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HDFC Bank Fixed Deposit (FD) interest rates

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Fatema Rasiwala

Fixed Deposit
Income Tax
Interest Rate

HDFC Bank is the first bank to get approval from RBI to set up a private sector bank in 1994. HDFC banking and financial service is the largest bank in India based on its market capitalization. It has  5400+ branches & 13,500 ATMs across the country. Out of all the financial services it provides, HDFC fixed deposit account service is very popular among the Indian crowd. The bank offers them a variety of fixed deposit schemes and other services based on their investment requirements to help them save tax and grow their wealth safely. In this article we take a look at the fixed deposit rates of the HDFC bank.

Interest rates for Fixed deposit in HDFC Bank

Following are the fixed deposit rates that the HDFC bank offers:

Tenure Interest rate for General citizen investing <INR 2 cr Interest rate for Senior citizen investing <INR 2 cr Interest rate for General citizen investing >INR 2 cr to <INR 5 cr Interest rate for Senior citizen investing >INR 2 cr to <INR 5 cr
7 – 14 days 2.50% 3.00% 2.50% 3.00%
15 – 29 days 2.50% 3.00% 2.50% 3.00%
30 – 45 days 3.00% 3.50% 2.75% 3.25%
46 – 60 days 3.00% 3.50% 2.75% 3.25%
61 – 90 days 3.00% 3.50% 3.00% 3.50%
91 days – 6 months 3.50% 4.00% 3.00% 3.50%
6 months 1 days – 9 months 4.40% 4.90% 3.50% 4.00%
9 months 1 day < 1 Year 4.40% 4.90% 3.65% 4.15%
1 Year 4.90% 5.40% 3.75% 4.25%
1 year 1 day – 2 years 4.90% 5.40% 3.75% 4.25%
2 years 1 day – 3 years 5.15% 5.65% 4.25% 4.75%
3 year 1 day- 5 years 5.30% 5.80% 4.25% 4.75%
5 years 1 day – 10 years 5.50% 6.25% 4.25% 5.00%

Additionally, a domestic/ NRE/NRO fixed deposit investor of HDFC bank is eligible for earning HDFC FD credits. Using such credits, the bank approves a loan of up to 90% of the FD’s value.

However, in case of Foreign Currency non- repatriable fixed deposit investors loan up to only 70% of FD’s value is granted.  

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Special forms to fill when applying for HDFC bank Fixed deposit

The investment objective of fixed deposits is to provide tax benefits under section 80C of the Income tax Act. It motivates an individual to save their wealth and also reduces tax liability.

In order to avail those tax benefits, an investor has to fill Form 15G and Form 15H respectively before investing. However, investors should keep in mind that they will get tax exemptions only if their interest earnings are not above the specific tax slab determined by the Income Tax Department.

Eligibility Criteria

Documents required for HDFC Bank Fixed Deposit (FD) account:

FAQs

What is the minimum amount required for investing in HDFC Fixed Deposit?

A investor can open a Fixed deposit account and begin the investment with as low as INR 5000.

Do senior citizen get any benefits of HDFC FD deposit?

Once provided with the documents to prove your age, HDFC offers 0.50% extra interest to depositors that are over 60 years. 

Can I change the maturity period of an on-going FD?

No, maturity of a Fixed deposit cannot be changed once it is initiated. If an investor wants to change the maturity period of a Fixed deposit he/she has to start a new investment with their preferred tenure.

What is a non-callable FD?

A FD scheme that prevents a customer from withdrawing any amount before the maturity of the Fixed Deposit is called a non-callable FD.

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