HSBC Bank Fixed Deposit (FD) Rates
HSBC Bank offers different Fixed Deposit (FD) schemes to cater to the needs of different classes of people. Fixed deposit schemes offer security and higher returns as compared to regular saving schemes. Fixed deposit schemes allow people to invest money for a pre-specified period, post which the bank will pay a fixed rate for the deposit period.
Here is all that you need to know about HSBC Bank’s fixed deposit schemes.
Latest update:
The CBDT notifies Form 12BBA, a declaration form, to be submitted by the eligible senior citizens to the specified banks to take relief from filing the ITR.
In Budget 2021, it has been proposed to exempt senior citizens from filing income tax returns if pension income and interest income are their only annual income sources. Section 194P has been newly inserted to enforce that banks deduct tax on senior citizens of more than 75 years of age who have a pension and interest income from the bank.
Fixed Deposit Interest Rates 2024 of HSBC Bank
The table below shows the interest rates offered for deposits less than Rs.3 crore effective from 15 July 2024.
| Deposit Tenure | Interest Rate for Regular Customers (% p.a.)* | Interest Rate for Senior Citizens (% p.a.)* |
| 7 days | 2.85 | 3.35 |
| 8 days | 2.85 | 3.35 |
| 9 days to 14 days | 3.00 | 3.50 |
| 15 days to 29 days | 3.00 | 3.50 |
| 30 days to 59 days | 3.40 | 3.90 |
| 60 days to 89 days | 3.60 | 4.10 |
| 90 days to 93 days | 3.80 | 4.30 |
| 94 days | 3.80 | 4.30 |
| 95 days to 179 days | 4.00 | 4.50 |
| 180 days | 4.50 | 5.00 |
| 181 days to 269 days | 3.25 | 3.75 |
| 270 days to 364 days | 3.70 | 4.20 |
| 365 days | 4.00 | 4.50 |
| 366 days to 399 days | 4.00 | 4.50 |
| 400 days | 3.25 | 3.75 |
| 401 days to less than 18 months | 6.25 | 6.75 |
| 18 months to 599 days | 4.10 | 4.60 |
| 600 days | 3.75 | 4.25 |
| 601 days to 699 days | 7.50 | 8.00 |
| 700 days | 3.75 | 4.25 |
| 701 days to 730 days | 4.25 | 4.75 |
| 731 days | 4.25 | 4.75 |
| 732 days to less than 36 months | 7.25 | 7.75 |
| 36 months to less than 37 months | 7.00 | 7.50 |
| 37 months to less than 48 months | 6.00 | 6.50 |
| 48 months to 60 months | 6.00 | 6.50 |
* Interest rates are subject to change from time to time.
Different Types of HSBC Bank FD Schemes
HSBC Bank offers HSBC fixed deposit account for customers as a way to create wealth at low risk. The minimum deposit amount to open the account is Rs.10,000.
HSBC Bank FD Special Features and Benefits
- Get attractive interest rates on FD accounts.
- The minimum deposit required to open an FD account is Rs.10,000.
- The minimum deposit tenure is seven days.
- Special interest rates are offered on specific tenures.
- Senior citizens can get a 0.5% additional interest rate over and above the regular rates.
- Flexibility to choose a deposit tenure from the wide range of options.
- Premature withdrawal is allowed subject to penalty and other conditions.
Basic Eligibility Criteria for HSBC Bank FD
- Resident individuals
- Non-resident Indians
- Minors
Documents Required
- Proof of Identity
- Passport
- PAN card
- Voter ID
- Driver’s license
- Aadhaar card
- Proof of Address
- Passport
- Aadhaar card
- Bank statement with a cheque
- Proof of Date of Birth
- Service discharge certificate
- PAN card
- Aadhaar card
- Voter ID
Tax Benefits on HSBC Bank Fixed Deposit
If the interest earned on your fixed deposit is more than Rs 40,000 (Rs.50,000 for senior citizens) during the financial year, the bank deducts tax at source at 10%. This rate has been reduced to 7.5% due to COVID-19 pandemic during the period from May 2020 to March 2021.
FD Interest Rate Calculator
Our FD calculator page helps you predict the returns from an FD account accurately so you can make informed decisions regarding money management.
Frequently Asked Questions
Quick Summary
HSBC Bank offers various fixed deposit schemes with attractive interest rates and special features. The bank provides tax benefits for senior citizens. Customers can use the FD interest rate calculator for accurate predictions. Similar FD schemes are offered by other Indian banks like HDFC, ICICI, and SBI.
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