About HDFC Bank Fixed Deposit

HDFC Bank is a premier private sector bank in India. HDFC Bank offers excellent banking services to all sections of society. It includes different kinds of deposits and loan accounts. As on date, the bank has more than 5,130 branches and 13,400 ATMs in almost 2800 cities and towns in India. HDFC Bank provides loans such as home, business, and car loans. Besides, HDFC Bank offers various deposit products to its customers.  

Why HDFC Bank Fixed Deposits?

HDFC Bank offers one of the highest interest rates on fixed deposits in India. Secondly, the bank has a presence in almost every state in India. Its extensive network and well-thought-out deposit schemes are extremely beneficial to its customers. The bank offers a colourful bouquet of fixed deposit options that encourage people to save money. One of the best offerings from HDFC Bank is the Dream Deposit that allows you to name the deposit depending on your goal. It is a flexible deposit product. Besides Dream Deposit, HDFC Bank has the regular recurring deposit and fixed deposit products. It also offers attractive deposit schemes for non-resident Indians (NRIs).

HDFC Bank Fixed Deposits - Features and Benefits

  • Variety of deposit products
  • Fixed deposit and recurring deposit schemes
  • Options to receive interest at monthly or quarterly intervals
  • Reinvestment options also available
  • A higher rate for senior citizens
  • Varied tenure ranging from seven days to 10 years
  • Facility to open FD online
  • Attractive rates of interest
  • Facilities available to residents and non-resident Indians
  • Super Saver Facility where you get overdraft up to 90% on your FD
  • Sweep facility that helps you to avoid breaking the FD in an emergency
  • Tax Saving Deposit Schemes on offer
  • Nomination facility available
  • Premature withdrawal facility allowed with a penalty of 1%
  • No TDS on interest up to 40,000 to an individual in a financial year
  • Loans and overdrafts granted against fixed deposit receipts
  • Credit cards are also available against your fixed deposits
  • Foreign Currency deposit options for residents and non-residents

HDFC Bank Fixed Deposits - Rate of Interest

HDFC Bank offers some of the best interest rates in the market. Senior citizens get an advantage of an additional 0.50% over the general rates. This benefit does not apply to non-resident Indians. The minimum tenure for an NRE deposit is one year.

 Interest rate table for Domestic, NRE, and NRO term deposits for deposits up to 5 Crores. (With effect from 22.07.2019)

Period < 2 Crores >= 2 Crores to

7 to 14 days

3.50%

4.25%

15 to 29 days

4.25%

30 to 45 days

5.50%

5.75%

46 to 60 days

 

6%

6%

61 to 90 days

91 days to 6 months

6.30%

6 months 1 day to 6 months 3 days

 

6.50%

 

6.65%

6 months 4 days

6 months 5 days to 9 months

9 months 1 day to 9 months 3 days

 

 

 

6.75%

 

 

 

6.80%

9 months 4 days

9 months 5 days to 9 months 15 days

9 months 16 days

9 months 17 days to < 1 year

1 year

 

 

 

7.10%

 

 

 

7.15%

1 year 1 day to 1 year 3 days

1 year 4 days

1 year 5 days to 1 year 15 days

1 year 16 days

1 year 17 days to 2 years

7.20%

2 years one day to 2 years 15 days

 

7.30%

 

7%

2 years 16 days

2 years 17 days to 3 years

3 years 1 day to 5 years

7.25%

6.95%

5 years 1 day to 8 years

7%

6.75%

8 years 1 day to 10 years

The interest rates for deposits for 5 Crores and above are different from the ones mentioned above. It depends on the tenure and the amount of deposit. HDFC Bank offers two types of deposits for 5 Crores and above (withdrawable and non-withdrawable).

