Senior Citizens Fixed Deposit Interest Rates in HDFC Bank

HDFC Bank has operated since 1994, offering great value to its customers over the decades. Another important facet that HDFC also keeps in mind is the financial stability of senior citizens. The FD scheme for senior citizens works better in their favour as it offers higher interest rates than the general public. Let’s examine how senior citizens are offered attractive interest rates.

Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.

Qualification: Only individuals 60 or older can establish a senior citizen FD account.

Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.

Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.

Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.

Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.

Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.

Automatic Renewal: IDBI, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.

Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.

Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Like most other banks, senior citizens are offered attractive interest rates compared to the general public. The rates are as follows:

Fixed Deposit interest rate less than 2 crore

For Domestic/NRO/NRE-

Note-

• These rates are valid from 21st Feb 2023.
• Senior Citizen Rates do not apply to NRIs. 
• The minimum tenure for NRE Deposit is 1 Year.

Fixed Deposit interest rate greater than or equal to 2 crore but less than 5 crore

For Domestic/NRO/NRE-

Note-

• These rates are valid from 9th Mar 2023.
• Senior Citizen Rates do not apply to NRIs.
• The minimum tenure for NRE Deposit is 1 Year.

Eligibility

• HDFC offers its ‘Senior Citizen FD’ for individuals above 60.
• The Senior Care FD offers 0.75% more in terms of interest rate; however, this scheme does not apply to NRIs.
• This particular scheme is valid from 18th May 2020 to 7th November 2023.

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

Identity Proof

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

Address Proof

• Bank Statement
• Cancelled Cheque
• Utility Bills