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HDFC FD Interest Rates

HDFC FD Rates 2020

Last Updated 23rd Sep 2020

HDFC Bank is one of most reliable FD providers amongst a number of FD providers in the market. HDFC Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on HDFC Bank FD is 5.50%. Latest HDFC Bank FD interest rate for senior citizens, on the other hand ranges between 3.00% to 6.00%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 3.00% 3.50%
46 days to 90 days 3.00% 3.50%
91 days to 6 months 4.00% 4.50%

HDFC Fixed Deposit (FD)

HDFC Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of HDFC Bank FD are:

  • Deposit Amount: HDFC Bank FD can be opened with an amount as a low ₹ 5,000 to up to No Limit.
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.50% p.a. to 5.50% p.a.
  • Senior Citizens FD Rate: 3.00% to 6.00% p.a.
  • Highest Interest Rate: As per today’s rate, HDFC Bank’s highest interest rate on FD is 5.50% offered for a tenure of 10 years.
  • Safety of HDFC Bank Deposits: HDFC Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: HDFC Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposit, HDFC Bank 5 Year Tax Saving Fixed Deposit, Foreign Currency Non-Resident (FCNR) Fixed deposit, Non-withdrawable Deposits, Overdraft against Fixed deposit

HDFC Bank Best FD Plan

We need to compare tenure wise latest FD rate of HDFC Bank to choose the tenure at which it provides the highest interest rate. HDFC Bank FD rates are best for the deposits with a tenure of 5 years 1 day to 10 years, wherein the current FD rate of interest is 5.50% p.a

If one is looking to invest in short term deposits with HDFC Bank, FD interest rates range from 2.50% p.a. to 4.50% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term HDFC Bank FD rates for senior citizens range from 3.00% to 5.00% p.a.

If one is looking to invest in long term deposits, HDFC Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 5.50%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

Fixed Deposits of HDFC Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in HDFC Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in HDFC Bank

  • Basic KYC documents such as PAN, Aadhar card and passport size photograph.

FD in HDFC Bank – Premature Withdrawal

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

Loan against Fixed Deposit HDFC Bank

HDFC Bank offers loan up to 90% against its own deposit. Note that HDFC Bank will not give you loan against FD of any other bank. HDFC Bank offers Loan against FD at the rate of 3.5% to 6.5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in HDFC Bank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 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 ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at HDFC Bank

To open a Fixed Deposit account in HDFC Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the HDFC Bank FD after reading the terms and conditions.

Nomination Facility on HDFC Bank FD

HDFC Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a HDFC Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

HDFC Bank Fixed Deposit Scheme

Regular Fixed Deposit

Description:

  • Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Convenience of booking deposit through netbanking
  • Nomination facility available
  • Earn higher returns on the money deposited
  • Avail sweep in and super saver facility on your deposit
  • Loan facility upto 90 per cent is available on the deposit

Who is eligible?

  • Resident Indians, hindu undivided family, sole proprietorship firms, partnership firms, limited companies and trust
HDFC Bank 5 Year Tax Saving Fixed Deposit

Description:

  • Fixed deposit scheme with the sole purpose of tax savings where the deposits are eligible for tax exemption under Section 80C of the Income Tax Act.
  • In the case of joint deposits, the tax benefit under 80C will be available only to the first holder of the deposit
  • Nomination facility available
  • Interest on deposit will be compounded on a quarterly basis
  • Can be booked with monthly and quarterly payout
  • Convenience of applying through net banking

Who is eligible?

  • Resident Indians and hindu undivided family of 18 years of age and above
Foreign Currency Non-Resident (FCNR) Fixed deposit

Description:

  • FCNR deposit allows earning Indian interests on foreign currencies. As per this deposit facility, FD holders can repatriate their principal and interest amount completely.
  • Allows the fixed depsoit holder to invest their money in foreign currencies
  • Benefit of tax exemption at the entire deposit
  • FCNR deposit holders can get the benefit of overdraft on their NRO current or savings account against the FCNR deposit with super saving facility

Who is eligible?

  • Can be opened by Non-Resident Indians or people of Indian origin.
Non-withdrawable Deposits

Description:

  • Non-withdrawal deposits allow no premature and partial withdrawals of funds from fixed deposits. Depositors can avail monthly or quarterly interest pay outs.
  • Premature withdrawal, partial withdrawal or sweep-in facility not allowed.
  • For deposits with a tenure above 6 months, the interest is calculated on a quarterly basis.
  • The fixed deposit interest rate applicable for a monthly interest option is calculated at a discounted rate over the standard fixed deposits interest rates offered by the bank.
  • Tax at source is deducted as per the Income Tax regulations.