Rate of Interest on Deposits of 5 Crores and above - Non-withdrawable (with effect from 11.07.2019)

Period 5 Crores and above

91 days to 120 days

6.40%

121 days to 150 days

151 days to 6 months

6.55%

6 months 1 day to 6 months 3 days

 

6.75%

6 months 4 days

6 months 5 days to 9 months

9 months 1 day to 9 months 3 days

6.90%

9 months 4 days

9 months 5 days to 9 months 15 days

9 months 16 days to < 1 year

7%

1 year

 

7.25%

1 year 1 day to 1 year 3 days

1 year 4 days

1 year 5 days to 2 years

2 years 1 day to 3 years

7.15%

3 years 1 day to 5 years

5 years 1 day to 10 years

7%

 ROI on deposits of 5 Crores and more (Withdrawable) - with effect from 02.07.2019

Period 5 Cr to < 5.25 Cr 5.25 Cr to < 5.50 Cr 5.50 Cr to < 24.75 Cr 24.75 Cr to < 25 Cr 25 Cr and above

7 to 14 days

4.25%

15 to 29 days

30 to 45 days

5.75%

5.25%

5.75%

5.25%

5.75%

46 to 60 days

6 %

5.50%

6%

5.50%

6%

61 to 90 days

91 days to 120 days

 

 

6.30%

 

 

5.75%

 

 

6.30%

 

 

5.75%

 

 

6.30%

121 days to 150 days

151 days to 6 months

6 months 1 day to 6 months 3 days

 

 

6.65%

 

 

5.85%

 

 

6.65%

 

 

5.85%

 

 

6.65%

6 months 4 days

6 months 5 days to 9 months

9 months 1 day to 9 months 3 days

 

 

 

6.80%

 

 

 

5.85%

 

 

 

6.80%

 

 

 

5.85%

 

 

 

6.80%

9 months 4 days

9 months 5 days to 9 months 15 days

9 months 16 days to < 1 year

1 year

 

 

 

 

7.15%

 

 

 

 

6%

 

 

 

 

7.15%

 

 

 

 

6.00%

 

 

 

 

7.15%

1 year 1 day to 1 year 3 days

1 year 4 days

1 year 5 days to 2 years

2 years 1 day to 3 years

3 years 1 day to 5 years

6.95%

6%

6.95%

6%

6.95%

5 years 1 day to 10 years

6.75%

6%

6.75%

6%

6.75%

 Foreign Currency Non-Resident Deposit Interest Rates - with effect from 01.07.2019 

Period GBP USD Euro JPY AUD CAD

1 year to < 2 years

1.20%

2.47%

 

 

0.01%

 

 

0.01%

1.68%

2.13%

2 years to < 3 years

1.59%

2.66%

2.04%

2.42%

3 years to < 4 years

1.64%

2.65%

2.14%

2.45%

4 years to < 5 years

1.62%

2.64%

2.19%

2.42%

5 years

1.48%

2.49%

2.12%

2.29%

Resident Foreign Currency Fixed Deposit Rates

Period GBP USD Euro JPY W.e.f.

Less than 1 year

0.01%

0.01%

 

0.01%

 

0.01%

01.12.2018

1 year to < 2 years

1.20%

2.47%

 

01.07.2019

2 years to < 3 years

1.59%

2.66%

3 years

1.64%

2.65%

Recurring Deposits - for Residents and Non-residents (with effect from 22.07.2019)

  • Senior Citizen benefit available only for resident Indians (0.50% more than the general rate)
  • The minimum tenure for NRIs is 12 months
Period Resident Indians Non-Resident Indians

6 months

6.00%

NA

9 months

6.50%

12 months

7.10%

7.10%

15 months

7.20%

7.20%

24 months

27 months

7.30%

7.30%

36 months

39 months

 

7.25%

 

7.25%

48 months

60 months

90 months

7%

7%

120 months

HDFC Bank Fixed Deposits - Types of Deposits

HDFC Bank offers various fixed deposit products to suit the requirements of all types of customers. One of the innovative schemes is the Dream Deposit that allows customers to deposit money whenever it is available. The benefit is that the customer gets higher rates of interest as applicable to fixed deposits.

Dream Deposit

Eligibility

All resident individuals can open Dream Deposit

Features

  • Facility to name the deposit depending on the dream you are saving up for, such as Purchase Home, Child Education, and Marriage.
  • Online experience
  • Top up options available up to 3 times a month
  • Flexibility to deposit money whenever it is available
  • Maximum top up can be twice the monthly instalment amount
  • Interest rate as applicable to fixed deposits
  • Facility to deposit cash after Standing Instruction (SI) date
  • No penalty for missing SI date
  • Interest from the day you deposit top-up
  • Premature withdrawal facility without any penalty
  • Minimum deposit period to earn interest is one month

Quantum of Deposit

  • The minimum investment is 1,000 and in multiples of 100 thereafter with a maximum instalment of 14,99,900 per month.
  • The minimum top-up value is 1,000, and the maximum is twice the monthly instalment value.

