In India’s private sector, HDFC Bank Limited is one of the largest banks, with its headquarters in Mumbai, Maharashtra. HDFC bank is listed amongst the top three companies on stock exchanges regarding market capitalisation with several services like credit cards, different types of loans, retail banking and wholesale banking. In addition, there are multiple HDFC Bank FD Rates offered by the bank through which the customers can put in their surplus money for a fixed term and enjoy the interest earned.
You can invest your money in HDFC Fixed Deposit for tenure from 7 days to 10 years. This article will take you through every aspect associated with HDFC Bank FD Rates.
Latest HDFC Bank FD Rates 2024
For tenure of 5 to 10 years, you get an interest rate of up to 5.60%, and senior citizens get a 0.50% extra interest rate for tenure between 7 days to 5 years. The senior citizens get a 0.75% additional interest rate for tenure between 5 to 10 years.
Domestic HDFC FD Rates for below ₹2 Crores
| Tenor Bucket | Less Than 2 Crore | |
| Interest Rate (per annum) | Senior Citizen Rates (per annum) | |
| 7 – 14 days | 3.00% | 3.50% |
| 15 – 89 days | 3.00% – 4.50% | 3.50% – 5.00% |
| 3 months to 6 months | 4.50% | 5.00% |
| 6 months to 1 year | 5.75% – 6.00% | 6.25% – 6.50% |
| 1 year to 2 years | 6.60% – 7.00% | 7.10% – 7.50% |
| 2 years to 3 years | 7.00% – 7.15% | 7.50% – 7.65% |
| 3 years to 5 years | 7.00% – 7.20% | 7.50% – 7.70% |
| 5 Years 1 day – 10 Years | 7.00% | 7.75%* |
Domestic HDFC FD Rates for more than ₹2 Crores and less than 5 Crores
| Tenor Bucket | 2 Crore to 5 Crores | |
| Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
| 1 week to 1 month | 4.75% | 5.25% |
| 1 month to 3 months | 5.50% – 6.00% | 6.00% – 6.50% |
| 90 days to 6 months | 6.50% | 7.00% |
| 6 months to 1 year | 6.65% – 6.75% | 7.15% – 7.25% |
| 1 Year to 3 Years | 7.25% | 7.75% |
| 3 year 1 day to 5 years | 7.00% | 7.50% |
| 5 year 1 day to 10 years | 7.00% | 7.75%* |
Non-Withdrawable NRE/NRO/Domestic HDFC Term Deposit Rates for more than or equal to ₹5 Crores
| Period | 5crore to 5.25 crore and 5.50 crore to 24.75 crore | 5.25 crore to 5.50 crore and 24.75 crore to 25 crore | 25 crore to 500 crore |
| 7 – 14 days | 4.75% | 4.75% | 4.75% |
| 15-29 days | 4.75% | 4.75% | 4.75% |
| 30-45 days | 5.50% | 4.75% | 5.50% |
| 46-60 days | 5.75% | 4.75% | 5.75% |
| 61-89 days | 6.00% | 4.75% | 6.00% |
| 90 days to 120 Days | 6.50% | 4.75% | 6.75% |
| 121 days to 150 days | 6.50% | 4.75% | 6.75% |
| 151 days to 6 Months | 6.50% | 4.75% | 6.75% |
| 6 months 1 day to 9months | 6.75% | 4.75% | 7.00% |
| 9 months 1 day to 1 Year | 6.85% | 5.00% | 7.15% |
| 1 Year to15 months | 7.25% | 5.00% | 7.30% |
| 15 months to 18 months | 7.05% | 5.00% | 7.05% |
| 18 months to 21 months | 7.05% | 5.00% | 7.05% |
| 21 months to 2 years | 7.05% | 5.00% | 7.05% |
| 2 year 1 day to 3 years | 7.00% | 5.00% | 7.00% |
| 3 year 1 day to 5 years | 7.00% | 5.00% | 7.00% |
| 5 year 1 day to 10 years | 7.00% | 5.00% | 7.00% |
HDFC Bank FCNR Rates
| Period | GBP | USD | EURO | JPY | AUD | CAD |
| 1 Year | 5.15% | 5.85% | 3.60% | 0.01% | 4.60% | 4.70% |
| 1 year 1 day – less than 2 years | N/A | 4.65% | N/A | N/A | 4.30% | 4.00% |
| 2 years – less than 3 years | N/A | 4.20% | N/A | N/A | 4.05% | 3.50% |
| 3 year to less than 4 years | N/A | 3.90% | N/A | N/A | 3.95% | 3.20% |
| 4 years to less than 5 years | N/A | 3.55% | N/A | N/A | 3.95% | 3.00% |
| 5 years only | N/A | 3.55% | N/A | N/A | 3.95% | 3.00% |
HDFC Bank RFC Rates
| Period | GBP | USD | EURO | JPY |
| Less than 29 Days | 0.01% | 0.01% | 0.01% | 0.01% |
| 30 days – 3 Months | 0.01% | 0.01% | 0.01% | 0.01% |
