HDFC Bank Fixed Deposit Interest Rates 2024

HDFC Bank Bank offers Fixed Deposit schemes to the general public, senior citizens and Non-residential Indians (NRIs). FD interest rates of HDFC Bank for the general public range from 3.00 to 7.25% p.a. and 3.50 to 7.75% p.a. for senior citizens on tenures ranging from 7 days to 10 years. The interest rate on HDFC Bank Tax Saving FDs is 7.20% p.a. for the general public and 7.70% p.a. for senior citizen depositors for tenures of 5 years. 

HDFC Bank FD Interest Rates 2024 (Below 2 Crore)

The table below contains the interest rates offered on deposits below Rs.2 crore effective from 12 June 2024.

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

HDFC Bank FD Interest Rates 2024 (Above 3 Crore to less than 5 Crore)

The table below contains the interest rates offered on deposits above Rs.3 crore to less than 5 crore. It is for Domestic/NRO/ NRE Deposits. Effective from 12 June 2024.

*NRO and NRE deposits are not applicable for the additional senior citizen rates.
Senior citizens can get an additional interest rate of 0.25% (its is above the existing interest rate of 0.50%) for a tenure of 5 years 1 day to 10 years.

**The minimum tenure for NRE deposits is 1 year.

Types of HDFC Bank Fixed Deposit Schemes

HDFC Bank Regular Fixed Deposit

HDFC Bank provides a range of benefits for those looking to open a Regular Fixed Deposit account. Here are the key features of this scheme:

• Minimum deposit amount: Rs 5,000
• Tenure: 7 days to 10 years
• Additional Interest Rate: HDFC Bank offers an additional 0.50% interest rate to senior citizens on regular fixed deposit rates.
• Interest Payout Options: Depositors can choose between monthly or quarterly interest payout options.
• Reinvestment Option: This scheme allows reinvestment of the interest component to the deposit amount.
• Online Accessibility: Depositors can also open FDs online at HDFC Bank through the bank’s website, mobile app, and net banking.

HDFC Bank Tax-Saving Fixed Deposit

A fixed deposit option with the taxation benefit allows you to claim a deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. However, you must remain invested for a mandatory lock-in period of 5 years to avail this benefit. Key details of the scheme include:

• Eligibility: Resident individuals and Hindu Undivided Families
• Deposit Amount:
  • Minimum: Rs 100
  • Maximum: Rs 1.5 lakh
• Investment Tenure: Mandatory lock-in period of 5 years
• Interest Rates: 7%
• Interest Payout: Interest payments can be received monthly or quarterly

HDFC Bank Sure Cover Fixed Deposit

This fixed deposit scheme offers the dual benefits of a fixed deposit and the security of a life insurance cover. On booking the HDFC Bank Sure Cover FD, depositors receive a life insurance cover equivalent to the FD principal for the first year. Key details of the scheme include:

• FD Amount: Rs 2 lakh - 10 lakh
• Flexi Tenure: 1 - 10 years
• Interest Rates: Same as regular fixed deposits
• Interest Payout Options:
  • Monthly or quarterly interest payout
  • Interest reinvestment
• Instant Overdraft: Depositors can get an instant overdraft of up to 90% of their FD amount

Foreign Currency Non-Resident (FCNR) Fixed Deposit

An FCNR Deposit is a special fixed deposit designed for Non-Resident Indians (NRIs), allowing them to maintain their foreign earnings in the original currency, thus avoiding exchange rate fluctuations. This deposit can be kept in six different currencies: USD, GBP, EUR, JPY, CAD, and AUD. Key details of the scheme include:

• Eligibility: Must be a Non-resident individual
• Investment Tenure: 1 year to 5 years
• Interest Rate: Subject to change from time to time
• Investment Amount:
  • Minimum Initial Deposit: USD: 1,000, GBP: 2,500, Euro: 2,500, JPY: 7,50,000, AUD: 1,000, CAD: 1,000
  • Minimum Add-on Deposit: USD: 1,000, GBP: 1,000, Euro: 1,000, JPY: 7,50,000, AUD: 1,000, CAD: 1,000
• Tax Benefit: Interest earned is tax-exempt in India
• Repatriation of Funds: Both principal and interest are fully repatriable