Deposit Tenure

The minimum tenure is six months and in multiples of three months thereafter with a maximum of 10 years.

Regular Fixed Deposits

Product

Standard fixed deposit that allows customers to save money for fixed tenures depending on their requirements.

Features

  • Get the benefit of one of the best interest rates in the market
  • Quarterly compounding and reinvested
  • Senior citizens get the benefit of an additional 0.50% over the existing rate
  • Loans and credit cards available against fixed deposits
  • NRIs are also eligible to deposit money in this product
  • Facility to open and maintain FD online
  • Sweep facility and Super Saver Facility available

Eligibility

  • Individuals, both residents and Non-residents
  • Hindu Undivided Family
  • Partnership firms and Sole Proprietorship concerns
  • Trusts

Quantum of Deposit

The minimum deposit is for 5,000

Deposit Tenure

Seven days to a maximum of 10 years

Taxation

TDS applicable as per rules

Nomination

Available

Recurring Deposit

Product

Facility to invest in small amounts every month and get the benefit of Fixed Deposit interest rates.

Eligibility

  • Resident and non-resident Individuals
  • HUF
  • Public and Pvt Ltd Companies
  • Trusts and societies

Quantum of Deposit

  • The minimum investment is 1,000 and in multiples of 100
  • The maximum amount is 14,99,900 per month

Tenure of Deposit

  • The minimum tenure is six months and in multiples of 3 months thereafter. The maximum tenure of the Recurring Deposit is ten years.
  • For NRI customers, the minimum tenure is 12 months

Taxation

TDS as applicable

Nomination

Available

Other Conditions

  • No change in instalment amount
  • Partial payment of instalments not allowed
  • The minimum lock-in period of one month
  • Interest payable on maturity
  • Maturity amount can change depending on the date of payment of the scheduled instalments.
  • Bank can close the RD account if there is a default in payment of six instalments at a stretch.
5-year Tax Saving Fixed Deposit

Product

Fixed deposit scheme that offers concession under Sec 80C of IT Act

Eligibility

  • Resident Individuals
  • HUF

Quantum of Deposit

  • Minimum amount is 100 and in multiples of 100
  • The maximum investment is 1.50 Lakhs

Deposit Tenure

Fixed tenure of five years

Premature payment

Not allowed

Interest Payout frequency

Monthly and quarterly payout facility available

Non-resident Fixed Deposits

NRE Fixed Deposits

Eligibility

Individual non-resident Indian

Joint Accounts

Joint with resident Indian permitted with operating instructions, Former or Survivor.

Currency

Indian Rupees

Repatriation

Allowed

Type of Account

Fixed Deposit

Quantum of Deposit

Minimum of 25,000 and in increments of 10,000

Deposit Tenure

Minimum deposit tenure of one year and a maximum of 10 years

Interest Payment

Monthly, Quarterly, or on maturity

Taxation

Interest earned in India is exempt

NRE Recurring Deposits

Eligibility

Individual non-resident Indian

Joint Accounts

Joint with resident Indian permitted with operating instructions, Former or Survivor.

Currency

Indian Rupees

Repatriation

Allowed

Deposit Type

Recurring Deposit

Quantum of Deposit

Minimum instalment of 1,000 and in multiples of 100 with a maximum of 14,99,900 per month.

Deposit Tenure

Minimum of one year and in multiples of three months with a maximum tenure of 10 years.

Interest Payment

Reinvestment

Taxation

Interest earned in India is exempt

NRO Fixed Deposit

Eligibility

Individual non-resident Indian other than person resident in Nepal or Bhutan

Joint Accounts

Joint with resident Indian permitted with operating instructions, Former or Survivor.

Currency

Indian Rupees

Repatriation

Allowed as per RBI norms

Deposit Type

Fixed Deposit

Quantum of Deposit

Minimum of 25,000 and in increments of 10,000

Deposit Tenure

A minimum period of seven days with a maximum of 10 years

Interest Payment

Monthly, Quarterly, or on maturity

Taxation

As per IT rules

NRO Tax Saver Fixed Deposit

Eligibility

Individual non-resident Indian other than a person residing in Nepal and Bhutan.