| 3 Months 1day – 6 Months | 0.01% | 0.01% | 0.01% | 0.01% |
| 6 Months 1day to less than 1 Year | 0.01% | 0.01% | 0.01% | 0.01% |
| 1 year | 5.15% | 5.85% | 3.60% | 0.01% |
| 1 year 1 Day – less than 2 years | 0.01% | 4.65% | 0.01% | 0.01% |
| 2 years – less than 3 years | 0.01% | 4.20% | 0.01% | 0.01% |
| 3 years only | 0.01% | 3.90% | 0.01% | 0.01% |
Features and Types of HDFC Fixed Deposits
The following presents the features of various types of HDFC FD schemes:-
Senior Citizen Care FD
- Age – The HDFC fixed deposit scheme under discussion is exclusively available to resident senior citizens aged 60 and above in India. Please note this is not applicable to Non-Residential Indians (NRIs). The scheme extends to both the booking of new fixed deposits and renewals.
- Rate of Interest – The HDFC Bank FD rates go up to 7.75% for senior citizens if they invest their money for 5-10 years.
- Timeline – The timeline for the HDFC Bank fixed deposit rates can be set for a period ranging from 1 day up to 10 years. If there happens to be a premature closure (which includes sweep-in or partial closure) on or before 5 years, the applicable interest rate would be 1% below the rate agreed upon at the time of the contract or the base rate applicable for the duration of the deposit with HDFC Bank, with the lower of the two being chosen.
- Interest Rate on Pre-mature Closure – In instances of premature closure happening after 5 years, the interest rate applied would be 1% lower than the contracted rate or the base rate relevant to the period of the deposit held with HDFC Bank, again, the lower of the two will be chosen.
- Online Options – Depositors can conveniently open fixed deposits online with HDFC Bank. It can be achieved through the bank’s official website, mobile application, or net banking facilities.
HDFC Bank SureCover FD
- The unique HDFC fixed deposit plan from HDFC Bank provides a dual advantage. It combines the traditional benefits of an HDFC fixed deposit and the safety net of a life insurance cover.
- FD Amount: INR 2 lakh- INR 10 lakh
- Tenure: 1-10 years
- Depositors have multiple options regarding interest payouts. They can opt for a monthly or quarterly payout or reinvest the interest earned.
- Clients can avail of an instant overdraft, up to 90% of the amount held in the HDFC fixed deposit.
Five-Year Tax Saving FD
- Investment – The HDFC Tax Saving Fixed Deposit scheme allows for an initial minimum investment of INR 100, and subsequent contributions must be made in multiples of INR 100. The maximum cap on contributions in a given financial year stands at INR 1.5 lakhs.
- Deposit Term – The deposit term is fixed at 5 years, with a lock-in period. Options for both monthly and quarterly interest payouts are provided under this scheme.
- Please note that in joint deposits, only the primary account holder is eligible for tax benefits under Section 80C of the Income Tax Act.
- Eligibility – This tax-saving FD scheme from HDFC is available to resident individuals and Hindu Undivided Families.
Overdraft Against HDFC FD
- Purpose: The Overdraft Against HDFC Fixed Deposits feature meets urgent financial necessities, personal or business-related, without breaking the FD.
- The depositors can borrow up to 90% of their FD’s value as an overdraft.
- Minimum FD Amount: To be eligible for an overdraft using an FD or a Super Saver account, your fixed deposit must be at least INR 25,000 and have existed for a minimum of 6 months and one day.
- The added advantage of the HDFC Overdraft facility is its instant availability. If the deposit is held in a single name, depositors can immediately avail of this facility via HDFC NetBanking.
