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HSBC FD - Scheme, Eligibility, Documents

HSBC Bank Fixed Deposit Highlights

Last Updated 23rd Jun 2021

HSBC 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 2.25% to 4.00%
Minimum Tenure 7 days
Maximum Tenure 5 years
Deposit Amount Rs 10,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    HSBC Bank FD

    HSBC Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 5 years. Apart from that, HSBC Bank FD offers regular returns on fixed deposits ranging between 2.25% to 4.00%. For senior citizens, the interest rates on fixed deposits range between 2.75% to 4.50%. In addition to that, HSBC Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of HSBC Bank Fixed Deposit Schemes

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

    Standard Fixed Deposit

    Description:

    Benefits of HSBC Bank FD

    HSBC 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 HSBC 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, HSBC Bank offers FD rates up to 4.00%. The interest rates offered on HSBC 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, HSBC 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 HSBC Bank fixed deposit allows one to borrow a secured loan against HSBC Bank FD. Benefits of Loan Against FD of HSBC Bank are as follow:
      • Loan against FD of HSBC 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 HSBC Banks flexible repayment options.
      • The processing fee of Loan Against FD in the HSBC Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: HSBC Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. HSBC Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 5 years. HSBC Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, HSBC Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 10,000. Apart from that, one can invest in the HSBC Bank FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with HSBC 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 HSBC 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 HSBC Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for HSBC Bank FD

    HSBC 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 HSBC Bank FD

    HSBC 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 HSBC Bank FD

    Credit Cards againstHSBC 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 HSBC 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 HSBC Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. HSBC Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 5 years.

    What is the minimum investment for FDs under HSBC Bank?

    HSBC Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 10,000.

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

    The minimum amount required for a fixed deposit investment in HSBC Bank fixed deposit is Rs 10,000.

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

    Currently, HSBC Bank offers an interest rate ranging between 2.25% to 4.00% on its fixed deposits.

    What is the penalty for early withdrawal in HSBC 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 HSBC Bank?

    HSBC Bank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the HSBC Bank fixed deposits ranges from 7 days to 5 years.

    Can I deposit additional amount in my HSBC 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 HSBC 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 HSBC Bank?

    The documents required to open an FD account in HSBC Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the HSBC Bank?

    The time HSBC 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 HSBC Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a HSBC Bank fixed deposit account?

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

    Is the HSBC Bank safe for FD?

    Yes, the HSBC Bank is one of the safest avenues for any investments. HSBC 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 HSBC Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from HSBC 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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    HSBC News - Jul 2021
    • 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, 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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