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HDFC Bank Fixed Deposit

Updated 06 Dec 2023

Indian investors seeking safety and competitive returns have long favoured HDFC Fixed Deposits (FDs). As one of the top private banks in India, HDFC provides a selection of fixed deposit plans designed to accommodate various financial objectives, from short-term savings to long-term asset accumulation.

 

Your investments will be profitable and secure thanks to the bank's strong reputation, attractive interest rates, and both. This blog will go into the specifics of HDFC FDs, highlighting their features, benefits, and how they may be a key component of your investment portfolio, whether you're an experienced investor or just beginning your financial journey.

Types of HDFC Bank Fixed deposits

  1. Regular Fixed Deposits
  2. HDFC Bank Health Cover FD
  3. Five-Year Tax Saving Fixed Deposit
  4. FCNR Deposits
  5. Flexi-Tenure FD
  6. Senior Citizen FD
  7. NRI FD
  8. Tax-Free FD

Benefits of investing in HDFC Bank Fixed Deposits

  • Convenient- Having a savings account in HDFC bank allows one to open fixed deposits easily and can be liquidated whenever required.
  • Minimum amount- FD of less than ₹5,000 can be opened with HDFC bank.
  • Other facilities- It also provides sweep-in and super saver facilities.
  • Liberal payouts- HDFC Bank provides options for monthly or quarterly interest payouts on FD. This is beneficial for people who wish for regular income.
  • Tax-benefits- HDFC bank's Five year saving FD offers exemptions under Section 80, thus helping to save taxes.
  • DICGC covers the DICGC Insurance Amount invested with Bank for the total sum of Rs 5 lakhs.

Features of HDFC Fixed Deposits

Regular Fixed Deposits

  • Offers to earn higher interest with flexibility and security of investments.
  • Sweeping funds from other linked FDs helps to cover shortfalls in the current FD.
  • Repayment of principal along with compound interest.
  • Allows to get an overdraft with the help of a super saver facility in case of tideover cash flow issues.
  • The interest rate ranges for this scheme from 3.00% to 7.00% for the general public and 3.50% to 7.75% for Senior Citizens.

HDFC Bank Health Cover FD

  • This FD ensures safety in health and also guarantees a return.
  • The tenure ranges from 1 year to 10 years.
  • The minimum deposit amount can be ₹2 lakhs, and the maximum amount can be ₹10 lakhs.
  • Same interest rate as that of regular deposits.
  • Provides options for monthly and quarterly payouts.
  • The interest rate ranges for this scheme from 3.00% to 7.00% for the general public and 3.50% to 7.75% for Senior Citizens.

Five-Year Tax Saving Fixed Deposit

  • The motive of this FD is to offer both earnings and tax benefits.
  • Allows to save tax under Section 80c of the Income Tax Act.
  • The minimum deposit amount can be ₹100, and the maximum deposit can be ₹1.5  lakhs.
  • The interest rate ranges for this scheme from 7.00% p.a. (for general citizens) 7.50% p.a. (for senior citizens)
  • The tenure is for 5 years.
  • Provides options for monthly and quarterly payouts.

FCNR Deposits

  • This deposit allows the investor to open an FD in foreign currencies and earn interest in Indian rupees.
  • Protects from market fluctuations.
  • The investor can hold deposits in 6 foreign currencies- US Dollars, Pounds Sterling, Euro, Japanese Yen, Australian Dollars, and Canadian Dollars.
  • The benefit of tax exemption in the deposited amount.
  • The interest rate ranges for this scheme from 3.00% to 7.00% for the general public and 3.50% to 7.75% for Senior Citizens.
  • The interest rate ranges from 4.00% to 5.40% based on tenor.

Flexi-Tenure FD

  • This FD allows you to choose the tenure of your FD at the time of maturity.
  • You can choose a tenure of 1 year, 2 years, 3 years, 5 years, or 10 years.
  • The interest rates are fixed for the entire tenure.
  • The interest rate ranges for this scheme from 3.00% to 7.00% for the general public and 3.50% to 7.75% for Senior Citizens. 

Senior Citizen FD

  • This FD offers higher interest rates to senior citizens (aged 60 years and above).
  • The interest rates are fixed for the entire tenure.
  • The interest rate ranges for this scheme from 3.50% to 7.75% for Senior Citizens.

NRI FD

  • This FD is offered to NRIs who have foreign currency accounts in India.
  • The interest rates are linked to the interest rates in the respective foreign currency.
  • The interest rates for this scheme range from 6.60% to 7.25%.

Eligibility Criteria to Open a Fixed Deposit with HDFC

To invest in HDFC Bank Fixed Deposits, the following are eligible- 

  • Residents
  • Sole proprietorship firms
  • Partnership firms
  • Trust accounts
  • Hindu undivided families
  • Limited companies

Documents Required to Open an HDFC Fixed Deposit

The following documents are required to invest in HDFC bank Fixed deposits-

 

Identity Proofs

  • Aadhaar card
  • Voter ID
  • Ration card
  • Passport
  • PAN card
  • Driving License

Address Proofs

  • Electricity Bills
  • Bank Statement

How To Open An FD Account?

If the investor has a saving account or current account with HDFC Bank, then, Fixed deposit account can be opened in both online and offline way-

 

Online way

  1. Login to your Net Banking Application. 
  2. Select 'Transact' and choose Open Fixed deposit.
  3. Fill the required details after selecting the bank's branch.
  4. Enter the deposit amount and select the tenure of FD. Also, enter the nominee details.
  5. Click confirm and continue.

Offline way

  1. Visit the bank branch.
  2. Take the FD application form. 
  3. Fill in the required details and submit the necessary documents. 
  4. Submit the form to the branch. 

HDFC Fixed Deposit - Premature Withdrawal

In case of premature withdrawal, the lower of the below two amounts will be applicable as interest rates on them-

  • The base rate for the original tenure of the deposit
  • The base rate is applicable for the tenure for which the deposit has been with the bank
  • This base rate will be applicable for all deposits with an amount of less than ₹1 crore on the date of applying for FD. 
  • In case of premature withdrawals, HDFC banks levy a penalty of 1%. This penalty is not applicable if FD has a tenure of 7-14 days. 

FAQs

Can an investor change the tenure of HDFC bank FD?

No, HDFC bank does not allows to change the tenure of the FD. Either they say to close the existing FD and start a new one with the tenure required.

Can more funds be added to the current HDFC bank FD account?

No, more funds cannot be added to the current HDFC bank FD account.

Is the Rs.5 lakh DICGC insurance cover applicable on HDFC bank FD?

Yes. Rs.5 lakh DICGC insurance cover is applicable on HDFC bank FD.

Is there any restriction on the number of FD accounts to be opened in HDFC Bank?

No, the investor can open as many FD accounts with HDFC bank as they wish.

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Calculate HDFC Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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