HSBC is truly a global bank with a massive presence in more than sixty countries and a customer base of over 30 million. It has a 180-year-old legacy in India and is headquartered in Mumbai, Maharashtra. HSBC bank offers great offers and is a gainful destination to invest in FD. Let’s get to know more about it.
HSBC Fixed Deposit Rates 2019
HSBC Bank Interest Rate on fixed deposits given below are applicable on Deposits of Rs. 10,000/- or more and up to Rs. 99,99,999/-
|FD Tenure||HSBC FD Interest Rates**|
|Regular Citizens||Senior Citizens*|
|8 to 14 Days||3.15||3.65|
|15 to 29 Days||3.25||3.75|
|30 to 59 Days||3.50||4.00|
|60 to 89 Days||4.25||4.75|
|90 to 93 Days||6.00||6.50|
|95 to 179 Days||5.00||5.50|
|181 to 269 Days||5.00||5.50|
|270 to 364 Days||5.00||5.50|
|366 to 399 Days||5.00||5.50|
|401 days to less than 18 months||5.00||5.50|
|18 months to 730 days||5.50||6.75|
|732 Days to less than 36 months||5.00||5.50|
|36 months to less than 37 months||7.00||7.50|
|37 months to less than 48 months||5.00||5.50|
*In case of Joint account holders where one of the account holders is a Senior Citizen, kindly note that Senior Citizen Fixed Deposit Interest Rate will only be applicable, provided the Senior Citizen is the ‘First holder’ on the said Fixed Deposit.
** also applicable for NRO Fixed Deposit
HSBC Fixed Deposit - Features and Benefits
|Features and Benefits|
Types of HSBC Fixed Deposit Schemes
HSBC Bank provides a wide range of fixed deposit accounts for Indian nationals, NRIs, and people of Indian origin and gives the flexibility to deposit in any currency if eligible. Here is a list of all the HSBC Bank Fixed Deposit Accounts.
For Indian Resident Account Holders
- Resident Cumulative – In this scheme, interest is not paid regularly, but at the end of the tenure of the fixed deposit.
- Resident Ordinary – In this scheme, interest is paid at regular intervals as decided by the bank.
For Non-Resident Indian (NRI) Account Holders
These accounts are for NRIs, the term ‘NRI (Non-Resident Indian)’ referring to Indian nationals and foreign passport holders of Indian origin.
1. FCNR Deposits
FCNR deposits stand for Foreign Currency Non-Repatriable account deposits. These are accounts where deposits are denominated in major foreign currencies.
|At HSBC, the eligible foreign currencies for FCNR are|
There are two types of FCNR HSBC Fixed Deposit Accounts.
- FCNR B-Cumulative– It is an FCNR fixed deposit account where and interest is payable when the fixed deposit matures
- FCNR B-Ordinary– In this FCNR account, interest is paid half-yearly as specified by the bank
Below is a table consisting of minimum deposits required of each foreign currency.
|Currency||Minimum Deposit Amount|
|US Dollars (USD)||1,000|
|British Pound (GBP)||500|
|Japanese Yen (JPY)||125,000|
|Canadian Dollars (CAD)||1,500|
|Australian Dollars (AUD)||1,500|
|Danish Krone (DKK)||1,000|
|Swiss Francs (CHF)||1,000|
|Swedish Krona (SEK||1,000|
Interest Rates of FCNR HSBC Fixed Deposit
Here are the interest rates on various currencies and for different tenures.
= 1 year to
= 2 years to
|Simple Interest % per annum||Cumulative Interest % per annum||Simple Interest % per annum||Cumulative Interest % per annum||Simple Interest % per annum||Cumulative Interest % per annum|
Features and Benefits of FCNR Fixed Deposit
Given below are the features and benefits of FCNR fixed deposit account at HSBC.
|Remittance Charges||No charges on both principal and interest|
|Tax on Principal and Interest||Both principal and interest are tax-free in India|
|Joint Account Facility||Yes, available|
|Nomination Facility||Yes, available|
2. Resident Foreign Currency Deposit (RFC)
It is for NRIs returning back to India who wishes to keep deposits in foreign currencies. The eligible currencies are US Dollars, Pound Sterling, Japanese Yen, and Euros.
