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HDFC Bank Fixed Deposit

HDFC Bank FD Scheme

Last Updated 15th Oct 2020

HDFC Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.50% to 5.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 5,000
Maximum Deposit No Limit
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    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, HDFC Bank FD offers regular returns on fixed deposit through interest range 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.
      • Loan Against Fixed Deposit
    • 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.

    Related Topics
    Latest Blogs
    HDFC News - Oct 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.
    *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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