HDFC Bank is a prominent financial institution in India that offers a wide range of commercial and transactional banking services. It caters to both wholesale and retail banking needs.
The bank places a strong emphasis on various financial products and services, including car finance, business banking loans, commercial vehicle finance, credit cards, and personal loans.
HDFC Bank was incorporated in 1995 and has its headquarters in Mumbai, India. As of March 2022, the bank has an extensive network of 6,342 outlets across India and overseas, along with 18,130 ATMs and Cash Withdrawal Machines to serve its customers.
Additionally, the bank has garnered significant trust and financial strength, with total deposits amounting to INR 15,59,217 crores as of March 2022.
It’s worth noting that HDFC Bank’s Fixed Deposits are considered highly reliable, as they hold a AAA Credit Rating, signifying their stability and safety for investors.
The latest HDFC Bank interest rate
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|
| 7 – 29 days | 3% | 3.5% |
| 30 – 45 days | 3.5% | 4% |
| 46 – 89 days | 4.5% | 5% |
| 90 days < = 6 months | 4.5% | 5% |
| 6 months 1 days < = 9 months | 5.75% | 6 months 1 day < = 9 months |
| 9 months 1 day to < 1 year | 6% | 6.5% |
| 1 year to < 15 months | 6.60% | 7.10% |
| 15 months to < 18 months | 7.10% | 7.6% |
| 18 months to < 21 months | 7% | 7.5% |
| 2 Years 11 Months – 35 Months | 7.15% | 7.65% |
| 2 Years 11 Months 1 day to < 4 Years 7 Months | 7.00% | 7.50% |
| 4 Year 7 Months – 55 months | 7.20% | 7.7% |
| 4 Year 7 Months 1 day < = 5 Years | 7% | 7.5% |
- Click here to book a deposit new way, using your mobile no.
- Click here to book a deposit via NetBanking > Accounts > Transact
What are the HDFC Bank Fixed deposit schemes?
HDFC Bank offers a variety of fixed deposit schemes to cater to different financial needs and preferences. Here are some of the types of fixed deposit schemes offered by HDFC Bank:
- Regular Fixed Deposit: This is a standard fixed deposit scheme where you can deposit a lump sum amount for a specific tenure at a predetermined interest rate.
- 5-Year Tax Saving Fixed Deposit: This type of fixed deposit allows you to save on taxes under Section 80C of the Income Tax Act. The invested amount is locked in for a minimum of 5 years, and it offers tax benefits.
- Foreign Currency Non-Resident (FCNR) Fixed Deposit: FCNR fixed deposits are designed for Non-Resident Indians (NRIs) and allow them to deposit foreign currency in India. These deposits are typically in foreign currencies and offer attractive interest rates.
- Overdraft Against Fixed Deposit: HDFC Bank provides an option to take an overdraft facility against your fixed deposit. This means you can borrow money against your fixed deposit without breaking it.
- No Withdrawal Fixed Deposit: This type of fixed deposit restricts premature withdrawals, which can be beneficial if you want to ensure your savings remain intact for a specific period.
- HDFC Bank HealthCover FD: This is a unique fixed deposit scheme that combines the benefits of a fixed deposit with health insurance coverage. It allows you to earn interest on your deposit while also providing health insurance coverage for you and your family.
These are some of the fixed deposit options available at HDFC Bank, each designed to meet different financial goals and requirements.
It’s advisable to carefully consider your financial objectives and consult with the bank to choose the right fixed deposit scheme for your needs.
what are the Key Features of HDFC Fixed Deposit Schemes?
Here are the key features of HDFC Bank Fixed Deposit (FD) schemes:
- Premature Withdrawal: Most HDFC Bank FDs allow for premature withdrawal, except for tax-saving FDs. If you choose to withdraw your FD before its maturity date, HDFC Bank may impose a penalty of 1% on the interest earned. It’s important to note that the penalty terms may change according to HDFC Bank’s policies.
- Nomination Facility: HDFC Bank provides the option for FD investors to nominate beneficiaries. This ensures that in the event of the investor’s demise, the nominated individual(s) can easily claim the FD proceeds.
- Auto-Renewal: Investors have the choice to opt for auto-renewal of their HDFC Bank FDs. With auto-renewal, the FD is reinvested for a similar tenure upon maturity, ensuring that your funds continue to earn interest.
- Safety: HDFC Bank FDs benefit from the Deposit Insurance Scheme of the Reserve Bank of India (RBI). This scheme provides insurance coverage for all HDFC Bank deposits up to INR 5,00,000 per account holder. This adds an extra layer of safety and security for your deposited funds.
