HDFC Bank FD Interest Rates

HDFC Fixed Deposit Rates Highlights

HDFC Bank FD Interest Rates 2022

HDFC FD Interest Rates on Domestic/NRO/NRE Deposits of less than Rs 2 crore w.e.f. 18 May 2022

Note:- 1. *Extra 0.25% above the existing interest rates for senior citizens under the Senior Citizens Care FD.

1. The additional senior citizen rates are not applicable to NRO and NRE deposits
2. The minimum tenure for NRE deposits is 1 year

HDFC Bank Tax Saver Deposit

HDFC Fixed Deposits Interest Rates on Domestic/NRO/NRE Deposits of Rs 2 crore to less than Rs 5 crore w.e.f. 18 May 2022

Note: – 1. The additional senior citizen rates are not applicable to NRO and NRE deposits

2. The minimum tenure for NRE deposits is 1 year

3. *Additional interest rate of 0.25% (over and above the existing interest rate of 0.50%) is offered to senior citizens for a tenure of 5 years 1 day to 10 years

HDFC Bank FCNR Fixed Deposit Interest Rates

HDFC Bank RFC Fixed Deposit Interest Rates

Types of HDFC Fixed Deposit (FD) Schemes

Senior citizen Care FD

• This fixed deposit scheme is offered to resident senior citizens (not applicable to NRIs) of age 60 years and above only for new FDs booked as well as for renewals
• HDFC Bank offers 0.75% extra interest rate to senior citizens (additional premium of 0.25% above the existing premium of 0.50%)
• Maximum FD amount: Less than 5 crores
• Tenure: 5 years 1 day to 10 years
• This FD scheme is valid from 18th May 2020 to 30th Sept 2022
• In case of premature closure (including sweep in or partial closure) on or before 5 years: Interest rate will be 1% below the contracted rate/base rate applicable for the period the deposit has remained with HDFC bank, whichever is lower
• In case of premature closure (including sweep in or partial closure) post 5 years: Interest rate will be 1.25% below the contracted rate/base rate applicable for the period the deposit has remained with HDFC bank, whichever is lower

HDFC Bank SureCover FD

• This fixed deposit scheme offers both the benefits of a FD and the security of a life insurance cover
• A life insurance cover equivalent to the FD principal for the 1st year will be provided to depositors on booking HDFC Bank SureCover FD
• FD amount: Rs 2 lakh-10 lakh
• Flexi Tenure: 1-10 years
• Interest rates offered under this scheme are same as regular fixed deposit
• Monthly/quarterly interest payout option as well as interest reinvestment is available
• Depositors can get an instant overdraft of up to 90% of their FD amount

Five Year Tax Saving Fixed Deposit

• Minimum Amount – Rs. 100 and in Multiples of Rs. 100
• Maximum amount – Rs. 1.5 Lakhs (in a Financial Year (FY))
• Tenure – 5 years (Lock In)
• Monthly and quarterly payout facility is available
• In the case of joint deposits, the first holder of the depositor will only get tax benefit under 80C of Income Tax Act
• Eligibility: Resident individuals and Hindu Undivided Families are eligible under this scheme

Overdraft Against Fixed Deposits

• Purpose: To fulfill immediate financial needs (household/business requirements) without breaking FD
• Depositors can borrow up to 90% of their FD’s overdraft.
• Minimum FD amount: Rs 25,000/- and a minimum of 6 months 1 day is required to obtain an overdraft against a fixed deposit or a Super Saver facility.
• Overdraft against fixed deposit or Super Saver facility on deposit held in single name can be availed of instantly via NetBanking

Advantages of Overdraft Against Fixed Deposits

• Depositors have to pay interest only on the amount drawn, while their remaining FD continues to earn interest
• Depositors get the flexibility in altering the period of maturity, deposit, payment instructions and rollover mode before the maturity of the rollover deposit.
• Depositors get the option to select between a Current Account and a Savings Account and to link to their FD
• Overdraft facility against their singly held FD can be canceled through net banking.

