HDFC Bank Fixed Deposit (FD) Interest Rates

HDFC Bank has gained popularity as a private bank in India. The bank is interconnected very strongly with the online real time link among its all branches.

It provides its customers with many facilities such as net banking, SMS banking, phone banking and mobile banking.

Below are given the FDs offered by HDFC Bank:

  • Domestic deposits of below one crore rupees. 
  • Domestic deposits ranging from one crore to five crore rupees.
  • Domestic deposits ranging from five crores and more.

The customers can get the updates about the status of their FD accounts 

Options for interest payout offered by the bank:

The customers can choose from the different options for interest payout.  By choosing from these options, an income stream can be created as per their financial needs. 

Below are given the options for interest payout offered by the bank: 

Monthly payout option 

People who want regular income on monthly basis via their FD accounts to fulfill their recurring and monthly expenses, can go for this option.

Quarterly payout option

People who want to reinvest the compounder sum at the quarter's end, can choose this option. This is also a good option for the retired people who want a fixed amount quarterly.

 Lump Sum Payout Option (Payment is done on when FD is matured)

This is the most popular payout option that allows the customer to use accrued money for new investments such as property purchasing, college education or for reinvesting.

Eligibility criteria to open an FD in HDFC Bank: 

Below given groups and individuals can open an FD with the bank:

  • Residents
  • Undivided Hindu families
  • Partnership and Sole Proprietorship Firms
  • Trust Accounts
  • Ltd. Companies

Procedure to open an FD in the bank:

To open the account in the bank, just visit your nearest branch or download the form available online and fill the form.

Now submit the form, required documents and the amount in the bank and your FD account will be opened.

Rates of interest on FDs offered by the bank:

The bank provides very lucrative interest rates to the customers. The customers can choose from different tenures with interest rates that suit their requirements.

The customers earn higher interest on medium term and long term FDs than shorter term FDs when the interest is frequently compounded.

An Indian resident is offered an interest rate of 8.75% per annum which is compounded every quarter.

An individual is offered an interest rate of nearly 8.25% per annum for the vested property having a term of nine months or above and 8% for the period of four to six months.

And if the tenure is two or three months, he/she will get an interest rate of   7.75% per annum with extra liquidity advantage. If he /she want the maximum liquidity available, then a period of one month will offer him/her an interest rate of 6%. 

The minimum and the maximum deposit required to have an FD in the bank: 

Minimum - 

Five thousand rupees

Maximum- 

In case the amount invested in an FD crosses fifty thousand rupees, then the customer has to produce his/her PAN card operative since April 1, 2010.

The minimum and the Maximum tenure for the FDs in the bank:

Minimum- one week 

Maximum- ten years

Below is given some more information about the FDs with HDFC bank:

  • The deposit held in the FDs by the bank is taxable. Tax on the earned interest is subtracted at source, in case applicable according to current regulations of Income Tax. Otherwise, the earned interest will become a part of the income of the customer and the tax should be paid then, depending on tax liability of the customer.
  • Facility of overdraft is provided for all the FD holders by the bank. 
  • Premature withdrawal is allowed which is subject to 1% penal rate without regarding the amount deposited, placement date or withdrawal date.
  • Indian residents who fall into the category of senior citizens are offered 0.5% higher rates than the regular rates offered on the FD plans. Moreover, they can earn interest up to 9.2% per annum on long-term FDs that is compounded on quarterly
  • The bank also provides its FD holders with credit card which the customer can take against the FD. These cards are charged with the interest rate of 1.99% monthly that amounts to an interest rate of 23.88% annually. Comparatively, these charges are 3.4% and 40.8% less monthly and yearly respectively than for the other credit cards offered by the bank.
  • FCNR, NRO and NRI FD schemes are also offered by the bank.

NRE FDs:

  • The customer can cumulate and get the interest on maturity.
  • Earned interest and the Principal amount are both freely repatriable.
  • Interest and principal are free from tax in the country.

Below are given the rates of interest for the NRE FDs below one crore rupees:

366 days  6.75 %

2 years 6.75 %

3 years  6.5 %

These rates can be changed by the bank any time. So, one should be updated about the rates before applying.

NRO FDs

  • Tax on the earned interest is subtracted at source according to current regulations of Income Tax.
  • Facility of Nomination is offered.
  • The customer can cumulate and get the interest on maturity.

Below are given the rates of interest for the NRO FDs below one crore rupees:

One week 4.25 %

60 days to 89 days  6.05 %

365 Days  & 7 %

731 Days 6.75 %

37 to below 48 months - 6.50%

These rates can be changed by the bank any time. So, one should be updated about the rates before applying.

FCNR FDs

  • The customer can cumulate and get the interest on maturity.
  • Earned interest and the Principal amount are both freely repatriable.
  • Interest and principal are free from tax in the country.

Below are given the rates of interest for the NRO FDs:

Duration USD EUR GBP
One to two years .10 .10 .10
Two to three years .10 .10 .10
Three years .10 - .10

These rates can be changed by the bank any time. So, one should be updated about the rates before applying.

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