- Additional Payments: Once you have commenced an HDFC Bank FD, you typically cannot deposit additional funds into the same FD account. However, if you wish to invest more funds, you have the option to open a new HDFC FD account with the desired amount.
These features highlight the flexibility and security associated with HDFC Bank’s Fixed Deposit schemes, making them a popular choice for investors looking to grow their savings with peace of mind.
Please note that specific terms and conditions may apply, so it’s advisable to consult with HDFC Bank for the most up-to-date information and details regarding their FD offerings.
Does HDFC Bank Offer Recurring Deposits?
HDFC Bank provides a recurring deposit (RD) scheme for its depositors. Here are some key details about HDFC Bank’s recurring deposit offerings:
- Minimum Tenure: The minimum tenure for an HDFC recurring deposit is six months.
- Tenure Increments: After the initial six months, depositors can choose to continue their RD in multiples of three months. This allows for flexibility in the duration of the RD.
- Maximum Tenure: The maximum tenure for an HDFC recurring deposit is ten years. This means depositors can choose to continue their RD for a maximum of ten years if they wish to do so.
- Account Opening: Depositors have the convenience of opening an RD account with HDFC Bank either by visiting a bank branch in person or through the bank’s online platform using net banking. This flexibility in account opening methods makes it convenient for customers to start their recurring deposits.
HDFC Bank’s RD scheme offers individuals a systematic way to save and accumulate funds over time, and the varying tenures allow customers to choose a duration that suits their financial goals.
Whether you prefer in-person banking or the convenience of online services, HDFC Bank provides options for both. It’s advisable to check with HDFC Bank for the most up-to-date information regarding their recurring deposit offerings and any specific terms and conditions that may apply.
How to Open an HDFC Bank FD Deposit Account?
You can open HDFC Bank FD account through various modes, the required documents, and eligibility criteria:
- Internet Banking:
- Log in to your HDFC Bank NetBanking account.
- Under the ‘Transact’ tab, select the ‘Open Fixed Deposits’ option.
- Choose the branch, specify the tenure of the FD, and enter the investment amount.
- Provide nominee details.
- Click on the ‘Continue’ button and then confirm the details.
- You can instantly download the fixed deposit advice (receipt) of the deposit.
- Mobile App (HDFC Bank App):
- Download the HDFC Bank App and log in.
- In the main menu under the ‘Save’ tab, select the ‘Deposit’ option.
- Choose the ‘Open Fixed Deposit’ option.
- Provide all the necessary deposit details and nominee information.
- Upon confirmation, you can instantly download the fixed deposit advice (receipt) of the deposit.
- Offline (Visit HDFC Bank Branch):
- Visit the nearest HDFC Bank branch in person.
- Fill out the HDFC Bank FD application form.
- Submit all the necessary documents along with the deposit amount.
- Upon successful processing of the application, HDFC Bank will provide an FD receipt.
Documents Required to Open an HDFC Bank FD:
When opening a fixed deposit account with HDFC Bank, you will typically need the following documents:
- Account opening form
- Recent passport-size photograph
- KYC (Know Your Customer) Documents:
- For Individuals and companies: PAN Card, Aadhar Card, Passport copy, Voter’s ID, or Driving License.
- For HUFs (Hindu Undivided Families): Self-attested PAN card, HUF declaration deed, and bank statement of HUF.
- For Partnership Firms: Certificate of Incorporation, Partnership Deed, and ID proofs of authorized signatories.
Eligibility to Open an HDFC Bank FD:
The eligibility criteria for opening an HDFC Bank FD account vary based on the type of account:
- Regular FD: Resident Indians, Organizations, HUFs (Hindu Undivided Families), Sole proprietorship firms, trusts, and companies can open a regular fixed deposit account.
- 5-Year Tax Saving FD: HUFs and Resident Indians aged 18 or above can open a 5-year tax-saving fixed deposit.
- Foreign Currency Non-Resident (FCNR) FD: The FCNR Fixed Deposit can be opened by Non-Resident Indians (NRIs) and people of Indian Origin.
- Resident Foreign Currency (RFC) Account: This account can be opened only by Non-Resident Indians (NRIs) who have returned to India for permanent settlement, with a settlement period of not less than one year.
- Overdraft Against FD: To avail of the overdraft against fixed deposit, the minimum amount in the FD should be INR 25,000 for a minimum tenure of six months and one day.
- No Withdrawal FD: Deposits with a value of INR 5 crores or above can open a No withdrawal fixed deposit account.
These guidelines should help you understand the process, documentation, and eligibility requirements for opening an HDFC Bank FD account based on your specific needs.
