Minimum – ₹ 5,000
Maximum – No Limit
Minimum – 7 days
Maximum – 10 years
Minimum – 2.50%
Maximum – 5.50%
HDFC Bank provides its customers with two different types of domestic fixed deposit schemes targeting distinct needs of the investors. For these schemes, the bank pays interest to the customers on the prevailing HDFC FD rates. Domestic deposits can be made for up to Rs. 5 crore. FD options for NRIs are also available for the customers of HDFC Bank.
HDFC FD Rates 2020
- Domestic and NRO Deposits below Rs. 2 crore
FD rates in HDFC Bank are as follows:
HDFC Bank Domestic & NRO FD Rates (% p.a.)
|Deposits < Rs. 2 crore|
|7 – 14 days||2.50||3.00|
|15 – 29 days||2.50||3.00|
|30 – 45 days||3.00||3.50|
|46 – 60 days||3.00||3.50|
|61 – 90 days||3.00||3.50|
|91 days – 6 months||4.00||4.50|
|6 months 1 day – 9 months||4.40||4.90|
|9 months 1 day < 1 year||4.50||5.00|
|1 year 1 day – 2 years||5.10||5.60|
|2 years 1 day – 3 years||5.20||5.70|
|3 years 1 day- 5 years||5.35||5.85|
|5 years 1 day – 10 years||5.50||6.25|
Note: The aforementioned HDFC FD Rates are applicable w.e.f. 21st July 2020. * Extra 0.25% above the existing interest rates for senior citizens under the Senior Citizens Care FD
Term Wise HDFC Bank FD Interest Rates
HDFC Bank provides customers with fixed deposit tenure ranging from 7 days to 10 years. Rates for the said tenure range from 2.75% to 5.50% for deposits less than Rs. 2 crore.
- Deposits made for short term like 7 days – 6 months shall fetch interest rates of 2.50% – 4.00%
- For the tenure of above 6 months to 1 year, this range can go up to 4.50% (5.00% for senior citizens)
- Likewise, for above 2, 3, and 5 years up to 10 years, customers can reap 5.10% to 5.35% interest
- For the term of 5 years 1 day to 10 years, senior citizens get an extra 0.25%, thus they can earn 6.25% of the interest
Note: These rates are subject to change anytime.
HDFC Bank NRI FD Rates
For its Non-Resident Indians, the bank provides the following types of fixed deposit schemes:
- Fixed Deposit Rupee Account
- Offshore Deposit
- Fixed Deposit Foreign Currency Account
Below are the current HDFC NRI Fixed Deposit Rates
- HDFC FD rates for NRE and NRO Accounts
HDFC Non-Resident External (NRE) Fixed Deposit Account is used to transfer foreign earnings of an NRI to India. The interest earned on deposits is not taxable in India. Deposits are made in foreign currency while the withdrawals are processed in INR.
|Tenure||HDFC Bank NRE FD Rates (% p.a)|
|Deposit – Less than Rs. 2 crore||Deposit – Rs. 2 crore to less than Rs. 5 crore|
|1 year 1 day – 2 years||5.10||4.25|
|2 years 1 day – 3 years||5.20||4.50|
|3 years 1 day- 5 years||5.35||4.50|
|5 years 1 day – 10 years||5.50||4.50|
Note: The above mentioned HDFC NRE Rates are applicable w.e.f. 21st July 2020. The bank does not offer additional rates to NRI senior citizens.
HDFC FD rates for FCNR and RFC Accounts
HDFC Foreign Currency Non-Resident (FCNR) Deposit Account is a type of account for NRIs to deposit their earnings in foreign currency. Withdrawals are also made in the same currency. The account is safe from fluctuations in the currency as there is no conversion; hence there is no conversion-related loss. Interest earned on such deposits is not taxable in India.
|Tenure||GBP (%)||USD (%)||EURO (%)||JPY (%)||AUD (%)||CAD (%)|
|1 year to less than 2 years||0.74||0.93||0.01||0.01||1.01||0.90|
|2 years to less than 3 years||0.27||0.45||0.01||0.01||0.68||0.55|
|3 years to less than 4 years||0.01||0.08||0.01||0.01||0.32||0.25|
|4 years to less than 5 years||0.01||0.01||0.01||0.01||0.22||0.11|
Note: All figures are in %. Interest rates are applicable to deposits with effect from 1st July 2020.
