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HDFC Bank FD Interest Rate

As a part of the Reserve Bank of India (RBI) policy to enhance liberalization, HDFC or the Housing Development Finance Corporation Limited, received approval to become the first bank to enter into the...Read More

HDFC Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 - 14 days3 %3.5 %
15 - 29 days3 %3.5 %
30 - 45 days3.5 %4 %
46 - 60 days4.5 %5 %
61 - 89 days4.5 %5 %
90 days < = 6 months4.5 %5 %
6 months 1 days <= 9 mnths5.75 %6.25 %
9 months 1 day to < 1 year6 %6.5 %
1 year to < 15 months6.6 %7.1 %
15 months to < 18 months7.1 %7.6 %
18 months to < 21 months7 %7.5 %
21 months - 2 years7 %7.5 %
2 Years 1 day to < 2 Year 11 Months7 %7.5 %
2 Years 11 Months - 35 Months7.2 %7.7 %
2 Years 11 Months 1 day <= 3 Year7 %7.5 %
3 Years 1 day to < 4 Years 7 Months7 %7.5 %
max_returns
4 Year 7 Months - 55 months
7.25 %7.75 %
4 Year 7 Months 1 day <=5 Years7 %7.5 %
5 Years 1 day to 10 Years7 %7.75 %

Types of HDFC Bank Fixed deposits

Regular Fixed Deposits 

  • Investor can conveniently book FD through NetBanking and Mobile App.
  • Offers higher interest rate on FD for Senior Citizen.
  • Investor can opt for monthly, quarterly or half-yearly interest payout.
  • Investors can also avail sweep-in facility.

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. 
  • Minimum deposit amount can be ₹2 lakhs and the maximum amount of deposit can be ₹10 lakhs. 
  • Same interest rate as that of regular deposits. 
  • Provides options for monthly and quarterly payouts. 

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 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. 

Pros of investing in HDFC Bank Fixed Deposits

  1. Convenient- Having a savings account in HDFC bank allows to open fixed deposits easily, and it can be liquidated whenever required. 
  2. Minimum amount- Minimum investment amount in HDFC bank FDs is as low as ₹100. 
  3. Other facilities- It also provides sweep-in and super saver facilities.
  4. Liberal payouts- HDFC bank provides options for monthly, quarterly and half-yearly payouts of interest on FD. This is beneficial for people who wish for regular income.
  5. Tax-benefits- HDFC bank's Five year Tax saving FD offers exemptions under Section 80C, thus helps to save taxes.  
  6. DICGC Insurance Amount invested with HDFC Bank is covered by DICGC for the total sum of Rs 5 lakhs.

Cons of investing in HDFC Bank Fixed Deposits

  1. Not dynamic- Interest rates on HDFC FD are not dynamic. So, it fails to overcome the risk of inflation. 
  2. Fixed rate- Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of increase in market interest rates.

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- 

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

How To Open A FD Account?

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

 

Online way- 

Step1- Login to your Net Banking Application. 

Step2- Select 'Transact' and choose open Fixed deposit.

Step3- Fill the required details after selecting the bank's branch.

Step4- Enter the amount of deposit and select the tenure of FD. Also enter the nominee details.

Step5- Click confirm and continue.

 

Offline way- 

Step1- Visit the bank branch.

Step2- Take the FD application form. 

Step3- Fill the required details and submit the necessary documents. 

Step4- 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 which is applicable for the tenure for which deposit has been with the bank.
  • This base rate will be applicable for all deposits with 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. 

Tax implications on HDFC FD

As per the Income Tax Act of 1961, taxpayers can seek deductions under Section 80C.

According to the current laws, a taxpayer can avail tax benefits to a maximum of Rs 1.5 lakh a year from their gross taxable income.

  • Individuals and HUFs can avail tax deductions by investing in tax savings FDs.
  • Bank's Five year Tax saving FD offers exemptions under Section 80C.
  • Investors cannot get loans against these FDs.
  • In case of joint holders, only the first holder can avail tax benefits.

How to claim tax benefits

At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs. 

TDS (Tax deducted at Source)

  • TDS (or tax-deducted-at-source) will be deducted on the interest accrued on the FDs if the interest is more than Rs 40,000 (Rs.50,000 for Senior citizens)  in a financial year. 
  • For Resident customers, If you have submitted your PAN card details then the deduction will be at 10% per year on the interest. Without a PAN card, the bank will deduct 20% per year. 

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
4 Year 7 Months - 55 months
7 - 14 days15 - 29 days30 - 45 days46 - 60 days61 - 89 days90 days < = 6 months6 months 1 days <= 9 mnths9 months 1 day to < 1 year1 year to < 15 months15 months to < 18 months18 months to < 21 months21 months - 2 years2 Years 1 day to < 2 Year 11 Months2 Years 11 Months - 35 Months2 Years 11 Months 1 day <= 3 Year3 Years 1 day to < 4 Years 7 Months4 Year 7 Months - 55 months4 Year 7 Months 1 day <=5 Years5 Years 1 day to 10 Years
7.25 %
Yes
No
Maturity Amount₹1,33,231

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