Sometimes it may happen that even though a person has deposited money in a fixed deposit, they still need access to the money without having to discontinuing the entire FD. To serve this purpose HDFC offers its customers a Super Saver Deposit which is a fixed deposit that is linked to a savings account that allows depositors to withdraw money from the FD through the savings account. This account also allows depositors to access facilities like overdraft and sweep in.
Eligibility Criteria for applying for HDFC Super Saver FD
These deposits are available to all individuals who are residents of India, Hindu Unified Families and companies.
Features of the Super Saver FD by HDFC
| Account Type |
Single and Joint |
| Amount |
Min: A minimum amount of Rs. 25,000 is the bare minimum that can be invested in this account.
Max: There is no maximum limit announced by the bank for this deposit. |
| Method of operating |
Sweep in: The sweep in facility allows customers to complete financial transactions even if they don’t have enough balance in their account. The extra amount is withdrawn from the FD and paid. (Example, you issue a cheque for Rs. 2,000 when there is only Rs. 500 in your savings account. The bank will honour the cheque and pay the balance of Rs. 1,500 from the FD)
Overdraft: With the overdraft facility customers will be able to withdraw money from the fixed deposit through the savings account. |
| Withdrawal |
This deposit will allow customers to withdraw as much as 75% of the amount deposited. |
| Rate of Interest |
Min: The minimum rate of interest that can be earned is 3.5% per annum
Max: The maximum rate of interest that can be earned is 7.9% per annum |
| Tenure |
Min: The minimum tenure for this deposit is 6 months and 1 day.
Max: The maximum tenure for this deposit can be 10 years |
| TDS |
Tax will be deducted at source if the interest earned crosses Rs. 10,000. If you are not eligible to pay taxes, make sure you provide the bank with forms 15G or 15H to inform them of the same. |
| Loan against the scheme |
While there is no direct loan that can be taken against such a |
HDFC Super Saver Interest Rates
The interest rates applicable to these deposits is the same as that prescribed for regular term deposits which are:
| Tenure |
Interest rates as of Dec 2015 (per annum) |
| 6 months 1 day to 9 months 15 days |
7.25% |
| 9 months 16 days to less than 1 year |
7.5% |
| 1 Year |
7.9% |
| 1 year 1 day to 5 years |
7.65% |
| 5 Years 1 Day to 8 Years |
7.75% |
| 8 Years 1 Day to 10 Years |
7.5% |
If the primary account holder for these deposits is a senior citizen that he or she is eligible to get an interest rate which is 0.5% higher. It is also worth noting that the interest rates keep changing from time to time so it’s always best to investigate them thoroughly before investing in the FD.
HDFC Super Saver FAQ
- Can this deposit be opened online?
Yes, it is possible to open this account online through the bank's website.
- Can you have overdraft and sweep in facility active at the same time on the fixed deposit?
No. both facilities cannot be active together on the fixed deposit. But they can be active on the savings account.
- Who all can get an ATM card for this account?
If it is a joint account then 2 of the holders of the account can get ATM cards but no more.
- Is it possible for a senior citizen and a non-senior citizen to open a joint senior citizen account?
Yes but in such a case the senior citizen will have to be the primary account holder.
- Can any Indian who is a senior citizen open the senior citizen account?
No. Only senior citizens who are resident Indians can open this account.
*All amounts, tenures, repayment requirements, interest rates, charges, fees, ceilings, requirements, criteria, exclusions, terms and conditions are as of December, 2015. HDFC reserves the right to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at its own discretion.
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