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    HDFC NRO Tax Saver Deposit

    HDFC offers the 5-year tax saver fixed deposit scheme for all Non-Resident Indians (NRIs) and people of Indian origin. All customers will be eligible to claim tax exemption under Section 80C of the Income Tax Act. NRO tax saver schemes are an ideal investment option for NRIs as they not only help them park their funds but also gain a certain tax advantage. Please note that this tax benefit can only be availed by NRIs if he/she has earned anything other than interest income and long-term capital gains.

    Features of HDFC NRO Tax Saver Deposit

    • An HDFC NRO tax saver account can be opened with a minimum of Rs.100. All investments can be made in multiples of Rs.100.
    • The maximum amount of investment that can be made under this scheme is Rs.1.5 lakh
    • This type of term deposit account comes with a mandatory lock-in period of 5 years. Until the completion of the lock-in period, one cannot make any withdrawals
    • The customer will not be allowed to make any partial or premature withdrawals
    • No loan or overdraft facility can be availed against the HDFC NRO tax saver deposit
    • You can apply for a tax saver scheme online with minimal documentation

    Interest rates on HDFC NRO Tax Saver Deposit

    Tenure Interest Rate for Investment less than Rs. 1 crore Interest Rate for Investment from Rs.1 crore to less than 5 crore
    5 years 6.00% 4.85%

    *Please note that interest rates are subject to change without prior notice. This will be done at the discretion of the bank.

    Tax Benefit on HDFC NRO Tax Saver Deposit

    The interest earned on these types of deposits are subject to tax and thus can be deducted at source. In case of NRO tax saver deposits, a total of 30.90% tax will be deducted as per existing tax laws that prevail in the country.

    FAQs

    1. What is a tax saver scheme?

      A tax saver deposit basically refers to a type of fixed deposit account where interest is paid on a regular basis just like a regular fixed deposit scheme. The only difference here is that this gives the holder a certain tax benefit.

    2. Can Indian residents open the HDFC NRO Tax Saver Deposit?

      No. This type of tax saver deposit is only for NRIs or people of Indian origin

    3. Do you need to have an NRO savings account to open an NRO Tax Saver Deposit?

      Ideally, one can also have an NRO savings account and a tax saver deposit. However, it is not mandatory to have an NRO savings account to open an NRO tax saver deposit.

    4. What are the documents required for opening such a deposit account?

      Valid documents such as passport, visa, or PR slips should be submitted at the time of opening an account.

    5. Is it possible to close an HDFC Tax Saver Deposit online?

      Yes, it is. However, one cannot generally close a tax saver deposit scheme unless the lock-in period has been completed.

    6. How is interest paid?

      Interest is paid at the time of maturity. However, all customers are also eligible to avail the option of being paid interest on a quarterly or monthly basis.

    7. What will be the status of the deposit if the PR or NRI status of any individual changes before the time of maturity?

      In case of such an occurrence, it is very important to notify the bank so that an appropriate action can be taken. If the account holder does not inform the bank about this happening it will lead to a breach of contract.