Who is eligible?

  • This deposit is offered only on amount of Rs 5 crores and above.
Overdraft against Fixed deposit

Description:

  • HDFC Bank offers overdraft against fixed deposits to its FD customers. The facility helps one fulfil their financial needs without breaking their fixed deposits.
  • FD holders can avail up to 90% of overdraft on their FD
  • Interest to be paid only on the drawn amount
  • Can be linked with both savings and current account

Who is eligible?

  • To avail overdraft against fixed deposit one is required to have a minimum FD amount of Rs 25,000 for a minimum tenure of 6 months 1 day

FAQs

What is the highest FD rate for HDFC Bank?

You can earn a maximum interest of 5.50% on HDFC Bank fixed deposit.

Are there any special rates for senior citizens FD of HDFC Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.50% to 5.50%. Compared to this, the rate of senior citizens FD are in the range of 3.00% to 6.00%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with HDFC Bank?

The minimum deposit amount required to book an FD with HDFC Bank is ₹ 5,000.

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 Bank?

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

What documents are required to open an FD account in HDFC Bank?

The documents required to open an FD account in HDFC Bank includes Basic KYC documents such as PAN, Aadhar card and passport size photograph. .

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

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 Bank 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

What is the current interest rate on FD in HDFC Bank?

Current interest for FD in HDFC Bank ranges between 2.50% - 5.50%.

Can a customer open a FD account online in HDFC Bank?

Yes, you can submit your application for opening a FD account on the website of HDFC Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in HDFC Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 5.50%. For HDFC Bank FD the number of years in which your FD will get doubled is; 72/5.50 = 13


HDFC News - Sep 2020
  • 2020-08-27 : HDFC Bank revised its FD rates
    With effect from 25 August 2020, HDFC Bank revised its FD rates. The FD rates for 7 to 29 days is 2.50%, and it is 3% for 30 to 90 days. The fixed deposit rates for 91 days to six months is 3.50%, for six months one day to one year is 4.40%. Further, the FD rate for one year one day to two years is 5.10%, and it is 5.15% for two years one day to three years. FD rates for three years one day to ten years stands at 5.30%.
  • 2020-04-21 : HDFC Bank changed its fixed deposit rates
    With effect from 22 April 2020, HDFC Bank revised its FD rates. The FD rates 7 to 14 days is 3%, for 15 to 29 days it is 3.50%, and it is 4.25% for 30 to 45 days. The fixed deposit rates for 46 days to six months is 4.75%, for six months one day to nine months it is 5.25%, and for nine months one day to less than one year, it is 5.50%. Further, the FD rate for one year to two years is 5.80%, and it is 6% for two years and one day to ten years.
  • 2020-04-06 : HDFC Bank reports 24% rise in deposits and 21% rise in advances
    HDFC Bank registered a growth of 24% in its deposits for January to March quarter. The deposit aggregated to Rs. 11.46 lakh crores on 31st March 2020 as compared to Rs. 9.23 lakh crore on 31st March, 2019. In addition, the advances aggregated to Rs. 9.93 lakh crore on 31st March 2020, as compared to Rs. 8.19 lakh crore on 31st March 2019.
  • 2020-03-18 : HDFC Bank changed its fixed deposit rates
    With effect from 18 March 2020, HDFC Bank revised its FD rates. The FD rates 7 to 14 days is 3.50%, for 15 to 49 days it is 4% and it is 4.75% 30 to 45 days. The fixed deposit rates for 46 days to six months is 5.25%, for six months one day to nine months is 5.65% and for nine months one day to less than one year is 5.90%. Further, the FD rate for one year to two years is 6.15%, it is 6.25% two years one day to three years and stands at 6.15% for three years one day to ten years.
  • 2019-11-18 : HDFC Bank cuts Fixed Deposit rates
    HDFC Bank has revised interest rates on fixed deposits. For 6 months 1 day to 9 months, the new rates stand at 5.80% from 6% earlier. For 1 year FD, the rates are revised to 6.30% from 6.45%. For long term deposits, the rates for 3 years and above are slashed to 6.30%. The new rates are effective from November 16, 2019.
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