HSBC Bank Fixed Deposit (FD) Rates

Updated on: Jan 10th, 2022

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6 min read

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

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 2021 of HSBC Bank

The table below shows the interest rates offered for deposits less than Rs.2 crore effective from 26 November 2020.

Deposit TenureInterest Rate for Regular Customers (% p.a.)*Interest Rate for Senior Citizens (% p.a.)*
7 days2.252.75
8 days2.252.75
9 days to 14 days2.252.75
15 days to 29 days2.503
30 days to 59 days2.753.25
60 days to 89 days2.803.30
90 days to 93 days33.50
94 days33.50
95 days to 179 days33.50
180 days33.50
181 days to 269 days33.50
270 days to 364 days3.103.60
365 days3.103.60
366 days to 399 days3.103.60
400 days3.253.75
401 days to less than 18 months3.253.75
18 months to 599 days3.303.80
600 days3.754.25
601 days to 699 days3.303.80
700 days3.754.25
701 days to 730 days3.504
731 days3.504
732 days to less than 36 months3.604.10
36 months to less than 37 months44.50
37 months to less than 48 months44.50
48 months to 60 months44.50

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

Different Types of HSBC Bank FD Schemes

HSBC Fixed Deposit Account HSBC Bank offers this 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

Can I deposit in foreign currency?

No, HSBC Bank only accepts deposits in Indian Rupees.

I am planning to deposit Rs.5 crore in the FD account? Do I get a special rate?

The bank has listed out the interest rates applicable for different deposit amounts corresponding to the tenures. Please contact the nearest HSBC Bank branch for more details. Note that the interest rate for bulk deposits of Rs.1 crore or above keeps changing daily.

Does the additional interest rate of 0.5% for senior citizens apply on all account types?

The additional interest rate for senior citizens are only applicable to resident Indians on domestic FD accounts. In the case of joint accounts, the additional interest rate is applied only if the senior citizen is the first holder of the account.

Can I open an FD account online for any amount?

No, the bank only allows customers to open an FD account with a deposit sum less than Rs.1 crore. For higher deposit amounts, you must visit the nearest branch.

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Quick Summary

HSBC Bank offers various Fixed Deposit (FD) schemes for different classes of people, providing security and higher returns. The bank provides a detailed overview of their FD schemes, eligibility criteria, benefits, and tax implications. Customers can access attractive interest rates, flexibility in deposit tenures, and special rates for senior citizens. Tax benefits apply if interest earned exceeds specified amounts. An FD interest rate calculator helps in making informed financial decisions.

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