Joint Accounts

Joint with resident Indian permitted with operating instructions, Former or Survivor.

Currency

Indian Rupees

Repatriation

Allowed as per RBI rules

Deposit Type

Fixed Deposit

Quantum of Deposit

The minimum amount of 100 and in multiples of 100

Maximum 1.50 Lakhs

Deposit Tenure

Fixed Tenure of Five years

Interest Payment

Monthly, Quarterly, or on maturity

Taxation

As per IT rules

Rupee Max

Eligibility

Booking an FCNR deposit with Forward Cover option is advisable

Joint Accounts

Joint with resident Indian permitted with operating instructions, Former or Survivor.

Currency

USD, GBP, Euro, JPY, AUD, and CAD

Repatriation

Allowed

Quantum of Deposit

Equivalent to Indian Rupees 25 Lakhs

Deposit Tenure

Minimum of one year with a maximum of five years

Interest Payment

On Maturity

Taxation

Consult the Tax Advisor

Foreign Currency Accounts

FCNR Deposit

Eligibility

Individual non-resident Indian

Joint Accounts

Joint with resident Indian permitted with operating instructions, Former or Survivor.

Currency

USD, GBP, Euro, JPY, AUD, and JPY

Repatriation

Allowed

Deposit Type

Fixed Deposit

Quantum of Deposit

Currency

Fresh Deposit

Add-on

USD

1,000

1,000

GBP

2,500

1,000

EUR

2,500

1,000

JPY

750,000

750,000

AUD

1,000

1,000

CAD

1,000

1,000

Deposit Tenure

Minimum deposit period of one year and a maximum of 5 years

Interest Payment

Half-yearly, on maturity

Taxation

Interest earned in India is exempt

Resident Foreign Currency - RFC

Eligibility

Individual non-resident Indian who has returned to India for permanent settlement.

Joint Accounts

Joint with resident Indian permitted

Currency

USD, GBP, EUR, JPY, AUD, CAD

Repatriation

Allowed

Deposit Type

Fixed Deposit

Quantum of Deposit

No limit

Deposit Tenure

A minimum period of seven days with a maximum of three years

Interest Payment

Half-yearly, on maturity

Taxation

Interest earned in India is exempt if RNOR status is proved

Foreign Currency Max

Eligibility

Depending on market conditions, booking of NRE A/c with Forward contract cover is better than FCNR A/c.

Joint Accounts

Joint with resident Indian permitted with operating instructions, Former or Survivor.

Currency

Indian Rupees

Repatriation

Allowed

Deposit Type

Fixed deposit

Quantum of Deposit

25 Lakhs

Deposit Tenure

Minimum of one year with a maximum of 5 years

Interest Payment

On Maturity

Taxation

Consult your tax advisor

Documents Required for Opening HDFC Bank Fixed Deposits

Customers need to submit the following general documents for opening a fixed deposit:

  • KYC Documents
  • Recent photograph

KYC Documents consist of the following:

Constitution Applicable Documents

Individuals

  • PAN Card
  • Passport
  • Aadhaar Card
  • Voter's ID
  • Driving License

Partnership Proof

  • Incorporating Certificate
  • Authorised Signatories ID Proof
  • Partnership Deed
  • Signatures of Authorised signatories

HUF

  • Self-attested PAN card
  • HUF Declaration deed
  • HUF Bank Statement

Procedure to Open HDFC Bank Fixed Deposits

Customers have the facility of opening HDFC Bank Fixed Deposits online and offline.

Online FD opening

  • You need an internet banking connection or the HDFC Bank mobile app on your smartphone to open an FD online.
  • Log into your internet banking account using your login credentials
  • Choose the Open FD online option
  • Since you are an existing customer, there is no need for KYC
  • Select the FD product you need and complete the process of opening online by entering details like tenure, amount, nominee, and confirm it.
  • It is also possible to download FD advice online

Offline FD opening

  • Visit the nearest HDFC Bank branch to complete the formalities
  • If you do not have an HDFC Bank account, you have to submit your KYC documents

Maturity Value Calculator

HDFC Bank provides the option of calculating the maturity value of your fixed deposits, including Recurring deposits on its official webpage. Access the option and submit the details such as principal amount, rate of interest, and deposit tenure. You get the maturity value of the deposit within no time.