NRE Fixed Deposit
- NRE Fixed Deposit offers a flexible tenure ranging from 1 to 10 years.
- Depositors can access an overdraft of up to 90% of their fixed deposits.
- The scheme offers convenient features such as nomination and sweep-in facilities.
- An option for premature withdrawal of NRE fixed deposits is also provided.
Foreign Currency Non-Resident Account (FCNR) FD
- Deposits can be maintained in six foreign currencies: USD, GBP, Euro, AUD, JPY, and CAD.
- Eligibility extends to non-resident individuals of Indian nationality or Indian origin.
- Complete repatriation of both principal and interest is permitted.
- The entire deposit enjoys tax exemption.
- Joint account opening with other NRIs is possible.
- HDFC Bank offers a Super Saver facility allowing an overdraft against the FCNR Fixed Deposit account on NRO Savings or current accounts.
- A nomination facility is provided.
- The minimum initial deposit varies with currency: USD 1,000, GBP 2,500, Euro 2,500, JPY 7,50,000, AUD 1,000, and CAD 1,000.
- The minimum add-on deposit is USD 1,000, GBP 1,000, Euro 1,000, JPY 7,50,000, AUD 1,000, and CAD 1,000.
- Tenure of the deposit ranges between 1 to 5 years.
Resident Foreign Currency (RFC) FD
Eligibility
- The Resident Foreign Currency (RFC) Fixed Deposit scheme is designed for Non-Residential Indians (NRIs) who returned to India on or after April 18, 1992.
- It’s crucial that these returnees have lived outside India for an uninterrupted period of at least one year before their return and have since permanently settled in India.
Features
- This deposit scheme provides the flexibility to deposit funds in four different foreign currencies, namely US Dollars (USD), Pounds Sterling (GBP), Euro, and Japanese Yen (JPY).
- A tax exemption on interest accrued is available when a depositor declares a status of ‘Resident but Not Ordinarily Resident’.
- As for opening an RFC Fixed Deposit account, depositors can utilise funds from abroad in a freely convertible foreign currency or transfer funds from an existing NRE or HDFC FCNR account held with other banks.
Non-withdrawable Deposits
- The minimum commitment for a fixed deposit is INR 5 crore.
- The scheme offers a flexible term, ranging from 91 days to 10 years.
- Depositors can choose from various interest payout options, such as monthly or quarterly, or decide to reinvest the interest earned.
- Depositors can secure overdrafts of up to 90% of the value of their fixed deposits.
Tax Benefits on HDFC Bank
In India, tax benefits on HDFC Fixed Deposits are offered under the Income Tax Act 1961. HDFC Bank Fixed Deposits are no exception.
- Tax Deducted at Source (TDS): The interest earned on your HDFC FD is subject to TDS, as per the Income Tax Act, 1961. The bank will deduct TDS if the interest income from your FD across all branches exceeds INR 40,000 (INR 50,000 for senior citizens) in a financial year. The TDS rate is 10% if your PAN is available with the bank and 20% if the bank does not have your PAN details.
- Section 80C Deduction: HDFC Bank offers a tax-saving HDFC fixed deposit scheme for a lock-in period of 5 years. The amount you invest in this tax-saving FD (up to INR 1.5 lakhs in a financial year) can be claimed as a deduction from your total gross income under Section 80C of the Income Tax Act, thereby reducing your taxable income.
The above tax rules are as per the current tax laws effective in India; the cutoff is in September 2021 and may have changed.
Loan Against HDFC Fixed Deposit
HDFC Bank offers the convenience of availing a loan against your HDFC fixed deposit. This facility extends to all types of fixed deposits including Domestic, NRO, NRE, and FCNR. The key attributes of HDFC Fixed Deposits are their flexibility, security, and guaranteed returns on your investments.
HDFC Fixed deposits are financial tools where your investments are locked in for a specific period, promising certain returns. The interest yield from these deposits is typically higher than that from a regular savings account.
What are the Eligibility Criteria to Apply for a Loan Against HDFC Fixed Deposit?
The qualification parameters to apply for a loan against an HDFC Fixed Deposit are as follows:-
- Holders of NRO fixed deposits are eligible to secure a loan against their FD.
- Similarly, individuals holding NRE and FCNR fixed deposits can apply for such a loan.
