Housing Development Financing Corporation (HDFC) was founded by Mr. H.T. Parekh in 1977 and it quickly pioneered its way to becoming India’s leading housing finance provider. HDFC has been designing personalised solutions for 37 years for a customer base of 1.7 million depositors and 4.9 million home loans.
Boasting gross loans of ₹ 2.2 trillion, HDFC aims at promoting home ownership in India by providing housing finance in a methodical and efficient fashion. The goal of HDFC Ltd. is to boost the housing stock in India with its asset base of over ₹ 2.97 trillion and its customer base of over 42.5 million. HDFC Group assures its clients with an astounding workforce of 1,956 professional and qualified personnel.
India takes great pride in HDFC Group’s large administration structure consisting of 366 interconnected analogous offices and 95 HDFC sales offices. It has outreach programs across several locations in India that corresponds with 2400 cities and towns.
HDFC Ltd. also has impeccable experience in providing residential development services to Non-Resident Indians (NRI) and Persons of Indian Origin (PIO) with offices in Dubai, Singapore and London.
HDFC enjoys good credit rating assigned to them by two credit rating companies, CARE and Fitch Ratings India Pvt Ltd. They have been assign 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:
|CRITERIA||RESIDENT INDIAN||NON RESIDENT INDIAN|
|Tenure||12-60 months||12-36 months|
|Specifications||Tailored to suit needs||Tailored to suit needs|
HDFC Ltd.’s fixed deposits have the following undeniably engaging features-
HDFC Ltd. offers interest rates based on the plan the individual chooses. With its wide array of payment options, HDFC Ltd. ensures depositors’ funds are secure and well utilized.
HDFC Ltd. has the following interest payments options-
|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|
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.
The minimum and maximum amount required to open an FD account with HDFC Ltd. depends on the scheme/payment option chosen.
|Monthly||₹ 40,000||₹ 54,000 - ₹ 56,000|
|Non-cumulative||₹ 20,000||₹ 53,000 - ₹ 56,000|
|Annual||₹ 20,000||₹ 52,000 - ₹ 54,000|
|Cumulative||₹ 20,000||₹ 36,000 - ₹ 54,000|
Yes, HDFC Ltd. offers loans against fixed deposits under the following conditions-
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.
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.
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.
Interest on deposits up to Rs.2 crore will earn the following interest per annum:
12-23 months: Monthly- 8.55%, Quarterly- 8.60%, half-yearly- 8.70% and Cumulative – 8.90%.
24-36 months: Monthly- 8.55%, Quarterly- 8.60%, half-yearly- 8.70%, Annually- 8.90% and Cumulative – 8.90%.
Interest on deposits exceeding Rs.2 crore will earn the following interest per annum:
12-23 months: Monthly- 8.45%, Quarterly- 8.50%, half-yearly- 8.60% and Cumulative – 8.80%.
24-36 months: Monthly- 8.45%, Quarterly- 8.50%, half-yearly- 8.60%, Annually- 8.80% and Cumulative – 8.80%.
The bank allows the depositor to withdraw the fixed deposit before its term. Partial withdrawals are not allowed on the deposits under preferential rates.
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.
For deposits more than Rs.5 crores, the base rate is the rate applicable on the deposit on the date of booking. The bank will charge 1% penalty on the applicable rate on premature withdrawals or on the partial withdrawals. Although, the penalty will not be levied on premature withdrawals on the fixed deposits booked for 7-14 days.More Read on FD
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