Tax Deduction at Source on Fixed Deposit Interest

According to the stipulations laid down by the Government, banks have to deduct income tax at source on the interest payable to customers on their fixed deposits. If the interest amount on fixed deposits in a financial year is more than 40,000 ( 50,000 for senior citizens), the banks have to deduct TDS. However, customers have the option of submitting Form 15G (15H for senior citizens) to ensure that banks do not deduct TDS at the source. It is the customer's responsibility to ensure tax compliance.

HDFC Bank Fixed Deposits - Frequently Asked Questions

What is the 'Sweep-in' facility on the HDFC Bank Fixed Deposits?

The 'Sweep-in' facility enables easy liquidity between your FD and bank account linked to it. Customers have to maintain minimum balances on their savings accounts. Otherwise, the bank charges penalties. The 'Sweep-in' facility enables the movement of balances from your FD to your savings accounts to the extent required. In this facility, the deposits are broken down into units of 1 each. As a result, the customer enjoys a higher rate of interest on the amounts with the FD.

 Is it permissible to link more than one FD account to the savings account in the 'Sweep-in' facility?

Yes, it is possible to link multiple fixed deposit accounts to the savings account. However, the reverse situation is not permissible. It is not necessary to have a fixed deposit and savings account in the same branch. Both the deposits have to be in the same name.

 Is it possible to move funds from savings account to the FD A/c in the 'Sweep-in' facility?

Yes, it is permissible to move funds from the savings account to the FD A/c, subject to the maintenance of minimum balance. Under such circumstances, the customer gets the benefit of interest rates for fixed deposits on the amounts over and above the minimum balance requirement. At the same time, the customer enjoys the liquidity of the savings or current account, as well.

 What is the concept of the Super Saver facility in HDFC Bank?

The Super Saver facility is an Overdraft facility on your fixed deposits where you get a credit limit up to 90% of the FD value as an overdraft. You link your savings or current account with the FD and enjoy the facility of overdraft to supplement your business or household needs. The benefit is that you continue to get interest on the fixed deposit at the contracted rates for the amounts that you do not utilise. There is no need to have a separate overdraft account in your name.

 Can you have the 'Sweep-in' and 'Super Saver' facility on a single FD?

No, it is not permissible to have both the 'Sweep-in' and 'Super Saver' facility on the same FD. However, you can link the same savings account to have these facilities on two different FDs.

 What is the primary difference between the Sweep-in and Super Saver facility?

The Sweep-in facility allows movement of funds from the FD A/c to the savings account and vice versa up to the extent of the principal amount of the FD. The customer does not have to pay any interest on the amount swept into his/her savings account. However, the interest payable on the Fixed Deposit amount gets reduced accordingly. In the case of Super Saver facility, the customer pays interest @2% over the contracted FD rate on the amount used as an overdraft. The rate of interest you get on the deposit does not change. Secondly, customers can use up to 90% of the FD amount as an overdraft.

 What are the applicable TDS rates on HDFC Bank FD interest?

As per Income Tax Act specifications, the tax rates on interest earned on fixed deposits for resident individuals, HUF, corporate entities, firms, cooperative societies, and local authorities is 10%. However, TDS applies only if the interest amount exceeds 40,000 ( 50,000 for senior citizens) in a financial year. In the case of Non-Resident Ordinary A/c (NRO), the TDS rate is 30.90% (30% + 3% education cess) on the entire interest amount without any exemption. 

 Can I get a credit card against my FD in HDFC Bank?

Yes, it is possible to get a credit card against your FD in HDFC Bank. It is known as a secured credit card. The bank grants up to 90% of the FD value as a credit card limit. As the bank marks a lien on the FD balance, it can adjust the FD amount against overdue credit card payments. Such cards are useful to customers to build up their credit rating.

 Is it compulsory to have an account with HDFC Bank to open an FD in the bank?

It is not compulsory to have a savings or current account with HDFC Bank to open an FD with the bank. However, it is better to have an account because you can use the internet banking facility to open the FD online.

Is it necessary for me to have a PAN card to open the HDFC Bank FD?

Yes, it is necessary to have a PAN card, as you might face the following consequences otherwise.

  • TDS deduction will be 20% instead of 10%
  • TDS exemption will be void.
  • Unable to avail TDS credit
  • Will not receive TDS certificate

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