HUDCO Fixed Deposit Interest Rates
|HUDCO FD Rates (in % p.a.)|
|Deposit Period||For Individual and Hindu Undivided Families (HUF) Depositors||For Other Depositors – Company, Trust, Firm, etc.|
|Cumulative Scheme||Non-Cumulative Scheme||Cumulative Scheme||Non-Cumulative Scheme|
Note: The above-stated rates were applicable to deposits w.e.f. 10th July 2018 till 30th June 2019. Extra 0.25% was offered to senior citizens.
Types of HUDCO Fixed Deposit Schemes
The NBFC has divided its public fixed deposit scheme into two categories of:
- HUDCO Regular Plus: Periodic Income Scheme
- HUDCO Multiplier Plus: Cumulative Income Scheme
While the first scheme offered regular payment of interest income at periodic intervals on a quarterly, half-yearly or yearly basis, the second scheme withholds the interest till the end of maturity (reinvesting regularly).
Features & Benefits
The following are some of the important features of HUDCO fixed deposit highlighting the benefits available to the investors:
- Tenure: 12 – 60 months
- Interest compounded on an annual basis
- Differential FD rates for individual & HUF and other depositors (company, trust, firm, etc.)
- Interest payment frequency in non-cumulative option:
- Quarterly, bi-annual or annual
- 80C tax deduction of up to Rs. 1.5 lakh on investments made in 5-year FD
- TDS @ 10% for interest income above Rs. 5,000 in a financial year
- 80C deduction applicable to individual residents and HUFs only
- Premature withdrawal facility provided
- Loan against FD available for up to 75% of the FD amount @ 2% above the applicable FD interest rate (excluding interest income, if any)
Premature Withdrawal Facility
Depositors can opt to close their FD with HUDCO before it matures, if need be. The following are important points about the facility:
- Allowed after 3 months from the date of booking
- If withdrawn after 3 months but before 6 months: interest shall be paid @ 4% to individuals while others will not be paid any interest
- If withdrawn after 6 months but before maturity date: 1% penalty shall be levied
- In case of the unfortunate death of the depositor, interest shall be paid at the contracted rate of interest with no penalty whatsoever
- Not allowed for tax saving FD of 5 years lock-in period (unless it’s a case of unfortunate demise of the first deposit holder)
Fixed Deposit (FD) Calculator
Customers are advised to analyze their returns well in advance when parking their money in fixed deposits. To do so, fixed deposit calculators are available online. Paisabazaar’s FD calculator helps customers easily plan their investment, taking not more than a few minutes.
Simply enter the deposit amount, FD tenure, and the applicable rate of interest and hit that Calculate button. In seconds, the online calculator shall give the customers an approximate total interest that they will earn based on the rate of interest. One can use it for different periods, like 1 year, 1.5 years or 5 years, etc., and check how fairly their investment rewards them.