HDFC Fixed Deposit
Last Updated : April 16, 2020, 11:46 p.m.
Investment can be done in various ways. One of the most popular and trusted investment options among the common people is the fixed deposit. But the most important thing before investing in it is to know about the institution in which you are entrusting. You must know whether it could give you the services and privileges you want and deserve. Regarded as one of the largest private sector banks of India, this is one of those institutions which provide multiple an amazing range of financial services to people of our country. Among those many products, HDFC Fixed Deposit is one of the most opted products among common people. Through this facility, HDFC Bank gives you the option to do the needful in order to fulfill the saving needs of the customer. HDFC Fixed deposit assures maturity benefits on the deposited amount as the investment.
You can choose from Regular Scheme and 5 Year Tax Saving Fixed Deposit schemes to the customers. We will be telling you about both of these schemes in detail. So, keep reading!
HDFC FD Interest Rates April 2024
With the HDFC Fixed deposit schemes, you will get high and competitive interest rates whether you’re a general individual or a senior citizen. The interest benefits can be enjoyed at the time of maturity. The interest rate on your deposits less than 2 crore ranges from 3.50% to 6.40% per annum. But if your deposited amount is more than 2 crore and less than 5 crores, you can enjoy the interest rates ranging from 4.00% to 6.10% per annum.
Apart from this, the bank also offers special rates to senior citizens that range between 4% to 6.80% per annum for less than 2 crores and 4.50% to 6.60% per annum for more than 2 crores but less than 5 crore deposits. However, you need to remember that these rates will change according to the period of investment (lock-in period) and the investor’s category. So, it will be up to you what investment period you will choose, and according to that, your interest on the deposited amount will vary.
For your reference, below are the interest rates mentioned for different lock-in periods.
HDFC Bank Fixed Deposit (with premature withdrawal facility)
Know the Interest rates on Domestic, NRO & NRE deposits on Less than ₹2 Crore
| Tenure | Interest Rates for General (In % per annum) | For Senior Citizens (In % per annum) |
|---|---|---|
| 7 days - 14 days | 3.5 | 4 |
| 15 days - 29 days | 4 | 4.5 |
| 30 days - 45 days | 4.9 | 5.4 |
| 46 days - 60 days | 5.4 | 5.9 |
| 61 days - 90 days | 5.4 | 5.9 |
| 91 days - 6 months | 5.4 | 5.9 |
| 6 months 1 day - 9 months | 5.8 | 6.3 |
| 9 months 1 day - less than 1 year | 6.05 | 6.55 |
| 1 Year | 6.3 | 6.8 |
| 1 Year 1 day - 2 years | 6.3 | 6.8 |
| 2 Years 1 day - 3 Years | 6.4 | 6.9 |
| 3 years 1 day - 5 years | 6.3 | 6.8 |
| 5 years 1 day - 10 years | 6.3 | 6.8 |
Interest rates on Domestic, NRO & NRE deposits on more than ₹2 Crore and less than ₹5 Crore
| Tenure | Interest Rates for General (In % per annum) | For Senior Citizens (In % per annum) |
|---|---|---|
| 7 days - 14 days | 4 | 4.5 |
| 15 days - 29 days | 4 | 4.5 |
| 30 days - 45 days | 4.5 | 5 |
| 46 days - 60 days | 5 | 5.5 |
| 61 days - 90 days | 5 | 5.5 |
| 91 days - 6 months | 5 | 5.5 |
| 6 months 1 day - 9 months | 5.5 | 6 |
| 9 months 1 day - less than 1 year | 5.75 | 6.25 |
| 1 Year | 6 | 6.5 |
| 1 Year 1 day - 2 years | 6 | 6.5 |
| 2 Years 1 day - 3 Years | 6.1 | 6.6 |
| 3 years 1 day - 5 years | 6.1 | 6.6 |
| 5 years 1 day - 10 years | 6.1 | 6.6 |
Interest rates on Domestic, NRO & NRE deposits on more than ₹5 Crore
| Tenure | Interest Rate (In % per annum) |
|---|---|
| 7 days - 14 days | 4 |
| 15 days - 29 days | 4 |
| 30 days - 45 days | 4.25 - 4.50 |
| 46 days - 60 days | 4.50 - 5.00 |
| 61 days - 90 days | 4.50 - 5.00 |
| 91 days - 6 months | 4.75 - 5.00 |
| 6 months 1 day - 9 months | 4.75 - 5.50 |
| 9 months 1 day - less than 1 year | 5.00 - 5.75 |
| 1 Year - 2 years | 5.00 - 6.00 |
| 2 Years 1 day - 3 Years | 5.00 - 6.10 |
| 3 years 1 day - 5 years | 5.00 - 6.10 |
| 5 years 1 day - 10 years | 5.00 - 6.10 |
How to use HDFC Bank FD Calculator
HDFC Bank Fixed deposit calculator is one such smart tool that allows you to know the exact maturity amount of the deposit. When an individual decides to deposit his or her hard-earned money, it’s important to know the maturity amount. The FD calculator helps you in doing this correct estimation. You just need to enter the principal amount, tenure and interest rate, that’s it. The rest will be done by the calculator itself. Also, with this amazing tool, you can compare returns on multiple deposited amounts for different lock-in periods. You just need to select the best option that fits best into your requirements.
We will try to make you understand in a more clear way through the below example.