What are the Key Features of a Loan Against an HDFC Fixed Deposit?
| Loan Type | Overdraft |
| Loan/overdraft amount | For FCNR accounts, 70% of the deposit amountFor NRE and NRO accounts, 90% of the deposit amount |
| Rate of Interest | Get attractive HDFC FCNR rates |
| Margin | The minimum is 70 % of the deposit amount.The maximum is 90% of the deposit amount. |
| Premature withdrawal | Is Permitted |
What are the Benefits of a Loan Against an HDFC Fixed Deposit?
Benefits from competitive interest rates on loans against your fixed deposit are as follows:-
- Experience substantial financing capabilities as the bank offers loans or overdrafts up to 90% of your deposit value.
- There’s the possibility of premature withdrawal of your deposit, given an ongoing overdraft against your deposit.
- For enhanced convenience, the bank allows online applications for a loan against your HDFC Fixed Deposit, eliminating the need for physical bank visits.
What’s the Process to Apply for a Loan Against HDFC Fixed Deposit?
Here’s how you can apply for a loan against your HDFC fixed deposit on HDFC’s website:
- Navigate to the HDFC Bank official website.
- Click on the ‘Invest‘ tab and choose ‘Deposits‘.
- Then, Click on HDFC ‘Fixed Deposit‘.
- Click on the ‘Loan against HDFC fixed deposit‘ option, then click ‘Apply Now‘.
- Then, log into the portal, fill out the necessary form, and hit ‘Submit‘.
Premature Closure of HDFC Fixed Deposit
In a personal crisis or other business or personal needs, you can terminate your HDFC Fixed Deposit prematurely. However, remember that the bank levies a penalty for early withdrawal. So, if you’re considering breaking your HDFC Fixed Deposit due to personal or other needs, weighing the benefits against the incurred penalty is crucial. Premature withdrawals from HDFC Fixed Deposit accounts can be either complete or partial.
To request an early withdrawal, log into your NetBanking account and navigate to the HDFC Fixed Deposits tab to initiate the request. Alternatively, you can visit your nearest branch to request a withdrawal. Following this, the funds will be transferred to your linked account. Note that partial withdrawal of HDFC Fixed Deposits through NetBanking isn’t permitted.
Penalty
A lower interest rate will be applied for early closure (Sweep in /partial withdrawal) of deposits (all amounts) if:-
- The rate is set for the original/contracted duration for which the deposit was made.
- The base rate was applicable for the period the deposit has remained with the bank.
- For deposits established on or after March 7, 2019, the base rate applies to deposits of less than ₹2 crore when the deposit was booked. Before this date, the base rate applied to deposits of less than ₹1 crore when the deposit was made. The base rate (for deposit amounts >= ₹5 crores) applies to deposits of ₹5 crores on the date the deposit was booked.
Benefits of HDFC Fixed Deposits
The pointers given below depict the benefits one can enjoy when using HDFC’s FD services.
- You are eligible for guaranteed returns with fixed deposits.
- If you have an existing HDFC bank account, it will be quite easy to open a fixed deposit, and you will not have to worry about the amount till it matures.
- If you choose the option of reinvestment, you can enjoy regular interest, interest on the principal and compound interest.
- You can opt for a monthly or quarterly interest payout if you want a regular income source.
- If you wish to save taxes, you can choose the five-year tax-saving HDFC fixed deposit option.
Who is Eligible to Open an HDFC Fixed Deposit?
- Limited Companies
- Residents
- Trust Accounts
- Hindu Undivided Families
- Partnership Firms
- Sole Proprietorship Firms
Which Documents Are Required for Opening an HDFC Fixed Deposit?
- PAN Card
- Voter ID
- Aadhaar Card
- Passport
- Any ID issued by the Government
- Ration Card with photo
- Driving Licence
Calculation of HDFC FD Rates
Several factors are considered for calculating HDFC fixed deposit rates: the amount, tenure, frequency of interest calculation, rate of interest, and taxation. You can easily calculate your interest through the FD rate calculator given on the bank’s website.
How to Invest in HDFC Bank Fixed Deposit Online and Offline?
One can initiate a fixed deposit with HDFC Bank via both online and traditional in-branch methods. Below are the detailed steps on how to proceed with an online investment into an HDFC fixed deposit:-
Step 1: Navigate to the HDFC Bank’s official site.
Step 2: Enter your net banking credentials to log in.
Step 3: Under the ‘TRANSACT’ menu, find and select the ‘Open Fixed Deposits’ option.
