Overview of National Housing Bank Fixed Deposit
National Housing Bank or NHB offers one fixed deposit scheme, Special Term Deposit Scheme for HFCs. The investment tenure ranges from 18 months to 60 months. The rates of interest offered is 7.25% p.a.
Interest Rates on Fixed Deposit Schemes Offered by National Housing Bank
According to the fixed deposit scheme availed, the applicable rate of interest varies -
Special Term Deposit Scheme for HFCs:
Rate of Interest - 7.25% per annum.
Eligibility Criteria for Availing a Fixed Deposit from NHB
The following are the entities that are eligible to open a Fixed Deposit with NHB -
- Resident Individuals
- Trust Accounts / Associations
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Societies
NOTE: The minimum deposit for the Special Term Deposit Scheme for HFCs is Rs.25 lakh.
Documents Required
- Application form filled and duly signed by you.
- KYC documents.
- Documents as specified by the lender.
Fixed Deposit Schemes Offered by National Housing Bank?
National Housing Bank offers a total of three fixed deposit schemes to choose from. Each of these schemes is listed below along with its main features and benefits.
- Special Term Deposit Scheme for HFCs:This fixed deposit scheme is specially designed for Housing Finance Companies. The scheme has been rated FAAA and AAA by CRISIL and by FITCH respectively. This is applicable only to agencies that accept deposits from public. Both cumulative and non-cumulative interest pay-out options are available under this deposit scheme.
What is the minimum deposit amount with which I can open a fixed deposit with NHB?
The minimum amount required to open a fixed deposit account depends on the type of fixed deposit scheme that you wish to avail. Here is a list of the applicable amounts
- Special Term Deposit Scheme for HFCs:Minimum Amount Required - Rs. 25,00,000
What is the maximum amount needed to get a fixed deposit scheme from NHB?
- Special Term Deposit Scheme for HFCs:Minimum Amount Allowed - Rs. 50000000, after which NHB approval is required
How to Open a Fixed Deposit Account with NHB?
For opening a fixed deposit account with NHB, you need to visit the nearest NHB local branch and get the application form, fill it and submit it along with the required details.
FAQs on National Housing Bank Fixed Deposit
- Can I avail loan from NHB if I have a fixed deposit account with the bank?
No. Loans are offered only to agencies that act as lenders of loans to individual borrowers.
- Can a credit card be availed against my fixed deposit held with National Housing Bank?
No. Currently, credit cards from National Housing Bank are not available as a financial product.
- Are fixed deposits offered by NHB taxable?
Yes. In case the interest on the FD is equal to or more than Rs. 10000 in a year, income tax at 10% is deducted. However, if the interest received in a year is more than Rs. 10000 and the PAN number has not been provided then a tax of 20% on the interest received is levied.
- Does NHB offer special rates to senior citizens on fixed deposits?
Yes. Special and higher rates of interest are offered to senior citizens who hold a fixed deposit. The rates are mostly, 0.6% above the regular rates offered by the bank.
- Does National Housing Bank allow premature withdrawals?
Yes, premature withdrawals are allowed by National Housing Bank subject to certain terms and conditions.
- When are premature withdrawals not permitted?
Premature withdrawals are not allowed in the first three months of a deposit, counted from the date the money was deposited.
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