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HDFC FD - Scheme, Eligibility, Documents

HDFC Bank Fixed Deposit Highlights

Last Updated 14th Apr 2021

FD rate of interest in HDFC is in the range of 2.50% and 5.50% on deposits with tenure of 7 days to 10 years. HDFC Bank FDR is one of the best-fixed deposit schemes that can provide a good combination of high return and safety. Some of the popular HDFC deposit schemes are Regular Fixed Deposit, Senior Citizens FDRs, FCNR Fixed Deposit and 5-year Tax Saving Fixed Deposits. The bank also offers loan overdraft facility against FDs which gives a liquidity option to anyone who wishes to open a FD account with the bank.

Interest Rate 2.50% to 5.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 5,000
Maximum Deposit No Limit
    Earn upto 7.25% on FD APPLY NOW

    HDFC Bank FD

    HDFC Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, HDFC Bank FD offers regular returns on fixed deposit ranging between 2.50% to 5.50%. For senior citizens, the interest rates on fixed deposits range between 3.00% to 6.25%. In addition to that, HDFC Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of HDFC Bank Fixed Deposit Schemes

    Different type of HDFC Bank term deposit products offered to the investors are listed as follows:

    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

    Eligibility:

    • 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

    Eligibility:

    • 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

    Eligibility:

    • 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.

    Eligibility:

    • 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

    Eligibility:

    • 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

    Benefits of HDFC Bank FD

    HDFC Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about HDFC Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, HDFC Bank offers FD rates up to 5.50%. The interest rates offered on HDFC Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, HDFC Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because HDFC Bank fixed deposit allows one to borrow a secured loan against HDFC Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about HDFC Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: HDFC Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. HDFC Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years. HDFC Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, HDFC Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 5,000. Apart from that, one can invest in the HDFC Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with HDFC Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from HDFC Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of HDFC Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for HDFC Bank FD

    HDFC Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for HDFC Bank FD

    HDFC Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    HDFC Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under HDFC Bank?

    HDFC Bank FD can be availed with a minimum deposit of Rs. 5,000.

    What is the minimum amount for a fixed deposit in HDFC Bank?

    The minimum amount required for a fixed deposit investment in HDFC Bank fixed deposit is Rs. 5,000.

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

    Currently, HDFC Bank offers an interest rate ranging between 2.50% to 5.50% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in HDFC Bank?

    HDFC Bank fixed deposit can be opened with a minimum tenure of 7 days.


    HDFC News - Apr 2021
    • 2021-03-30 : HDFC Bank extended Special Fixed Deposit Scheme for senior citizens till June 30
      With an aim to offer a higher interest rate on fixed deposits, HDFC Bank extended the Special Fixed Deposit Scheme for senior citizens till June 30. This is the third time the bank has extended the scheme. The Scheme was introduced with an aim to help the senior citizens earn higher returns amid falling interest rates on FD during the pandemic.
    • 2021-01-18 : HDFC Bank net profit rose by 18%
      HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
    • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
      HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
    • 2020-10-07 : HDFC Bank net profit jumps 18.4% to ₹7,513 crores
      HDFC Bank reported an 18.4% increase in its net profit to ₹7,513 crores for the quarter ended in September 2020. The profit in the year-ago period was at ₹6,345 crores. The bank’s total advances were at ₹10.38 lakh crore in Q2 of FY21, an increase of 15.8% over the same period last year. The domestic retail loans which include retail loans like home, personal, car, two-wheeler, gold and education loan grew by 5.3% and domestic wholesale loans including the business and mudra loan grew by 26.5%. Further, total deposits which include FD and RD reported an increase of 20.3% (YoY) to ₹1,325,072 crore. HDFC bank CASA ratio stood at around 42% as of September 202O.
    • 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%.
    *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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