Minimum RFC Deposit –
Down below is a list of minimum balance required for the eligible currencies to open an HSBC Bank RFC Fixed Deposit Account.
|Currency||Minimum Amount Required|
The interest rate on the currencies for RFC term deposit accounts are as follows.
31 days –
< 6 months (% per annum)
6 months –
< 1 year (% per annum)
>= 1 year to
< 2 years (% per annum)
>= 2 years to
< 3 years (% per annum)
3 years (% per annum)
Features and Benefits of RFC Term Deposit
|Eligibility||An Indian national returning back to India after residing in abroad for more than a year is eligible|
|Joint Account Facility||Yes, available|
3. NRE Fixed Deposit
Non-Resident External or NRE Account is a term deposit scheme where NRIs can deposit their foreign currency in Indian Rupees currency after it gets converted to Indian Rupees according to the prevailing conversion rate.
NRE Account Interest Rate
These rates are applicable to deposits of less than Rs. 1 Crore/- with effect from 7th June 2018.
|Tenure||Interest Rates per Annum|
|366 days to 399 days||5.00|
|401 days to less than 18 months||5.00|
|18 months to 730 days||5.50|
|732 days to less than 36 months||5.00|
There are two ways of earning interest in an NRE account.
- NRE-Cumulative – It is a tax-free fixed deposit account for NRIs where interest is paid off only when the fixed deposit matures.
- NRE-Ordinary – Likewise, it is a tax-free deposit account for NRIs but interest is not cumulated and paid off quarterly or half-yearly as preferred by the customer.
Features and Benefits of NRE Account
|Principal and Interest Repatriable||Yes|
|Tax||Not applicable to both principal and interest|
|Joint Account and Nomination Facility||Yes, available|
|Minimum Deposit Required||Rs. 25,000|
|Premature Withdrawal Facility||Yes|
|Overdraft Facility Against Account||Yes|
Useful Article: Loan against Fixed Deposit
4. NRO Fixed Deposit
Non-resident Ordinary Rupee (NRO) account can be opened by NRIs, persons of Indian origin, and Overseas Citizens of India (OCI).
The interest rate for NRO Term Deposits
The rate of interest is same as that of Indian Resident fixed deposits mentioned above.
There are two types of NRO Fixed Deposit.
- NRO-Cumulative – It is taxed by the Government of India and interest is paid at the time of maturity.
- NRO-Ordinary – It is a taxable fixed deposit account where interest is paid every quarter.
Features and Benefits of NRO Fixed Deposit
|Minimum Deposit Required||Rs. 25,000/-|
|Premature Withdrawal Facility||Yes|
|Remittance limits from the Balances in NRO Account||Up to USD 1 million, per financial year|
|Overdraft Against NRO Term Deposits||Yes, available at 2% over the deposit rate|
HSBC Bank FD Calculator
If all this seems daunting, the HSBC Bank FD Interest Rate Calculator can help you make the right decision and judge which account will provide better returns. The fd calculator will also help you find out the amount you will get at the end of the tenure. Just punch in the principal and tenure and you get the amount which will be returned to you, after the tenure expires.
Documents Required to Open HSBC Bank Fixed Deposit
How to Apply HSBC Bank Fixed Deposit
You can open an HSBC fixed deposit either online and offline. For offline, go to your nearest branch, fill and submit the required documents (mentioned above) and the concerned person will take it forward.
To open an HSBC fixed deposit online, you need to have an account with HSBC bank with access to internet banking. Follow the steps below to open HSBC bank fixed deposits account online.
- Log in to your HSBC bank internet banking.
- Click on ‘Accounts’ from the left navigation and select ‘Open New Fixed Deposit’.
- Select the currency you want to deposit.
- Choose the tenor of your Fixed Deposit.
- Select the account from which funds will be used to open your Fixed Deposit Account.
- Enter your Fixed Deposit amount, in the ‘Amount to Debit’ field.
- Click on ‘Open’ to continue.
- You will now be shown a summary of all the details entered by you. Click on ‘Confirm’ to open your Fixed Deposit.