• Overview of HDFC LTD Fixed Deposit

    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.

    About HDFC Ltd.’s 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 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:

    • Resident Indian fixed deposit scheme
    • Non Resident Indian fixed deposit scheme

    Eligibility for HDFC Ltd.’s Fixed Deposit Schemes

    CRITERIA RESIDENT INDIAN NON RESIDENT INDIAN
    Residence Status Indian
    • Non-Resident Indian (NRI)
    • Person of Indian Origin
    Tenure 12-60 months 12-36 months
    Specifications Tailored to suit needs Tailored to suit needs

    Features of an HDFC Ltd. Fixed Deposit

    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 Offered on HDFC Ltd.’s Fixed Deposit Schemes

    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.

    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

    Rates of Interest 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.

    What Is the Minimum and Maximum Amount Required to Open a Fixed Deposit Account With HDFC Ltd.?

    The minimum and maximum amount required to open an FD account with HDFC Ltd. depends on the scheme/payment option chosen.

    PAYMENT OPTION MINIMUM MAXIMUM
    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

    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

    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.

    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%.

    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.

    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

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    HDFC LTD Fixed Deposit Reviews

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.