Suppose, Ved Vardhan Sahni, who is a Product Manager in a reputed firm wants to deposit ₹10 Lakh in HDFC bank for a period of 10 years. Thus, for the same, the bank is ready to pay him an interest of let’s say 5.00% per annum. Now, Ved wants to know how much money will he get at maturity?
With the help of the FD Calculator, Ved can calculate it easily within seconds. His maturity value will come out to be ₹ 16.4 Lakh and he will earn the interest of ₹6.4 Lakh. For your reference below is a table showing the opening balance, interest earned and closing balance of the same deposited amount.
| Year | Interest Rate (% per annum) | Opening Balance (in ₹) | Interest Earned (in ₹) | Closing Balance (in ₹) |
|---|---|---|---|---|
| 1 | 5 | 10,00,000 | 50945 | 10,50,945 |
| 2 | 5 | 10,50,945 | 53541 | 11,04486 |
| 3 | 5 | 11,04486 | 56268 | 11,60,754 |
| 4 | 5 | 11,60,754 | 59135 | 12,19,889 |
| 5 | 5 | 12,19,889 | 62148 | 12,82,037 |
| 6 | 5 | 12,82,037 | 65314 | 13,47,351 |
| 7 | 5 | 13,47,351 | 68641 | 14,15,992 |
| 8 | 5 | 14,15,992 | 72138 | 14,88,130 |
| 9 | 5 | 14,88,130 | 75813 | 15,63,943 |
| 10 | 5 | 15,63,943 | 79676 | 16,43,619 |
HDFC Bank Fixed Deposit Schemes
As we said before, HDFC Bank provides mainly two types of fixed deposit schemes. These are Regular Fixed Deposits and 5-Year Tax Saving Fixed Deposit. You can have a look at the various details of both schemes below.
Regular Fixed Deposit
With this HDFC FD scheme, the customer has the freedom to open the account with a minimum amount of ₹ 5,000. You can choose the maximum tenure as the 10 years. An individual can also choose between the Sweep-in facility and the Super Saver facility. Both of these options let you manage your funds in an easy way. Moreover, the customer also has the option of having a nominee to the term plan who will receive the maturity amount in case the depositor is unavailable.
You can have a detailed look at this scheme below.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹ 5,000 for General Individuals |
| Maximum Investment Amount | No Upper Ceiling |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 Years |
| Partial Withdrawal | Available in the multiples of ₹ 1,000 |
| Premature Withdrawal | Permitted ( With 1% penalty charged) |
| TDS | Applicable |
| Interest Payout Frequency | As per Customer’s Instruction |
| Auto-renewal Facility | Available |
| Nomination Facility | Available |
What is the eligibility for Regular HDFC FD Schemes?
In order to avail of an HDFC Regular FD scheme, you would have to qualify certain conditions to reap the maturity. You can have a look at the individuals and groups that are eligible for a regular fixed deposit.
- Residents
- Hindu Undivided Families
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
5-year Tax Saving Fixed Deposit
As the name suggests, this type of FD schemes mainly helps people in saving tax by depositing their money for a period of 5 years. Any individual can not withdraw the amount before maturity. The individual who is the first holder of this scheme will be able to avail of the tax benefits under section 80C. You can have a look at other details of this scheme below.
| Particulars | Details |
|---|---|
| Minimum Investment Amount | ₹ 100 and in multiples of ₹ 100 |
| Maximum Investment Amount | ₹ 15,00,00 in a financial year |
| Minimum Tenure | 5 years |
| Interest Payout Frequency | Monthly or Quarterly |
| Partial Withdrawal | Available in the multiples of ₹ 1,000 |
| Premature Withdrawal | Not Allowed |
| TDS | Applicable under Section 80C of IT Act |
| Lock-in Period | 5 years |
| Nomination Facility | Available |
What is the Eligibility for HDFC 5-year Tax Saving Deposit?
In order to be eligible for this HDFC FD scheme, you must qualify certain conditions fixed by the bank. Have a look at the mentioned below!
- Any resident individual can easily apply for this HDFC scheme.
- Hindu Undivided Families are also eligible for this.
What are the documents required for the HDFC Fixed Deposit?
While applying for any HDFC FD scheme, any applicant will have to present the following documents.
- ID Proof – Passport/ PAN Card/ Driving Licence/ Voter ID/ Government ID Card/ Senior Citizen ID Card
- Address Proof – Passport/ Telephone Bill/ Electricity Bill/ ID Card issued by the Post Office/ Bank statement with cheque
HDFC Bank Fixed Deposit Form
In order to apply for any of the FD schemes of HDFC, you will need to fill out a form. In this form, you will have to fill in a few details which you can see below.
- Details of Applicant/Applicants with Photograph
- Details of Nominee
- Interest Payout Details
- Maturity Instructions
- The choice between Sweep-in or Super Saver Facility
Features and benefits of HDFC Fixed Deposit
HDFC Fixed Deposit provides you a range of benefits and privileges that you can enjoy. You can have a look at them below.
- Any individual can apply for the schemes through the HDFC NetBanking facility from any part of the world.
- The customers have the option of liquidating their deposited money at any point in their tenure.
- You have the option to choose the lock-in period according to your requirements.
- Senior Citizen can avail best of the interest rates on the fixed deposit schemes of HDFC.
- HDFC provides various interest payout options from which you can choose any.
