HDFC Bank offers a wide array of fixed deposit schemes to fulfil investment needs of individuals for short as well as long term. The bank provides various types of fixed deposit schemes like regular fixed deposit, tax-saving fixed deposit etc. to help individuals maximize their savings. They need not worry about fluctuating FD interest rates in the economy as the interest shall be calculated at the rate fixed at the time of opening the FD and not the prevailing HDFC Bank FD rates.
A Good Credit Score ensures you manage Your Finances Well Check Score
Here we shall discuss domestic FD schemes. However, for non-resident customers, there is an option of HDFC Bank NRI FD too.
There are three types of fixed deposit domestic schemes offered by the HDFC Bank for its resident customers, viz.:
- HDFC Regular Fixed Deposit Account
This is the basic fixed deposit scheme extended by HDFC Bank which enables customers to invest their idle savings and earn higher interest than they would in a savings account. Interest is compounded and reinvested in the principal amount so that earnings multiply faster. Also, sweep-in facility helps in checking shortfalls in the linked savings account, if any.
|Tenure||7 days – 10 years|
|Minimum Deposit Amount||Rs. 5,000|
|Rate of Interest||Interest compounded quarterly; paid on maturity|
|Rates for Senior Citizens||0.50% preferential rates on top of regular interest rates|
|Loan against FD||Available; up to 90% of the balance amount|
- HDFC Tax Saving Fixed Deposit Scheme
Providing depositors with benefits of investment as well as saving on income tax, the 5-Year tax saving fixed deposit scheme is an ideal choice for tax-payers. Under this scheme, investors can claim deductions u/s 80C of the Income Tax Act, 1961 and save on income tax. Investors get the option to link their current or savings account with this FD scheme under the Super Saver Facility for optimum utilization of funds.
|Tenure||5 years (lock-in)|
|Deposit Amount||Rs. 100 – Rs. 1.5 lakh|
|Rate of Interest||Interest compounded quarterly|
|Rates for Senior Citizens||0.50% additional interest|
|Premature Withdrawal||Not Available|
Checking Credit Report monthly has no impact on Credit Score Check Now
3. Senior Citizen Care FD
This scheme is designed only for senior citizens to help them earn higher interest income. It will safeguard their interest when the interest rates are on a falling regime. Further details mentioned below:
|Tenure||5 years 1 day – up to 10 years|
|Min. Deposit Amount||Rs. 5,000|
|Interest Rate||Extra 0.25% over the existing preferential interest rates for senior citizens|
Total 0.75% above the standard rates
|Premature Withdrawal||Allowed with penalty|
|Loan against FD||Available; up to 90% of the FD amount|