    Fixed deposit Reviews

    • HDFC Bank Fixed Deposit
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I also have a fixed deposit account with HDFC Bank. The process to open this account is easy. I can do it online. They also offer a good rate of interest on the account. The bank has always been up to the mark to ban with. It is very convenient and easy.
      Was this review helpful? 3
      , noida
      Reviewed on Jan 09, 2019
    • HDFC Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I do have a fixed deposit account with HDFC Bank. They are giving good interest. I can manage this account on line. I have chosen HDFC because of bank financial is good. I have just started long time, The process was very quick and it was done through on line.
      Was this review helpful? 4
      , thane
      Reviewed on Jan 02, 2019
    • HDFC Bank Fixed Deposit
      "Convenient FD with HDFC"
      0.5 5.0/5 "Blown Away!"
      In HDFC I can deposit for minimum of Rs. 5000 to max amount. I done the investment of one time payment around Rs.6 lakhs. I can chose the tenure period based on the convenient, it gives the interest of 7% its maximum. I can open and close the account through online.
      Was this review helpful? 6
      , pune
      Reviewed on Dec 17, 2018
    • HDFC Bank Fixed Deposit
      "Good Investment plan"
      0.5 5.0/5 "Blown Away!"
      I have taken the fixed deposit for my wife. I have purchased the plan with HDFC bank. I have chosen in the year of 2012. I have invested the fixed amount of Rs. 17 lakhs. They have offered me a interest rate of nominal amount. The service is HDFC is really good. Every year i have enhancing the interest rate for the fixed deposit.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2018
    • HDFC Bank Fixed Deposit
      "Good"
      0.5 5.0/5 "Blown Away!"
      I do have a fixed deposit account with HDFC Bank. They are giving good interest. I can manage this account online. I have chosen HDFC because of bank financial is good. I have just started recently and its a one time investment of 3L. The process was very quick and it was done through online.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 27, 2018
    • HDFC Bank Fixed Deposit
      "Save money with very good interest rate"
      0.5 5.0/5 "Blown Away!"
      Currently HDFC is providing 7.5% of interest for FD account, I taken FD for the tenure of three years. I can deposit minimum to maximum amount, the customer service is very helpful related to the FD queries. I am getting message its very simple and beneficial.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 24, 2018
    • HDFC Bank Fixed Deposit
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I have a fixed deposit account with HDFC Bank and the banking process is good. I could open this account online and the account has been beneficial too. I can also close this account without having to go in person to the bank. It can be done online too.
      Was this review helpful? 8
      , chennai
      Reviewed on Sep 15, 2018
    • HDFC Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I had started making this investment almost a year back. The interest rate with them had changing according to the market rate. The services which they had been providing so far had been very good. Tenure with them also had been good and i make the deposits directly.
      Was this review helpful? 7
      , new delhi
      Reviewed on Jul 26, 2018
    • HDFC Bank Fixed Deposit
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a fixed deposit with the HDFC bank for 1 Lakh, they offered an annual interest rate of 9.5% annual. They also offers special rates for Senior Citizen. Apart from the fixed deposit I hardly use the account. Overall their banking services are good.
      Was this review helpful? 29
      , chennai
      Reviewed on May 17, 2018
    • HDFC Bank Fixed Deposit
      "Good service"
      0.5 4.0/5 "Great!"
      I have a Fixed Deposit with HDFC bank from last 4 years, my experience was good so far and i did not face any issues with this bank. I have deposited a fixed amount of Rs 5-6 lakhs. When it comes to customer service, it is good and they gave all the right information. I get interest of 6% as returns and i am satisfied with it.
      Was this review helpful? 2
      , kolkata
      Reviewed on Mar 29, 2018
    • HDFC Bank Fixed Deposit
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I also bank with HDFC Bank for the fixed deposit. The customer services are good and there are no issues in the process. The lock in period is for a year. The interest rate is good and there are no charges. The experience has been good as I can track all the details on the mobile application.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 24, 2018
    • HDFC Bank Fixed Deposit
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      It was a smooth process to open a fixed deposit at HDFC Bank. There is a lock in period for one year. After which I can close the account. The rate of interest is normal like the other banks. There are no charges taken for this. Good services overall.
      Was this review helpful? 3
      , new delhi
      Reviewed on Feb 19, 2018
    • HDFC Bank Fixed Deposit
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      My fixed deposit account is with HDFC Bank and the rate of interest is of 6.5%. The customer services are good and the response is also satisfactory. They contact me on time when ever there is a query. I been a long time privilege customer and I am happy with the services.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 09, 2018
    • HDFC Bank Fixed Deposit
      "Average"
      0.5 3.5/5 "Pretty good"
      I do have Fixed deposit account with the HDFC bank and the interest rate was around 7.5% and the customer service was an average one. I would like to say that the response was okay one for me with the HDFC bank and everything is good one too with them.
      Was this review helpful? 2
      , kolkata
      Reviewed on Feb 06, 2018
    • HDFC Bank Fixed Deposit
      "Easy to start and renew"
      0.5 4.5/5 "Excellent!"
      I had invested in FD with HDFC through net banking. The benefits what I get here are huge. It hardly takes about 5 minutes to open this deposit. Net banking and mobile app are very easy to use. I can see the FD summary online and also renew it online. Current Rate for 1 year FD is 6.75% per annum.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Jan 28, 2018
    • HDFC Bank Fixed Deposit
      "Very Convenient "
      0.5 5.0/5 "Blown Away!"
      I have opened HDFC fixed deposit before eight months, I have deposited the amount for the period of one year. Then if I want I can renew it through online. They are providing 6.9% of interest for FD account, I could track FD through netbanking and phone banking.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 23, 2018
    • HDFC Bank Fixed Deposit
      "FD with HDFC"
      0.5 4.0/5 "Great!"
      I have opened a fixed deposit account with HDFC bank. They are providing good interest for fixed deposit. The interest rte is 6.75% annually. The duration for my FD is for 12 months. If i withdrew with in the duration then some charges will be applicable which is around 1 to 2% of the principal amount.
      Was this review helpful? 2
      , thane
      Reviewed on Dec 30, 2017
    • HDFC Bank Fixed Deposit
      "Better"
      0.5 4.0/5 "Great!"
      I had opened a Fixed Deposit account with HDFC Bank through online portal. Earlier they provided higher rate of interest now it was come down to 6.9%. Whenever I call the customer support they respond properly and IVR system is good. The net banking features are good.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 29, 2017
    • HDFC Bank Fixed Deposit
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have a fixed deposit with Hdfc,the service was good. I use Hdfc fixed deposit online application which was easy to use still I use to visit their branch directly to deposit it has been 20 years I have taken the fixed deposit with Hdfc it was a fine experience with Hdfc fixed deposit service.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 26, 2017
    • HDFC Bank Fixed Deposit
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the fixed deposit account with the HDFC bank and the online banking services are good one too. I am happy with the HDFC bank till now. Online banking services are really good one with the HDFC bank.
      Was this review helpful? 10
      , bangalore
      Reviewed on Dec 07, 2017
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