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HSBC FD Interest Rates

HSBC FD Rates 2020

Last Updated 09th Sep 2020

HSBC Bank is one of most reliable FD providers amongst a number of FD providers in the market. HSBC 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 HSBC Bank FD is 4.00%. Latest HSBC Bank FD interest rate for senior citizens, on the other hand ranges between 2.75% to 5.25%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.25% 2.75%
15 days to 29 days 2.50% 3.00%
30 days to 59 days 2.75% 5.25%
60 days to 89 days 2.80% 3.30%
90 days to 93 days 3.10% 3.60%
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HSBC Fixed Deposit (FD)

HSBC 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 HSBC Bank FD are:

  • Deposit Amount: HSBC Bank FD can be opened with an amount as a low to up to .
  • FD Tenure: Ranges between 7 days to 60 months.
  • Interest Rate Range: 2.25% p.a. to 4.00% p.a.
  • Senior Citizens FD Rate: 2.75% to 5.25% p.a.
  • Highest Interest Rate: As per today’s rate, HSBC Bank’s highest interest rate on FD is 4.00% offered for a tenure of 60 months.
  • Safety of HSBC Bank Deposits: HSBC 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: HSBC 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:

HSBC Bank Best FD Plan

We need to compare tenure wise latest FD rate of HSBC Bank to choose the tenure at which it provides the highest interest rate. HSBC Bank FD rates are best for the deposits with a tenure of 1 year 7 months 25 days to 4 years 11 months 10 days, wherein the current FD rate of interest is 4.00% p.a

If one is looking to invest in short term deposits with HSBC Bank, FD interest rates range from 2.25% p.a. to 3.25% 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 HSBC Bank FD rates for senior citizens range from 2.75% to 3.75% p.a.

If one is looking to invest in long term deposits, HSBC Bank FD interest rates with tenure of 5 years to 60 months are a good choice with interest rates on deposits with a tenure of 60 months at 4.00%. Senior citizens are offered special rates from bank with highest deposit rates of 4.50% p.a. on long term FDs.

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

FD in HSBC Bank – Premature Withdrawal

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

Loan against Fixed Deposit HSBC Bank

HSBC Bank offers loan up to 90% against its own deposit. Note that HSBC Bank will not give you loan against FD of any other bank. HSBC Bank offers Loan against FD at the rate of 3.25% to 5%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in HSBC 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.

Loan Against Fixed Deposit

FD Account Opening Process at HSBC Bank

To open a Fixed Deposit account in HSBC 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 HSBC Bank FD after reading the terms and conditions.

Nomination Facility on HSBC Bank FD

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

FAQs

✅What is the highest FD rate for HSBC Bank?

You can earn a maximum interest of 4.00% on HSBC Bank fixed deposit.

✅Are there any special rates for senior citizens FD of HSBC 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 2.25% to 4.00%. Compared to this, the rate of senior citizens FD are in the range of 2.75% to 5.25%.

✅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 HSBC Bank?

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 HSBC 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 HSBC 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 HSBC Bank?

Current interest for FD in HSBC Bank ranges between 2.25% - 4.00%.

✅Can a customer open a FD account online in HSBC Bank?

Yes, you can submit your application for opening a FD account on the website of HSBC 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 HSBC 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 4.00%. For HSBC Bank FD the number of years in which your FD will get doubled is; 72/4.00 = 18

Related Topics
Latest Blogs
HSBC News - Sep 2020
  • 2020-04-23 : HSBC Bank revised its FD rates
    HSBC Bank changed its fixed deposit rates with effect from 18 April 2020. The FD rate for the short tenor of 7 to 29 days is 3%, for 30 to 59 days it is 3.10%, and it stands at 3.75% for 60 to 89 days. Fixed deposit rates for 90 to 364 days is 4%, for 365 days to 400 days it is 4.25% and stands at 4.50% for 401 days to less than 699 days. Further, FD rates for 700 days to 731 days is 4.60% and stands at 4.75% for 732 days to less than 36 months. The fixed deposit rate for 36 months to less than 37 months is 5.15%, and it is 5% for 37 months to 60 months.
  • 2020-04-09 : HSBC revised its FD rates
    HSBC changed its fixed deposit rates with effect from 7 April 2020. The FD rate for the short tenor of 7 to 29 days is 3%, for 30 to 59 days it is 3.10%, and it stands at 3.75% for 60 to 89 days. Fixed deposit rates for 90 to 179 days is 4.25%, for 180 days to 399 days is 4.50% and stands at 4.75% for 400 days to less than 18 months. Further, FD rates for 18 months to 730 days is 5%, for 731 days it is 5.10% and stands at 4.75% for 732 days to less than 36 months. The fixed deposit rate for 36 months to less than 37 months is 5.25% and it is 5% for 37 months to 60 months.
  • 2020-02-19 : HSBC revised its FD rates
    HSBC changed its fixed deposit rates with effect from 18 February 2020. The FD rate for short tenor of 7 to 14 days is 3%, for 15 to 29 days it is 3.05% and 30 to 59 days it is 3.25%. Fixed deposit rates for 60 to 89 days is 4%, for 90 to 399 days it is 5% and for 400 days it stands at 5.50%. Further, FD rates for long tenors of 401 days to less than 18 months is 5%, for 18 months to 730 days it is 5.50% and for 731 days it is 5.60%. The rate for 732 days to less than 36 months is 5%, for 36 months to less than 37 months is 5.75% and 37 months to 60 months is 6%.
  • 2019-11-07 : Revised FD rates by HSBC Bank
    With effect from November 5, 2019, HSBC Bank revised its interest rates on fixed deposits. For 7-14 days, the rate is 3.00%, the rate for 15-29 days is 3.05%, for 30-59 days it is 3.25%, the rate for 60-89 days is 4.00%, and for 90-399 days the rate is 5.00%. For long periods of 400 days, the rate is 5.50%; for 401 days to 18 months, the rate is 5.00%; for 18 months to 730 days, the rate is 5.50%, and it is 5.75% for 731 days. Further, the revised rate for 732 days to less than 36 months is 5.00%; for 36 to less than 37 months, the rate is 6.00%, and for 37 months to up to 60 months, the new rate is 5.00%. For senior citizens, the rates differ by 50 basis points.
  • 2019-10-18 : HSBC Bank revises interest rates on FDs
    With effect from October 15, 2019, HSBC Bank revised its interest rates on fixed deposits. The revised FD rates for 7-4 days is 3.00%, for 15-29 days the rate is 3.05%, the rate for 30-59 days is 3.25%, for 60-89 days the rate is 4.00%, the rate for 90-93 days is 5.25%, and for 94-399 days the rate is 5.00%. For long tenure of 400 days, the rate is 5.75%, the rate for 401 days to 18 months is 5.00%, from 18 months to 730 days the rate is 5.50%, and for 731 days it is 6.00%. Further, for 732 days to 36 months, the rate is revised to 5.00%; for 36-37 months, the rate is 6.00%, and for 37-60 months, the revised rate is 5.00%.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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