HDFC Bank is the leading private section bank and financial institution. HDFC Bank offers a variety of fixed deposit schemes to meet different people’s requirements.
HDFC Bank offers flexible tenure for a fixed deposit scheme that is from 7 days to 10 years. HDFC bank provides regular returns on the fixed deposit investment that is from 2.50% to 5.50% and for senior citizens the interest is from 3.00% to 6.25%.
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Different Types of HDFC Bank Fixed Deposit Schemes
HDFC bank offers different types of fixed deposit schemes for all sorts of investors. Listed below are the FD schemes offered by the HDFC bank.
Regular Fixed Deposit
This is one of the best fixed deposit investment options available to invest in because investors are allowed to earn higher returns on the investments and there are flexibility and security.
Investors are allowed to open this fixed deposit account online through the internet banking of HDFC Bank. There is a nomination facility available and investors can avail of sweep-in & super saver facility on the fixed deposit.
Investors can also avail loan again the fixed deposit up to 90 percent.
Hindu undivided family, Limited companies and trust, Indian Resident
HDFC Bank 5 Year Tax Saving Fixed Deposit
This fixed deposit scheme by HDFC bank especially designed to save income tax in India. The deposits under this FD are tax exempted under section 80C of the Income Tax Act.
The first account holder can avail of tax benefits in case of a fixed deposit in a joint account. Nomination facility available and interest rate compounding on a quarterly basis.
HDFC Bank 5 Year Tax Saving Fixed Deposit can book on the monthly and quarterly payout. Also, investors can avail internet banking facility to book this FD.
Indian Resident, Hindu undivided family, 18 years age or above
Foreign Currency Non-Resident (FCNR) Fixed deposit
Foreign Currency Non-Resident Fixed deposit allows Indian residents to earn interest on foreign currency. This FD scheme allows investors to invest their money in foreign currency.
There is a tax exemption for the entire investment under this scheme. FCNR fixed deposit holder can avail of overdraft facility on their NRO account gain the deposit with the super saver facility
NRI and Indian origin people
As the name suggests (Non-withdrawable Deposits) investors cannot withdraw investment amounts partially or prematurely. Investors can avail of interest payouts on a monthly or quarterly basis.
Sweep in and premature withdrawal not allowed under this fixed deposit scheme. The interested rates are calculated on a discount basis over the simple fixed deposit offered by the bank. TDS deducted as per the income tax law in India.
On deposit of 5 crores and above
Overdraft against Fixed deposit
This is also one of the best-fixed deposit investment options because HDFC Bank offers an overdraft facility against fixed deposits to its customers.
People who have Overdraft against Fixed deposit account can avail 90 percent overdraft facility. The interest rate paid on the drawn amount. This FD scheme can be linked to savings and current accounts.
RS 25,000 FD account with 6 month 1 day tenure
Benefits of HDFC Bank Fixed Deposit
There are different benefits of investing in HDFC bank fixed deposit scheme. Some of the most important benefits are below.
- Guaranteed Returns: HDFC bank offer guaranteed returns on the fixed deposit and the returns offered on the invested regulated by the bank on the monthly basis. At the current time HDFC bank offering up to 5.50% interest. Interest rates offered on the HDFC FD are higher than saving accounts.
- Insured by the Government: The Deposit Insurance & Credit Guarantee Corporation offers deposit insurance up to rupees 5 lakh to fixed deposit across all banks.
- Loan Against FD: Investors can avail of loans against HDFC Bank fixed deposit up to 90%.
- Flexible Tenure: HDFC bank offers flexible tenure on the fixed deposit that can be a minimum to 10 years. HDFC Bank offers different interest rates across the different tenure of fixed deposit schemes.
- Flexible Investment: You can invest a minimum of rupees 5000 to a maximum no limit. It is flexible for retail investors.
Premature Withdrawal Terms and Conditions
As the name suggests fixed deposit means you are depositing your money for a fixed period of time except for regular returns. But, according to market HDFC Bank allow premature withdrawal of fixed deposit to meet your urgent financial needs.
There is a lower interest rate in case of premature withdrawal of fixed deposits. The premature withdrawal penalty is only applicable if the tenure of FD is more than seven days. If the tenure is less than seven days HDFC Bank will not pay interest on the deposit.
Eligibility Criteria for HDFC Bank Fixed Deposit
If you want to invest in HDFC Bank fixed deposit scheme then you must be meet the below criteria.
- You should be an Indian citizen
- Member of Hindu Undivided Family
- Any Business farm in India
- Localize governing body
- Private Limited Company Employee
- Trust accounts
Documents for HDFC Bank FD
To open a Fixed Deposit account you need the following documents
- A passport size photo
- Proof of Identity like Aadhar Card, Passport, PAN card, & driving license
- Proof of address like ration card, utility bills such as water, gas or electricity bill, Passport, etc.
- Proof of age like matriculation passing certificate, birth certificate, or election card
- Bank account details like passbook & account number
HDFC Fixed Deposit – FAQs
Q. What is the penalty for early withdrawal?
The HDFC Bank penalty range from 0.5% to 1% in most cases, it depends on the loan amount and tenure.
Q. What is the minimum amount for a fixed deposit in HDFC Bank?
The minimum amount required to open a Fixed deposit account with HDFC Bank is Rupees 5000
Q. What is the loan against FD repayment tenure?
HDFC Bank offer time to payback loan again FD for investors up to 10 years
Q. What is the current interest rate on FD in HDFC Bank?
The interest rates keep on changing as per the regulation, currently HDFC Bank offer 2.50% – 5.50% interest rate on FD.
Q. What is the minimum FD tenure for which a fixed Deposit account can be opened in HDFC Bank?
HDFC Bank offer a minimum tenure for fixed deposit seven days.