HDFC Bank offers a wide array of Fixed Deposit Schemes to fulfil the requirements of every individual for a short term or long term tenure. The bank provides various types of deposit schemes like Regular Fixed Deposit Account or Recurring Deposit scheme and Tax-saving Fixed Deposit Account to help individuals save a proportionate amount monthly. Further, the deposited amount would earn returns periodically at a particular interest rate.
Features of HDFC Fixed Deposit
- The interest is compounded quarterly and the instalments once fixed cannot be altered.
- Only the principal amount is refunded if the deposit account is closed before the lock-in of 1 month.
- Interest is paid only on maturity.
- Minimum tenure is 6 months and thereafter, the tenure should be availed in multiples of 3 months like 9 months, 12 months, 15 months and so on.
- Minimum deposit should be Rs.1000 and thereafter in multiples of Rs.100 like Rs.1100, 1200 and so on.
- TDS is deducted if the total interest amount exceeds Rs.10, 000 in a year and the rate is same as that under the Regular Fixed Deposit Scheme.
- Nomination Facility is available through netbanking.
HDFC FD Rates 2017
The table given below shows HDFC FD Interest Rates for varied tenures- both for regular citizens and senior citizens:
Interest Rates (in %)
|Regular Citizens||Senior Citizens|
|7 – 14 days||3.50%||4.00%|
|15 – 29 days||4.25%||4.75%|
|30 – 45 days||5.50%||6.00%|
|46 – 60 days||5.75%||6.25%|
|61 – 90 days||5.75%||6.25%|
|91 days – 6 months||5.75%||6.25%|
|6 months 1 day- 6 months 3 days||6.00%||6.50%|
|6 months 4 days||6.00%||6.50%|
|6 months 5 days- 9 months||6.00%||6.50%|
|9 months 1 day- 9 months 3 days||6.00%||6.50%|
|9 months 4 days||6.00%||6.50%|
|9 months 5 days – 9 months 15 days||6.00%||6.50%|
|9 months 16 days||6.25%||6.75%|
|9 months 17 days < 1 Year||6.25%||6.75%|
|1 year 1 day – 1 year 3 days||6.75%||7.25%|
|1 year 4 days||6.25%||6.75%|
|1 year 5 days – 1 Year 15 Days||6.25%||6.75%|
|1 Year 16 days||6.25%||6.75%|
|1 year 17 days – 2 Years||6.25%||6.75%|
|2 years 1day – 2 Years 15 days||6.00%||6.50%|
|2 Years 16 days||6.00%||6.50%|
|2 years 17 days – 3 Years||6.00%||6.50%|
|3 years 1day – 5 years||6.00%||6.50%|
|5 Years 1 Day – 8 Years||6.00%||6.50%|
|8 Years 1 Day – 10 Years||6.00%||6.50%|
Note: HDFC FD Interest Rates are subject to change from time to time without prior notification.
- HDFC Regular Fixed Deposit Scheme
- HDFC Tax Saving Fixed Deposit Scheme
- HDFC Recurring Deposit
The Regular Fixed Deposit Account can be opened for both short term and a long term.
The account can be opened for as low as Rs.5000 by filling up an online application form.
The Following are Eligible to open the Account
- Sole Proprietorship Firms
- Partnership Firms
- Limited companies
- Trust Accounts
This Fixed Deposit scheme is opened with the sole purpose of tax saving where the deposits are eligible for tax exemption under Section 80C of the Income Tax Act.
The following are eligible to open the account:
- Resident Individuals
Tax Deductions under the Reinvestment Scheme:
If the interest payable per year exceeds Rs.10, 000, TDS will be deducted and the relevant TDS Certificate will be sent to the customer showing the details of the Tax deducted. A new Form 15G or Form 15H will have to be submitted at the start of each financial year because the TDS is computed on the aggregate interest earned on all the cumulative Fixed Deposit.
A HDFC Recurring Deposit scheme is the one where smaller investments can be made monthly and the corresponding HDFC Bank FD interest rates are similar to that of normal HDFC Fixed Deposit Schemes.
The following are eligible for opening a HDFC RD Account:
- Resident Individuals
- Private & Public Limited Companies
- Trusts & Societies
Super Saver Facility: An existing Savings account or Current Account can be linked to the Fixed Deposit account to avail overdraft against the HDFC Fixed Deposit Account. An overdraft of up to 75% of the Fixed Deposit amount is allowed. The interest will be charged on the amount overdrawn while the Fixed Deposit will continue to earn interest.
- The customer can also alter the period of deposit, maturity and payment instructions, principal amount and before the maturity of the deposit. The HDFC fixed deposit interest rates charged for the overdrawn amount is 2% over the applicable HDFC Fixed Deposit Rate for the period the amount is withdrawn.
- The savings account will earn returns on an FD interest rate of 4% which is credited half-yearly on the credit balance. A resident individual (either singly or jointly), Hindu Undivided family (HUF), private and public limited companies are only eligible to avail the Super Saver facility.
- A minimum deposit of Rs.25, 000 for a minimum period of 6 months and 1 day is required to open a Super Saver Account.
Sweep-in Facility: Under this facility, if the balance in the Savings or Current Account falls below the minimum requirement then the funds auto-sweep from the fixed deposit account to the linked Savings or Current Account. The account holder can alter the period of deposit, maturity and payment instruction, principal amount and rollover period.
- Deposits are broken down in units of Re.1 and the Sweep-in is triggered on Last IN First Out basis (LIFO) basis.
- Auto-sweep in is available for resident individuals, Hindu Undivided Families (HUF), private and public limited companies, societies, trusts, etc. If the Fixed Deposit is held for less than 7 days, the interest for the amount transferred is forfeited.
- The charges applicable on the sweep-in facility are based on the type of account linked.
Nomination through Netbanking: HDFC Bank offers the facility of nomination through internet banking. Existing account holders can add a nominee which was added in the existing Saving Account or can even choose a new nominee.
Investors can check the maturity amount of the scheme by using the FD Calculator at Paisabazaar. Also, HDFC Fixed Deposit Rates differ for different tenures. So the investors can also decide a preferred tenure of investment by entering different rates and calculating their total earning. In case of reinvestment schemes, investors can check the interest and the maturity amount by using the compound interest calculator.
You can visit the nearest HDFC branch and contact the officials for HDFC Bank Fixed Deposit interest rates of schemes above Rs 1 Crore. You can check the IFSC of the branch at Paisabazaar.