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HDFC Interest Rates on FD, Oct 2017

Last Updated 18th Oct 2017

Fixed Deposit Interest Rate of HDFC

Tenure General Rates Senior Citizen Rates
12 months to 23 months 7.40% 7.65%
24 months to 84 months 7.40% 7.65%

The above rates are applicable for deposits of below Rs. 1 crore.

HDFC FD Maturity Calculator
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HDFC FD Interest Rates

HDFC offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. Fixed Deposits of HDFC have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in HDFC are:

HDFC Fixed Deposit Rates

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

Fixed Deposit Schemes HDFC

HDFC FD Interest Calculator

HDFC fixed deposit rates calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at annually. FD maturity amount that you will get depends on the following four parameters

  • Deposit amount – This is the initial amount deposited by a customer in HDFC. Bank may offer higher interest rate on larger deposits. HDFC offers deposit amount in the range of to .
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. HDFC offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits held for a shorter period. Highest interest rate offered by HDFC is 7.40% for deposit amount below Rs. 1 crore and the lowest interest rate offered by HDFC is 7.40%
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 7.40% for a 12 Months FD and a rate of 7.40% for a 84 Months Years FD.
  • Interest Compounding Frequency - This calculates maturity amount based on monthly, quarterly, half yearly or annual frequency.

Illustration: Mr. A opens a FD account of Rs. 1 lakh with a tenure of 12 Months at an interest rate of 7.40%. In this case, the maturity amount at the end of 12 Months will be Rs. 107,400 and includes the principal and total interest earned on the principal amount during the period at Rs. 7,400. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

HDFC calculates interest earned on its fixed deposits on annually basis.

FD in HDFC – Premature Withdrawal

Premature closure of Term Deposit with HDFC is along with the lower interest rate of 4% on deposits upto 6 months and 1% for deposits above 6 months than the contracted rate. The penal provisions for premature closure on HDFC FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit HDFC

HDFC offers loan up to 75% against its own deposit. Note that HDFC will not give you loan against FD of any other bank.

Maximum loan tenure is restricted up to the maximum tenure of the FD.

Illustration - Mr. Rahul has opened a fixed deposit of Rs. 100,000 for 2 years in HDFC. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 75% against his FD at 10% interest rate. Now, if the borrower draws Rs. 75,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on Rs. 75,000 availed for 1 month only. The amount he repays after 1 month is Rs. 75,598. So, the interest charged on the loan taken is Rs. 598.

FAQs on HDFC Fixed Deposit

What is the highest interest earned on HDFC fixed deposit?

You can earn a maximum interest of 7.40% on HDFC fixed deposit.

Are there any extra benefits for senior citizens on fixed deposit of HDFC?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 7.40% to 7.40%. Compared to this, the rate of senior citizens FD are in the range of 7.65% to 7.65%.

What is the tenure range for HDFC Fixed Deposit?

The tenure ranges from 360 days to 6.90410958904 years.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in HDFC?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

Is it possible to change the tenure of my existing fixed deposit account with HDFC?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with HDFC without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply
Hdfc Fixed Deposit

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