Step 4: Specify your preferred branch, deposit amount, and investment duration.
Step 5: Nominate a beneficiary for your deposit.
Step 6: Press the ‘Continue’ button and then confirm your details.
Step 7: A digital fixed deposit receipt will be promptly available for download.
For those preferring to arrange their fixed deposit in person i.e, via offline method, simply visit your nearest HDFC Bank branch. There, you will need to request and fill out a fixed deposit application form with the required details, and then submit this form to the bank staff.
This guide ensures that your process to invest in an HDFC fixed deposit is seamless, whether you choose the convenience of online banking or the personal touch of a branch visit.
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FAQ’s on HDFC Bank FD Rates:-
Q1. What is the interest rate for HDFC FD Rates?
Ans: For 5 to 10 years, you get an interest rate of up to 7.00%, and senior citizens get a 0.50% extra HDFC FD rate for tenure between 7 days to 5 years. The senior citizens get a 0.75% extra interest rate for tenure between 5 to 10 years.
Q2. What is the minimum amount for an HDFC fixed deposit?
Ans: The minimum fixed deposit in HDFC for a fresh account is ₹5,000.
Q3. Can I book the five-year Tax Saving HDFC fixed deposit with the quarterly payout option?
Ans: Yes, the five-year tax-saving HDFC fixed deposit has the option of a quarterly payout.
Q4. What is the HDFC FD rate for senior citizens?
Ans: HDFC Bank FD rates for senior citizens are quite preferential. The HDFC FD rates for senior citizens may vary based on the prevailing rates and tenure. It is advisable to check with HDFC Bank for the current FD rates for senior citizens. However, as per the data of December 2023, the maximum interest rate for senior citizens for FD is 7.75%.
Q5. Which tenure period has the highest interest rate for HDFC FD?
Ans: The HDFC Bank’s FD rates vary based on the tenure chosen. Generally, longer tenure periods tend to have higher interest rates. To determine the specific tenure period with the highest interest rate, it is recommended to check with HDFC Bank for their latest rate chart or consult their website.
Q6. How many years will an FD double in HDFC Bank?
Ans: The time for an FD to double in HDFC Bank depends on the interest rate and compounding frequency. As a general rule of thumb, you can use the “Rule of 72” to estimate the approximate time it takes for an investment to double. Divide 72 by the interest rate (in percentage) to estimate the doubling time. However, please note that this is an approximation, and the duration may vary.
Q7. How many FDs can be opened in HDFC Bank?
Ans: There is no specified limit on the number of fixed deposits you can open in HDFC Bank. You can open multiple FDs based on your financial goals and requirements. Each FD will be treated as a separate account with its terms and conditions.
Q8. How to check the HDFC Bank Fixed Deposit Balance?
Ans: To check the fixed deposit balance in HDFC Bank, you can use the following methods:-
a. Internet Banking: Log in to your HDFC Bank Internet banking account, go to the “Accounts” section, and select your fixed deposit account to view the balance.
b. Mobile Banking: Use the HDFC Bank mobile banking app to access your fixed deposit account and check your balance.
c. Visit a Branch: Visit your nearest HDFC Bank branch and inquire with a bank representative who will assist you in checking your fixed deposit balance.
Q9. What is the minimum tenure period for having an HDFC Fixed Deposit?
Ans: The minimum tenure period for a fixed deposit in HDFC Bank can vary. The bank typically offers various tenure options ranging from as short as 7 days to a longer duration of several years. It is recommended to check with HDFC Bank or visit their website to know the current minimum tenure period.
Q10. What is the maximum tenure period for having an HDFC Bank Fixed Deposit?
Ans: The maximum tenure period for a fixed deposit in HDFC Bank also varies. The bank offers FDs with tenure options extending up to several years. To determine the current maximum tenure period, it is advisable to contact HDFC Bank directly or refer to their website for the latest information.
Q11. Can I change my investment amount and maturity period for my HDFC Bank Fixed Deposit?
Ans: Once you open an FD account with HDFC Bank, the investment amount and maturity period are usually fixed and cannot be changed during the tenure. However, under certain circumstances, HDFC Bank may have specific rules or provisions for premature withdrawals or modifications to the FD terms. It is recommended to consult with the bank or refer to the terms and conditions provided by HDFC Bank for more accurate and detailed information on any possible changes to the investment amount or maturity period.
