of the fixed deposit schemes.

    In fact, on long tenure fixed deposit accounts, senior citizens residing in India can gather interest up to 9.20% p.a. which is compounded quarterly.

    Does HDFC Bank issue credit cards against fixed deposits?

    Yes, HDFC Bank offers customers credit cards that can be taken against fixed deposits held with the bank. The interest rate charged for this card is 1.99% per month which amounts to 23.88% per annum. This rate is considerably lower than the 3.40% per month or 40.8% per annum charged for other credit cards issued by HDFC.

    Does HDFC offer NRI fixed deposit accounts?

    HSBC offers NRI, NRO and FCNR deposit schemes

    • NRE fixed deposits
      • Interest can be cumulated and received at the time of maturity
      • Principal and interest earned are freely repatriable.
      • Principal and interest are tax free in India
    Interest Rates* for NRE fixed deposits less than Rs. 1 crore are listed below:
    Tenure Interest Rate
    366 days 6.75%
    24 months 6.75%
    36 months 6.50%

    *Interest Rates are subject to change

    • NRO fixed deposits
      • Interest earned is subject to Income Tax deduction at source
      • Nomination facility is available.
      • Interest can be cumulated and received at the time of maturity
    Interest Rates* for NRO fixed deposits less than Rs. 1 crore are listed below:
    Tenure Interest Rate
    7 Days 4.25%
    60 to 89 Days 6.05%
    365 Days 7.00%
    731 Days 6.75%
    37 months to less than 48 months 6.50%

    *Interest Rates are subject to change

    • FCNR deposit schemes
      • Interest can be cumulated and received at the time of maturity.
      • Principal and interest are freely repatriable.
      • Principal and interest are tax free in India.

    Interest Rates* for FCNR fixed deposits are listed below:

    Tenure USD GBP EUR
    1 to 2 years 0.10 0.10 0.10
    2 to 3 years 0.10 0.10 0.10
    3 years 0.10 0.10 -

    *Interest Rates are subject to change

    Does HDFC charge a penalty fee for premature withdrawals?

    The bank allows premature withdrawals subject to a penal rate of 1%, regardless of the deposit amount, date of placement or the date of premature withdrawal.

    News About HDFC Bank Fixed Deposit

    • HDFC Bank’s Profit Rises to 20% in Q3. Huge Demand for FDs adds to the Bank’s Net Profit.

      India's second largest private sector bank, HDFC Bank, gains 20% growth in its net profit, earning Rs.2,794.5 crore in the October-December quarter. There are many factors that have led to this rise in profit. The net interest income of HDFC bank increased 23 % to Rs. 5,699.9 crore this year compared to Rs. 4,634.8 crore in the third quarter of the last financial year. The bank also witnessed an increase in profit by 18% from other sources of income including fees, commissions and forex gains in the quarter ended December 2014. The bank’s net interest margin, an important indicator of profitability, also extended to 4.4% as compared to 4.2% in the third quarter of the last financial year. Also, the bank’s provisions had increased 44% to Rs. 560 crore at the end of this quarter compared to Rs. 388 crore in the last year for the same period. The bank also witnessed a huge demand for fixed deposits in the third quarter, adding to its net profit. However, according to the management of HDFC Bank, this increase was mainly caused by the lower base rate of the last year. They have also revealed that the growth in the retail portfolio has outperformed the growth in the wholesale section in the third quarter. As per Basel- III norms, the bank’s total capital ratio at the end of the December quarter was 15.7%.

      10th March 2015

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