Foreign Currency Non Resident Account (FCNR) Fixed Deposit

• Depositors can hold deposits in any of the 6 foreign currencies – US Dollars (USD), Pounds Sterling (GBP), Euro, Australian Dollars (AUD), Japanese Yen (JPY), and Canadian Dollars (CAD)
• Eligibility: Non-resident individual of Indian nationality/Indian origin
• The principal and interest amount can be repatriated fully
• Tax exemption on the entire deposit
• The account can be jointly opened with other NRIs
• The bank offers a Super Saver facility where depositors can get an overdraft on their NRO Savings or current account against their FCNR Fixed Deposit account.
• Nomination facility is available
• Minimum initial deposit – USD 1,000, GBP 2,500, Euro 2,500, JPY 7,50,000, AUD 1,000, CAD 1,000
• Minimum add-on deposit – USD 1,000, GBP 1,000, Euro 1,000, JPY 7,50,000, AUD 1,000, CAD 1,000
• Tenor: 1-5 years

Resident Foreign Currency (RFC) Fixed Deposit

Eligibility

• NRIs returned to India on or after 18th April, 1992
• Depositors were resident outside India for a continuous period of at least 1 year prior to their return
• Depositors have permanently settled in India since their return

Features

• Deposits can be made in four different currencies: US Dollars (USD), Pounds Sterling (GBP), Euro, and Japanese Yen (JPY)
• Tax exemption on interest accrued on declaration of Resident but Not Ordinarily Resident status
• To open RFC Fixed Deposit account, depositors can either use the funds brought from abroad on their return in a freely convertible foreign currency or transfer funds from an existing NRE or FCNR account held in other banks

Non-withdrawable Deposits

• Minimum fixed deposit amount: Rs 5 crore
• Flexi Tenure: 91 days-10 years
• Availability of monthly/quarterly interest payout option as well as interest reinvestment
• Overdrafts of up to 90% of FDs are available to depositors

FD Calculator

When going for any of the prior mentioned fixed deposit schemes with HDFC Bank, it is recommended to check the estimated maturity amount using the FD Calculator at Paisabazaar.com. This is an online free tool that can be used multiple times for different tenure and FD rates. To use it basic information of the deposit amount and tenure must be entered along with the latest interest rate corresponding with the chosen FD tenure.

TDS Implication

Customers of HDFC FD (domestic) schemes are liable for TDS or Tax Deducted at Source.

• TDS will be deducted on interest income amounting above Rs. 40,000 (Rs. 50,000 for senior citizens)
• This limit is applicable from Assessment Year (A/Y) 2020-21
• The standard rate for this deduction is set @ 10%
• If the PAN card is not provided, income tax at the source will be deducted @ 20%

Suggested Read: Income Tax on Fixed Deposits

FAQs

Q. For which tenure is the HDFC FD interest rate highest?

A. Currently, the highest HDFC FD rate is 5.75% offered for tenure ranging from 5 years 1 day – 10 years. Senior citizens get to earn interest at 6.50% on this tenure.

Q. Are there any preferential HDFC FD interest rates for senior citizens?

A. Yes, the bank offers 0.50% additional FD rates over the regular interest rates offered to regular individuals. Extra 0.25% of interest is offered to senior citizens investing for a minimum of 5 years and 1 day under the HDFC Senior Citizen Care FD. This FD is valid from 18th May 2020 to 30th September 2022.

Q. Is it compulsory to provide PAN card details while opening an HDFC fixed deposit?

A. It is important to share the PAN details with the bank while investing in a fixed deposit scheme. In case the PAN card is not provided, the following would be the consequences:

• Tax at source (TDS) will be deducted at 20% (instead of the normal rats of 10%)
• TDS certificate will not be provided by the bank
• You will not be able to show your investment while filing ITR because it will not be linked to your PAN

Q. Can an investor change the maturity period of the FD?

A. No. The mandate cannot be changed once finalized.

Q. Can I invest more in my already active HDFC Fixed Deposit Scheme?

A. No. Fixed deposits are one-time investment vehicles. This means that along with the interest rates, your investment amount, i.e. the amount deposited also remains fixed. However, if you wish to multiply your investment while earning interest at fixed rates, you should consider Recurring Deposits.