Resident Foreign Currency (RFC) Account is for residents of India who wish to invest their foreign earnings. Deposits are made in foreign currency while the withdrawals are processed in INR. Interest earned on such deposits is taxable in India. This type of deposit is especially beneficial for Returning Indians.
|< 29 days||0.01%||0.01%||0.01%||0.01%|
|30 days – 3 months||0.01%||0.01%||0.01%||0.01%|
|3 months 1 day – 6 months||0.01%||0.01%||0.01%||0.01%|
|6 months 1 day – < 1 year||0.01%||0.01%||0.01%||0.01%|
|1 year – < 2 years||0.74%||0.93%||0.01%||0.01%|
|2 years – < 3 years||0.27%||0.45%||0.01%||0.01%|
|3 years only||0.01%||0.08%||0.01%||0.01%|
Note: Interest rates are applicable to deposits with effect from 1st Jul, 2020.
Read more about : Types of HDFC NRI FD Accounts
Features & Benefits of HDFC Bank Fixed Deposit
The following are the important features of HDFC Bank FD:
- Deposits maturing in less than 6 months earn simple interest payable on maturing
- Deposits maturing in 6 months or more fetch interest as per quarterly compounding
- Interest earned is subject to TDS
- To earn interest on an FD, it should be kept with bank at the minimum of 7 days
The following are the benefits one can reap on investing in an HDFC Bank FD:
- Easy investment with good returns at negligible risk
- Can be booked easily via HDFC net banking
- Senior citizens offered with higher rate of interest (+ 0.50%)
- Extra 0.25% offered to senior citizens for tenure of 5 years 1 day – 10 years
Who Should Invest in HDFC FD?
HDFC Bank fixed deposits are good for you if you are looking for easy investment via phone banking or internet banking, apart from the traditional offline mode.
If your aim is to multiply your savings without any significant risks, you should invest in HDFC FD. It is advised to stay invested for 1 year at least to get decent FD interest rates.
Senior citizens (60 years or above) are advised to invest in HDFC Senior Citizen Care FD. In this scheme, senior citizens will get higher interest rates at an extra of 0.75% over the standard FD rates. Keep in mind that you need to invest for a minimum period of 5 years 1 day to get benefits of this scheme. You can also opt for a loan against FD which is not available in a normal HDFC tax saver fixed deposit scheme (5 years lock-in).
This scheme is valid till 30th September 2020 and therefore, you should invest now to get the best possible interest rates in HDFC Bank fixed deposits.
Also, the deposits made in the bank are insured for up to Rs. 5 lakh by the DICGC.
Read more: Deposit Insurance by DICGC, 2020
Types of HDFC Fixed Deposit Schemes
HDFC Bank extends two distinct FD schemes addressing needs of its varied customers. These schemes are:
- HDFC Regular Fixed Deposit Account
- HDFC Tax Saving Fixed Deposit Scheme
- Senior Citizen Care FD
Read more about : Types of HDFC FD Schemes
HDFC FD Calculator
When going for any of the prior mention fixed deposit schemes with HDFC Bank, it is recommended to check the estimated maturity amount using the HDFC FD Calculator at Paisabazaar.com. This is an online free tool which can be used multiple times for different tenure and FD rates. To use this FD calculator, basic inputs like the deposit amount and tenure must be entered. Using this FD calculator shall help in budgeting one’s finances well.
Premature Withdrawal Facility
The facility of withdrawing the FD amount before maturity or in simple words, closing the FD before it matures is called premature withdrawal facility. The regular HDFC fixed deposit scheme provides this option whereas the tax saving FD (with 5 years of lock in period) does not. Bank may levy some penalty at the time of withdrawing the FD amount.
Loan against FD
Investors can take loan against their HDFC fixed deposit to mend financial gaps. This is one of the most important advantages of investing in a fixed deposit
- HDFC Bank lets investors take loan against their NRE, NRO or FCNR Fixed Deposit accounts also
- Loan limit is set at 90% for NRE FD, 90% for NRO FD and 70% for FCNR fixed deposit
- Customer needs to pay interest only on the amount overdrawn and not on the entire amount of the fixed deposit
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 at 10%
- If PAN card is not provided, the tax will be deducted at 20%
Important Information When Opening a Fixed Deposit Account with HDFC Bank
Eligibility Criteria –
The below-mentioned individuals and groups can apply for the Regular FD Scheme:
- HUFs (Hindu Undivided Families)
- Sole Proprietorship Firms
- Limited Companies
- Partnership Firms
The following mentioned individuals/groups are eligible to open the 5 Years Tax Saving FD:
- Hindu Undivided Families
Documents Required to Apply –
When applying, the following list of documents must be checked beforehand for a smooth application process and to save time too:
- Account Opening Form (properly filled in and duly signed)
- Recent photograph
- KYC Documents
Frequently Asked Questions (FAQs)
For which tenure is the HDFC FD interest rate highest?
Currently, the highest HDFC FD rate is 5.50% offered for tenure ranging from 5 years 1 day – 10 years.