HDFC Bank Overdraft Against Fixed Deposit

HDFC Bank offers an Overdraft Against Fixed Deposits, providing a convenient way to meet immediate financial needs, whether for household or business purposes, without breaking your fixed deposit. Key details of the scheme include:

• Purpose: Fulfill immediate financial needs without breaking FD
• Borrowing Limit: Up to 90% of the FD's overdraft
• Minimum FD Amount: Rs.25,000
• Minimum Tenure: 6 months and 1 day to obtain an overdraft against a fixed deposit or a Super Saver facility
• Availability: HDFC Overdraft against fixed deposit or Super Saver facility on deposit held in a single name can be availed instantly via Net Banking

HDFC Bank Non-withdrawal Fixed Deposit

As the name suggests, this fixed deposit cannot be withdrawn before maturity, providing a secure investment option for a wide range of depositors. Key details of the scheme include:

• Eligibility: Any individual and non-individual entities, including Hindu Undivided Families, sole proprietorship firms, partnership firms, limited companies, and trust accounts
• Deposit Amount:
  • Minimum: Rs 2 crore
  • Maximum: Rs 5 crore
• Investment Tenure: 1 year to 10 years
• Interest Rates: 4.75% to 7%
• Interest Payout Options: Monthly and quarterly interest payment options are available
• Overdraft/Loan Facility: Not available

HDFC Bank FD Special Features and Benefits

• The minimum deposit amount to open an FD account with HDFC Bank is Rs.500.
• 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.

Eligibility for HDFC Bank Fixed Deposit

Investor should be one of the following to open a Fixed Deposit account in HDFC Bank.

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

Eligibility for Residence Foreign Currency FD

The Resident Foreign Currency (RFC) Fixed Deposit is designed for NRIs who have returned to India, offering a secure way to manage their foreign currency earnings. Key details of Eligibility criteria are:

• NRIs who returned to India on or after 18th April 1992
• Depositors who were resident outside India for a continuous period of at least 1 year prior to their return
• Depositors who have permanently settled in India since their return

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

Tax Benefits on HDFC Bank Fixed Deposit

You can claim a deduction of up to Rs1,50,000 under Section 80C of the Income Tax Act by investing in  HDFC Bank Fixed Deposits (FD). Keep in mind that these Tax Saver FD have a mandatory lock-in period of 5 years. Key highlights of the tax implications include:

• Tax Benefits:
  • No tax benefits for regular FDs
  • Tax Saver Fixed Deposit allows a deduction of up to ₹1,50,000 under Section 80C
  • Mandatory 5-year lock-in period for Tax Saver FDs
• Interest Income Taxation:
  • Interest earned from any HDFC Bank FD is taxable as per your income tax slab
  • If interest income exceeds ₹40,000 per year (₹50,000 for senior citizens), a 10% Tax Deducted at Source (TDS) is applied
  • If PAN Card details are not provided, the TDS rate increases to 20%

FD Interest Rate Calculator

Now, you can easily calculate the returns of your HDFC Bank Fixed Deposit by visiting our easy-to-use FD calculator. It provides the maturity amount with a break-up of invested amount and interest earned. It is an easy to use online tool, and you can check multiple results by changing the inputs in calculator. 

How to open HDFC Bank Fixed Deposit Account

You can open a Fixed Deposit account with HDFC Bank both online and offline.

Steps for Online Process:

1. Visit HDFC Bank's official website.
2. Log in to your net banking account with your Login ID and password.
3. Go to the 'TRANSACT' section and select 'Open Fixed Deposits'.
4. Enter the desired amount and tenure.
5. Nominate a beneficiary.
6. Click 'Continue' and confirm your details.

Your bank account will be debited, and your fixed deposit receipt will be available for download instantly.

Steps for Offline Process:

1. Visit your nearest HDFC Bank branch.
2. Request an FD application form.
3. Fill in the required details.
4. Attach necessary KYC documents.
5. Deposit the amount by cash, cheque, or demand draft.
6. Submit the application form with the documents and payment slip.

You will receive your fixed deposit receipt instantly after submitting the documents.