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HDFC Ltd FD Interest Rates

HDFC Ltd Fixed Deposit Rates 2020

Last Updated 08th Jul 2020

HDFC offers best FD rate of 6.66% on term deposits for a tenure of 66 months to 66 months. Current HDFC FD rates for senior citizens range from 6.81% to 6.91%. Fixed Deposits rates of HDFC are a function of many factors such as monetary policies of RBI, economic growth rate, credit demand and liquidity position of the bank.

Tenure FD Rates Senior Citizen FD Rates
33 months 6.56% 6.81%
66 months 6.66% 6.91%

HDFC Ltd Fixed Deposit (FD)

HDFC 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 FD are:

  • Deposit Amount: HDFC FD can be opened with an amount as a low ₹ 5,000 to up to No Limit.
  • FD Tenure: Ranges between 33 months to 66 months.
  • Interest Rate Range: 6.56% p.a. to 6.66% p.a.
  • Senior Citizens FD Rate: 6.81% to 6.91% p.a.
  • Highest Interest Rate: As per today’s rate, HDFC’s highest interest rate on FD is 6.66% offered for a tenure of 66 months.
  • Safety of SBI Deposits: HDFC is a HFC and hence, its deposits are not covered under insurance. However, deposits of bank_type_name are rated by rating agencies, which give a good understanding of your savings. AAA or AA rated deposits are considered have the highest safety
  • Loan against FD: As per the policy of HDFC. To be confirmed at the time of opening a FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposit

HDFC Best FD Plan

We need to compare tenure wise FD rate of HDFC to choose the tenure at which it provides the highest interest rate. HDFC FD rates are best for the deposits with a tenure of 66 months to 66 months, wherein the current FD rate of interest is 6.66% p.a

If one is looking to invest in long term deposits, HDFC FD interest rates with tenure of 5 years to are a good choice with interest rates on deposits with a tenure of at 6.66%. Senior citizens are offered special rates from bank with highest deposit rates of 6.91% p.a. on long term FDs.

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

  • PAN Card
  • Latest Photographs
  • Residence and Identity Proof

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. HDFC offers Loan against FD at the rate of 7.56% to 7.66%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 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 ₹ 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 ₹ 75,000 availed for 1 month only. The amount he repays after 1 month is ₹ 75,598. So, the interest charged on the loan taken is ₹ 598.

FD Account Opening Process at HDFC

To open a Fixed Deposit account in HDFC, 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 FD after reading the terms and conditions.

Nomination Facility on HDFC FD

HDFC 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 fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

HDFC Fixed Deposit Scheme

Regular Fixed Deposit

Description:

  • Under Regular Fixed Deposit, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
  • Rated AAA by both CRISIL and ICRA
  • Attractive and assured returns
  • High return for senior citizens
  • Nomination facility is available
  • Facility of loan against deposit

Who is eligible?

  • Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

FAQs

What is the highest FD rate for HDFC?

You can earn a maximum interest of 6.66% on HDFC fixed deposit.

Are there any special rates for senior citizens FD 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 6.56% to 6.66%. Compared to this, the rate of senior citizens FD are in the range of 6.81% to 6.91%.

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

The minimum deposit amount required to book an FD with HDFC 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?

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?

The documents required to open an FD account in HDFC includes PAN Card, Latest Photographs, Residence and Identity Proof.

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

What is the current interest rate on FD in HDFC?

Current interest for FD in HDFC ranges between 6.56% - 6.66%.

Can a customer open a FD account online in HDFC?

Yes, you can submit your application for opening a FD account on the website of HDFC. 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?

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 6.66%. For HDFC FD the number of years in which your FD will get doubled is; 72/6.66 = 11


HDFC Ltd News - Jul 2020
  • 2020-05-21 : HDFC Bank introduced Senior Citizen Care FD
    HDFC launched Senior Citizen Care FD to assist the senior citizens amid reduced interest rate regime due to the economic crisis. The interest rate applicable to the fixed deposit will be 6.50 per cent which is 75 bps above the rate applicable to the general customers.
  • 2020-04-22 : HDFC Limited revised its fixed deposits rates
    HDFC has revised its fixed deposit rate with effect from 15 April 2020. The revised rate for both 33 months and 66 months stands at 7.30%.In addition to this, for senior citizens, the rates vary by an additional 25 basis points and stand at 7.55%.
  • 2019-12-30 : HDFC Limited cuts its fixed deposits rates
    HDFC has revised its fixed deposit rates on December 24, 2019. The revised rate for both 33 months and 66 months stands at 7.50%.For senior citizens the rates vary by an additional 25 basis points, and stand at 7.75%.
  • 2019-11-25 : New Fixed Deposit rates for HDFC Ltd
    HDFC Ltd revised its fixed deposit rates from November 8, 2019. New rates on a period of 33 months and 66 months is 7.61%. Senior citizens rates vary by an additional 25 basis points.
  • 2018-08-28 : HDFC Ltd hikes FD rates by 20 bps
    Housing Development Finance Corporation Limited (HDFC) has increased its interest rate on retail fixed deposits or FDs below Rs. 1 crore. The new rates for all maturity period are at 7.60% and that of senior citizens are at 7.85%. The revised rates are effective from August 24, 2018.
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