HDFC Bank offers several FD schemes to suit the needs of customers. We have compiled the current interest rates offered by the bank on different tenures and the various FD schemes available and their necessary information. Also, find other related information regarding HDFC Bank FD schemes here.

1. Fixed Deposit Interest Rates 2021 of HDFC Bank

The table below contains the interest rates offered on deposits below Rs.2 crore effective from 13 November 2020.

Deposit Tenure

Interest Rate for Regular Customers (% p.a.)*

Interest Rate for Senior Citizens (% p.a.)*

7 to 14 days

2.50

3

15 to 29 days

2.50

3

30 to 45 days

3

3.50

46 to 60 days

3

3.50

61 to 90 days

3

3.50

91 days to 6 months

3.50

4

6 months 1 day to 9 months

4.40

4.90

9 months 1 day < 1 year

4.40

4.90

1 year

4.90

5.40

1 year 1 day to 2 years

4.90

5.40

2 years 1 day to 3 years

5.15

5.65

3 year 1 day to 5 years

5.30

5.80

5 years 1 day to 10 years

5.50

6.25

* Interest rates are subject to change from time to time.

2. Different Types of HDFC Bank FD Schemes

  1. Regular Fixed Deposits:

    This is the regular fixed deposit scheme that offers an attractive interest rate, flexibility, and security. Senior citizens can get a higher interest rate as compared to regular customers. Additionally, Senior Citizen Care FD is also available.

  2. FCNR Fixed Deposits:

    This scheme allows NRIs of Indian nationality or Indian origin to deposit in foreign currency and earn interest in Indian currency. You can deposit money in US Dollars, Sterling Pounds, Euro, Japanese Yen, Australian Dollars, or Canadian Dollars. This scheme allows you to repatriate the principal and interest components fully. Also, you can jointly open an account with other NRIs. The tenure for this account ranges from one year up to five years. The minimum initial deposit can be USD 1,000, GBP2,500, Euro 2,500, JYP 7,50,000, AUD 1,000, or CAD 1,000.

  3. Overdraft Against Fixed Deposits:

    This scheme allows you to borrow money from your FD account in the form of overdraft instead of prematurely closing the account for emergencies. Up to 90% of the account balance will be offered as an overdraft. The minimum deposit amount for this account is Rs.25,000, and the minimum tenure is six months one day to avail the benefit. You must open the account under a single name to avail overdraft facility. A different set of interest rates may be applicable for this scheme.

  4. Non-Withdrawable Deposits:

    This scheme is very similar to the overdraft scheme; however, there is no option for you to request premature or partial withdrawal of the account balance. You can enjoy monthly or quarterly interest payouts. A whole different set of interest rates may be applicable for this scheme.

3. HDFC Bank FD Special Features and Benefits

  • The minimum deposit amount to open an FD account with HDFC Bank is Rs.100.
  • The minimum deposit tenure is seven days, and the maximum tenure is 10 years.
  • Attractive interest rates are offered for each FD scheme provided.
  • Monthly and quarterly interest payout arrangements are available.
  • Overdraft and nomination facilities are available.
  • Resident Indians, non-resident Indians, and other entities can get the benefits of the schemes.
  • Interest reinvestment facilities are available.
  • Premature closure of the account is allowed for a few schemes subject to certain conditions and penalties.
  • Senior citizens can avail additional interest rate over and above the interest rate offered for regular customers.
  • Certain offers are available for customers that are valid for a specified period.

4. Basic Eligibility Criteria for HDFC Bank FD

  • Residents
  • Hindu Undivided Families (HUFs)
  • Sole proprietorship firms
  • Partnership firms
  • Limited companies
  • Trust accounts

Documents Required

Mandatory Proofs:

  • Recent photograph
  • KYC documents

Individual and Company Proofs:

  • PAN card
  • Aadhaar Card
  • Passport
  • Driving License
  • Voter’s ID

Partnership Proofs:

  • Incorporating certificate
  • Authorised signatories ID proofs
  • Partnership Deed
  • Authorised signatories’ signatures

For Hindu Undivided Families:

  • Self-attested PAN card
  • HUF declaration deed
  • HUF’s bank statement

5. Tax Benefits on HDFC Bank Fixed Deposit

HDFC Bank offers ‘Five Year Tax Saving Fixed Deposit’ where the minimum deposit allowed is Rs.100 and in multiples of Rs.100 thereafter. The maximum deposit you can make is Rs.1.5 lakh per financial year. A lock-in period of five years is applicable as prescribed by the income tax rules. You are bound to get income tax benefits on the deposit you make in the account under Section 80C of the Income Tax Act, 1961.

When it comes to the interest payable or reinvested in the fixed or recurring deposit account exceeding Rs.40,000 (Rs.50,000 for senior citizens), the tax will be deducted at source (TDS) by the bank at the rate of 10% p.a. You can avoid TDS by submitting Form 15G/15H, as applicable, if your total annual income for the financial year is below the basic exemption limit.

6. FD Interest Rate Calculator

Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.

7. Frequently Asked Questions (FAQs)

Q. How is the income tax benefit distributed in the case of joint deposits? A. In the case of joint deposits, only the first holder of the account can get income tax benefits under Section 80C.

Q. What is the Senior Citizen Care FD offer? A. The offer provides 0.75% (0.25% over and above the existing premium of 0.50%) additional interest rate for resident senior citizens aged 60 years and above who deposits a sum less than Rs.5 crore for a tenure of five years one day to 10 years. The offer is available for all new and renewed senior citizen FDs. The offer is valid from 18 May 2020 until 31 December 2020.

Q. How can I open a fixed deposit account with HDFC Bank? A. You can choose one of the following methods to open an FD account with HDFC Bank:

  1. Visit the nearest HDFC Bank branch.
  2. Log in to your account on the NetBanking portal.
  3. Send an SMS to 5676712 with the following text code:
    • BOOKFD to open an FD account with a deposit of Rs.5,000 for 12 months by default.
    • BOOKFD <Amount> to open an FD account with a deposit equivalent to the amount mentioned in the code with a default tenure of 12 months.
    • BOOKFD <Amount> <Tenure> to open an FD account with the specified amount and tenure.

Q. Can I specify a nominee for the FD account that is not the same as the nominee for my savings account? A. HDFC Bank allows you to make a choice for a nominee, i.e. the nominee for the account can either be the nomination made in the base savings account or you can add a new nominee.

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