Are there any preferential HDFC FD interest rates for senior citizens?
Yes, the bank offers 0.50% additional FD rates over the regular interest rates offered to regular individuals.
Is it compulsory to provide PAN card details while opening an HDFC fixed deposit?
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, investors may have to face the following upshots:
- No TDS exemption leading to minimum 20% deduction
- TDS certificate will not be provided by the bank
Can an investor change the maturity period of the FD?
No. The mandate cannot be changed once finalized.
HDFC Bank Fixed Deposit News
|HDFC Bank revised its fixed deposit rates|
|19th November, 2019|
Effective from 16th November, 2019, investors shall earn interest on HDFC Bank fixed deposits at reduced rates. The private lender has corrected its rates by up to 60 basis points or 0.60%. Senior citizens continue to get preferential rates at an extra 0.50%.
|HDFC Bank revises FD rates|
|17th October, 2019|
Following a drop in repo-rate by RBI, HDFC bank has cut down its fixed deposit rates by up to 50 basis points effective from October 17th 2019. HDFC provides tenure ranging from 7 days to 5 years and the said change has been implemented across the range.
Now investors can earn interest at 6.85% for tenure of 2 years 1 day to 3 years. Earlier this was set at 7.00%. This rate revision has affected Domestic/NRE/NRO, FCNR and RFC rates for fixed deposits.
|HDFC cuts down FD interest rates|
|16th September, 2019|
HDFC has yet again slashed down its FD interest rates on some deposit tenure of up to Rs. 2 crore. There is a cut of up to 30 basis points (bps) leading to changes in select tenure. As per the new rates, the bank is now offering 6.60% of interest rate on deposit term of 1 year which is 30 bps lower than the previous rate of 6.90%. Also, there is a fall of 20 bps and 10 bps for maturities periods of 1 year 1 day-2 years (6.60%) and 2 years 1 day- 3 years (7.00%), respectively.Aforementioned rates are for regular citizens only. For senior citizens, there is a change of (+) 0.50% to the corresponding figures stated for regular citizens.
|HDFC Bank Revises Fixed Deposit Interest Rates|
|30th August, 2019|
HDFC Bank revises its fixed deposit interest rates for the second time in the month for maturities below Rs. 2 crore with effect from 30th August 2019. The bank is offering the interest from 3.50% to 7.10% for a period of 7 days to 10 years. However, the senior citizens continue to get 50 basis points higher interest rates than the general public.
|HDFC Bank Revises Interest Rates Twice in Two Weeks|
|2nd August, 2019|
HDFC Bank revises its fixed deposit interest rates below Rs. 2 crore on select maturities with effect from 2nd August 2019. The bank has reduced the interest rate by 10 basis points on deposits maturing in 1 year 16 days. HDFC Bank has lowered the interest rate to 7% on deposits maturing in 1 year 16 days. Moreover, the interest rate for a period of 1 year 17 days to 2 years will charge an interest rate of 7.10% instead of 7.20%.
|HDFC Bank Revises Fixed Deposit Rates|
|22nd July, 2019|
HDFC Bank has recently revised the fixed deposit rates below Rs. 2 Crore with effect from 22nd July 2019. The bank has reduced the interest rate from 6.25% to 6% for fixed deposits of 46 days to 6 months. Moreover, the interest rate has been reduced for fixed deposits that have a maturity of 1 year by 20 basis points and fixed deposits that have a maturity of 1 to 2 years by 10 basis points. The bank has also revised the interest rate for senior citizens as they will get an additional rate of interest of 0.5% on all their deposits and across all maturities.
|HDFC Bank Increases Fixed Deposits Interest Rates by 60 Basis Points|
|7th August, 2018|
HDFC Bank has hiked the fixed deposit interest rates by up to 60 basis points after RBI increased the repo rate by 0.25% to 6.50% last week. As per the latest rates, the bank is offering the highest interest rate of 7.25% on deposits of tenure ranging from 1 year to 2 years. The interest offered on deposits of 9 months 1 day to less than 1 year is at a rate of 7% whereas it is 7.1% for deposits ranging from 2 years 1 month to 5 years..Read more
|HDFC FD Interest Rates Revised|
|27th April, 2018|
In a recent announcement, HDFC bank has revised the interest rates on its fixed deposits. For an amount less than Rs. 1 Crore taken for a period of 1 year, the interest rate has been changed from 6.75% to 6.85%. The interest rate has been hiked from 6% to 7% for deposits having tenure of 2 to 5 years. For 1 year 1 day – 1 year 3 days deposits, HDFC FD interest rates have been decreased by 25 basis points. The overall revision in interest rates has been up to 110 basis points.