Incorporated in 1994, HDFC Bank currently has around 4227 branches and 11,686 ATMs across the country. HDFC Bank began its operations as a Scheduled Commercial Bank in 1995. HDFC offers a wide range of products and services such as NRI services and premier banking services among others making it one of the leading banks in the country.
HDFC offers attractive NRI/NRO and FCNR fixed deposit schemes which can be availed by customers to suit their various financial requirements. For NRE deposits, depositors can avail of higher interest rates than Libor, overdraft up to 90% of the deposit, tax exemption and the facility to repatriate the deposit (principal and interest) at any point of time. The interest on NRO Fixed Deposit rates is subject to TDS. Customers can opt to encash only a part of the deposit (balance earns interest at the contracted rate), if required. Interest for NRO fixed deposits is paid once in three months. Under FCNR deposit scheme, customers can hold their deposit in any six currencies, namely, Japanese Yen, US Dollars, Euro, Pounds Sterling, Canadian Dollars and Australian Dollars. Customers can repatriate the principal and interest and avail of tax exemption on the deposit as well.
Simple interest is payable on deposits for a tenure of 6 months. For deposits above 6 months (quarterly payout), interest is paid on a quarterly basis. For deposits, above 6 months (monthly payout), interest is paid on a monthly basis (calculated for the quarter) at a lower rate than the standard deposit rate. For deposits above 6 months (interest reinvestment option) interest is calculated on the final amount (cumulative interest for the quarter plus principal in next quarter)
HDFC NRE Fixed Deposits are held in Indian Rupees. The interest rates*applicable are listed below:
|1 year 1 day - 1 year 3 days||6.95|
|1 year 4 days||6.25|
|1 year 5 days - 1 Year 15 Days||6.25|
|1 Year 16 days||6.25|
|1 year 17 days - 2 Years||6.25|
|2 years 1day - 2 Years 15 days||6|
|2 Years 16 days||6|
|2 years 17 days - 3 Years||6|
|3 years 1day - 5 years||6|
|5 Years 1 Day - 8 Years||6|
|8 Years 1 Day - 10 Years||6|
* Interest rates are subject to change from the first of every month. The RBI enforces the cap on NRE interest rates
Upon premature withdrawal, the interest rate will be either the base rate for the contracted tenure of the deposit or base rate which is applicable for the period for which the deposit has been with HDFC, whichever is lower. However, no interest is paid if the deposit is withdrawn prematurely before a period of one year. There is no penalty upon premature closure of NRE fixed deposits.
For FCNR fixed deposits, interest is calculated on a half-yearly basis. Every 6 months, interest for (re-investment) deposit is calculated. Also, the principal amount is increased to include interest of the preceding 6 months. The interest rates*applicable are listed in the table below:
|Period||GBP %||USD %||Euro %||JPY %||AUD %||CAD %|
|1 Yr to < 2 Yrs||0.01||1.65||0.01||0.01||1.16||0.01|
|2 Yrs to < 3 Yrs||0.01||0.38||0.01||0.01||0.75||0.01|
|3 Yrs to < 4 Yrs||0.01||0.23||0.01||0.01||0.62||0.01|
|4 Yrs to < 5 Yrs||0.01||0.18||0.01||0.01||0.6||0.01|
|5 Yrs only||0.01||0.02||0.01||0.01||0.53||0.01|
*Interest rates applicable are subject to change from time to time
No interest is paid if the deposit is withdrawn before a period of one year. Also, there is no penalty for premature closure. The interest rate for premature closure is the base rate for the contracted tenure of the deposit or base rate for the tenure for which the amount (deposit) has remained with HDFC.
Updated on 04 Jan ‘16
HDFC recently changed the interest rates for FCNR deposits. Given below is a list of updated rates for HDFC FCNR deposits:
For deposits for tenure of 1 to 2 years- 1.09% in GBP, 1.50% in USD and 2.09% in AUD.
For deposits for tenure of 3 to 4 years-1.69% in GBP, 2.00% IN USD and 2.89% in AUD.
For deposits of 5 years tenure- 1.82% in GBP, 2.23% in USD and 3.08% in AUD.
1st July 2016