Overview of HDFC Ltd Fixed Deposit
HDFC Ltd. offers fixed deposits with attractive interest rates, flexible tenures, and hassle-free loan facility. It has consistently maintained an AAA rating for over 25 years from both ICRA and CRISIL.
It has earned the trust of more than 10 lakh depositors over the years. Varied interest payout options are also provided, from a monthly income plan to quarterly, half-yearly, annual, and cumulative options.
For deposits of up to Rs.2 crore, senior citizens are offered 0.50% additional rate of interest.
About HDFC Ltd Fixed Deposit Schemes
HDFC enjoys good credit rating assigned to them by two credit rating companies, CARE and Fitch Ratings India Pvt Ltd. They have been assigned a CARE AAA for their fixed deposits and a PR1+ for their Certificate of Deposit programme. HDFC fixed deposits have also received a credit rating of AAA from Fitch thus making them a safe place to invest in.
HDFC Ltd. has two types of fixed deposit schemes:
- Resident Indian fixed deposit scheme
- Non Resident Indian fixed deposit scheme
Eligibility for HDFC Ltd Fixed Deposit Schemes
Criteria | Resident Indian | Non Resident Indian |
Residence Status | Indian |
|
Tenure | 12-60 months | 12-36 months |
Specifications | Tailored to suit needs | Tailored to suit needs |
Features of HDFC Ltd Fixed Deposit (FD)
HDFC Ltd.'s fixed deposits have the following undeniably engaging features-
- Rapid Loan Facility: Fast and simple overdraft facility provided by HDFC Ltd.
- Electronic Clearing Service Facility: The interest earned on your HDFC fixed deposit is directly credited to your bank account, subject to availability
Interest Rates on Fixed Deposit Schemes from HDFC Ltd
Interest offered varies according to the plan opted for by depositors i.e. the monthly income plan, cumulative and non-cumulative interest plan (quarterly) or annual income plan. Rates vary between 8.8% to 9.3% depending if the FD is a regular or premium account.
Interest Payment Options
HDFC Ltd. has the following interest payments options-
- Monthly Income Plan
- Non-Cumulative Plan
- Quarterly
- Half Yearly
- Annual Income Plan
- Cumulative Option
Payment Option | Income Accrued | Recommended Category | Interest Credited | Interest Rates |
Monthly Plan | Consistent monthly income | Retired persons, Housewives, Senior Citizens | Interest credited through ECS directly to your account | Fixed and Variable rates of interest available |
Non- Cumulative Plan | Periodic income. Credited either on quarterly or half- yearly basis | Ideal for funding quarterly or half- yearly monetary requirements | Interest credited through ECS directly to your account | Fixed and Variable rates of interest available |
Annual Plan | Regular yearly income | Perfect choice to fund annual cash flows | Interest credited through ECS directly to your account | Fixed and Variable rates of interest available |
Cumulative Option | Lump sum amount accrued at the end of the tenure | Suitable option for accumulating large funds for future needs | N/A | Fixed and Variable rates of interest available |
Minimum and Maximum Investment Amounts for HDFC Ltd Fixed Deposit
The minimum and maximum amount required to open an FD account with HDFC Ltd. depends on the scheme/payment option chosen.
Payment Option | Minimum Amount | Maximum Amount |
Monthly | Rs.40,000 | Rs.54,000 - Rs.56,000 |
Non-cumulative | Rs.20,000 | Rs.53,000 - Rs.56,000 |
Annual | Rs.20,000 | Rs.52,000 - Rs.54,000 |
Cumulative | Rs.20,000 | Rs.36,000 - Rs.54,000 |
FAQs on HDFC LTD Fixed Deposit
- What is the interest rate for premature closure of HDFC Ltd Fixed Deposit?
The interest rate for the premature closure will be lower of the base rate for the tenure for which the deposit has been booked or the applicable rate for the tenure for which the deposit has been maintained with the bank. The base rate is the rate applicable to deposits less than Rs.1 crore as on the date of booking.
- Is the HDFC Ltd.'s Fixed Deposit Account taxable?
Income tax will be deducted on interest earned as per prevalent rules of the Income Tax Act, 1961. Tax may be deducted at source by HDFC Ltd. if the total interest earned on the FDs by an accountholder crosses specified limits.
- Are Senior Citizens Offered Special Benefits on HDFC Ltd. Fixed Deposit Schemes?
Senior citizens are the category of people that are 60 years of age and above. Senior citizens, both resident Indian and non-resident Indian, are offered 0.25% p.a. over the regular rates.
- Can NRIs open a fixed deposit with HDFC Ltd?
Yes, NRIs and persons of Indian Origin residing outside India holding a PIO Card can have fixed deposits with HDFC Ltd. The deposits are accepted for a maximum period of 3 years. Senior citizens will get an additional 0.25% interest per annum.
- Can I withdraw my deposit before the maturity?
The bank allows the depositor to withdraw the fixed deposit before its term. Partial withdrawals are not allowed on the deposits under preferential rates.
- Are Loans Offered Against Fixed Deposits from HDFC Ltd.?
Yes, HDFC Ltd. offers loans against fixed deposits under the following conditions-
- Loan offered 3 months after the date of deposit
- Loans offered up to 75% of the deposit amount
- Loans offered at interest rate that is 2% above the deposit rate of your fixed deposit
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