In a periodic interest payout option, HDFC Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a HDFC Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator HDFC Bank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of HDFC Bank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the HDFC Bank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your HDFC Bank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
HDFC Bank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
HDFC Bank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
07th Dec 16 HDFC Bank reduces its MCLR by 5 basis points
HDFC Bank has reduced its overnight marginal cost of lending rate by 5 basis points to 8.65 percent from 8.70 percent. The bank has also reduced its one month lending rate to 8.70 percent from 8.75 percent earlier. The new rates are effective from 7th December, 2016.
25th Nov 16 HDFC Bank ties up with Suzuki motorcycles as financing partner
HDFC Bank has announced a partnership with Suzuki Motorcycles to offer up to 100 percent finance on purchase of Suzuki two wheelers. The offer is available to government employees and HDFC Bank account holders.
24th Nov 16 HDFC Bank will accept payments through UPIs
HDFC Bank has decided to accept payments through digital payment system known as Unified Payment Interface (UPI). UPI helps the customers transfer amount through bank account number, IFSC code etc. HDFC Bank has its own digital wallet application called Payzapp.
22nd Nov 16 HDFC, Axis and ICICI Banks collaborate with Honda cars for 100 percent vehicle loans
Honda cars announced its collaboration with HDFC, Axis and ICICI Banks to facilitate 100 percent funding of cars. ICICI will offer loans up to 100 percent of ex-showroom prices at 9.75 percent rate. HDFC will offer loans up to 100 percent of on road prices for all Honda cars except Honda CR-V and Axis Bank will offer loans up to 100 percent of on-road price for 8 years for all central government employees with salary of more than Rs. 25,000 per month.
19th Nov 16 HDFC sells Rs. 869 crores Unitech loan to JM Financial Asset Reconstruction Company
HDFC has sold reality firm Unitech outstanding loan of Rs. 869 crores to JM Financial Asset Reconstruction Company. JM ARC has paid Rs. 155 crores upfront and has issued security receipts of Rs. 705 crores to HDFC.
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