HDFC Bank FD Interest Rates

HDFC Bank Tax Saver FD

Tenure	Interest Rates (% p.a.)
	Regular Citizens	Senior Citizens
5 years	7.00	7.50

HDFC FD Rates on Domestic/NRO/NRE Deposits of Rs 2 crore to less than Rs 5 crore w.e.f. 27 May 2023

Tenure (Days/Years)	Interest Rates (% p.a.)
	Regular Citizens	Senior Citizens
7 – 14 days	4.75	5.25
15 – 29 days	4.75	5.25
30 – 45 days	5.50	6.00
46 – 60 days	5.75	6.25
61 – 89 days	6.00	6.50
90 days – 6 months	6.50	7.00
6 months 1 day – 9 months	6.65	7.15
9 months 1 day – less than 1 year	6.75	7.25
1 year – less than 15 months	7.25	7.75
15 months – less than 18 months	7.05	7.55
18 months – less than 21 months	7.05	7.55
21 months – 2 years	7.05	7.55
2 years 1 day – 3 years	7.00	7.50
3 years 1 day – 5 years	7.00	7.50
5 years 1 day – 10 years	7.00	7.75*

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 FD Rates

Period	Interest Rates (% p.a.)
	GBP	USD				Euro	JPY	AUD	CAD	Effective on
		Up to 1 million	Above 1 million to less than 20 million	20 million to less than 100 million	100 million & above
1 year	5.05	5.50	5.50	5.50	5.50	3.20	0.01	4.00	4.50	1 June 2023
1 year 1 day – less than 2 years	NA	4.80	4.80	4.80	4.80	NA	NA	4.00	4.50	2 June 2023
2 years – less than 3 years	NA	4.75	4.75	4.75	4.75	NA	NA	4.10	4.50	1 June 2023
3 years – less than 4 years	NA	4.40	4.40	4.40	4.40	NA	NA	4.05	4.20	1 June 2023
4 years – less than 5 years	NA	4.00	4.00	4.00	4.00	NA	NA	4.05	3.96	1 June 2023
5 years only	NA	3.90	3.90	3.90	3.90	NA	NA	4.10	3.80	1 June 2023

HDFC Bank RFC Fixed Deposit Rates

Period	Interest Rates (% p.a.)				Effective From
	GBP	USD	EURO	JPY
Less than 29 days	0.01	0.01	0.01	0.01	1 December 2018
30 days – 3 months	0.01	0.01	0.01	0.01	1 December 2018
3 months 1 day – 6 months	0.01	0.01	0.01	0.01	1 December 2018
6 months 1 day – less than 1 year	0.01	0.01	0.01	0.01	1 December 2018
1 year	5.05	5.50	3.20	0.01	1 June 2023
1 year 1 day – less than 2 years	0.01	4.80	0.01	0.01	2 June 2023
2 years – less than 3 years	0.01	4.75	0.01	0.01	1 June 2023
3 years only	0.01	4.40	0.01	0.01	1 June 2023

Types of HDFC 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 (an 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
• In case of premature closure (including a sweep in or partial closure) on or before 5 years: The 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 a sweep in or partial closure) post 5 years: The 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
• Depositors can also open FDs online at HDFC Bank through the bank’s website, mobile app, and net banking.

HDFC Bank SureCover FD

• This fixed deposit scheme offers both the benefits of an 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 the 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 benefits under 80C of the Income Tax Act
• Eligibility: Resident individuals and Hindu Undivided Families are eligible under HDFC Tax Saving Fixed Deposits

Overdraft Against Fixed Deposits

• Purpose: To fulfil 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 and 1 day is required to obtain an overdraft against a fixed deposit or a Super Saver facility.
• HDFC 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.

NRE Fixed Deposit

• Tenure – 1 year to 10 years
• Depositors can avail of overdraft of up to 90% of their fixed deposits
• Nomination and sweep-in facility is available
• Premature withdrawal of NRE fixed deposits is also available

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 a declaration of Resident but Not Ordinarily Resident status
• To open an 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

HDFC FD Calculator

When going for any of the prior mentioned fixed deposit schemes with HDFC, it is recommended to check the estimated maturity amount using the HDFC 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 about the deposit amount and tenure must be entered along with the latest FD interest rates corresponding with the chosen FD tenure.

TDS Implication

Customers of HDFC Bank 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 Fixed Deposit rate highest?

A. Currently, the highest HDFC Bank FD rate is 7.25% p.a. offered for a tenure of 4 years 7 months (Special Edition FD – 55 months). Senior citizens get to earn interest at 7.75% p.a. for 5 years 1 day to 10 years and for 55 months.

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

A. Yes, the bank offers 0.50% additional FD rates over the regular HDFC FD 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 Bank Senior Citizen Care FD.

Q. Is it compulsory to provide PAN card details while opening an HDFC Bank 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 rate 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 Bank 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.