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HDFC FD - Scheme, Eligibility, Documents

HDFC Bank Fixed Deposit Highlights

Last Updated 12th Jul 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 6.95% 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 deposits 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 mentioned below:

    • Guaranteed returns: The best thing about HDFC Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits 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 fixed deposits 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 an 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. Benefits of Loan Against FD of HDFC Bank are as follow:
      • Loan against FD of HDFC Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the HDFC Banks flexible repayment options.
      • The processing fee of Loan Against FD in the HDFC Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • 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 7 days 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.

    Credit Card Against HDFC Bank FD

    Credit Cards againstHDFC Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against HDFC Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in HDFC Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. 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 Fixed Deposit is one of the safest investment avenues and it 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 in HDFC Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. 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. The tenure of the HDFC Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my HDFC Bank 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 KYC documents and Passport size photos.

    In how many years FD doubled in the HDFC Bank?

    The time HDFC Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the HDFC Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a HDFC Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in HDFC Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the HDFC Bank safe for FD?

    Yes, the HDFC Bank is one of the safest avenues for any investments. HDFC Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the HDFC Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from HDFC Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    HDFC News - Jul 2021
    • 2021-05-28 : HDFC Bank commits Rs 100 cr towards COVID relief in FY22
      HDFC Bank committed Rs 100 crore for setting up medical infrastructure for COVID-19 relief in 2021-22. The bank is planning to set up 20 oxygen plants in hospitals besides three 100-bed COVID care facilities as part of the plan.
    • 2021-04-19 : HDFC Bank Q4 net profit rises 18% YoY to Rs 8,186.5 crore
      In Q3FY21, HDFC Bank had reported a net profit of Rs 8,758.3 crore and an operating profit of Rs 15,186 crore. The bank advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan along with business and mudra loans aggregated to Rs 11,320 billion. Further, The bank’s deposits which include fixed and recurring deposits grew 16.3% at approximately Rs 13,350 billion as of March 31, 2021, as compared to Rs 11,475 billion year-on-year (YoY).
    • 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.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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