HDFC Bank is India’s largest bank, with a market capitalization of INR 8.87 trillion as on March 29, 2023. Headquartered in Mumbai, HDFC Bank was founded in 1994 as a private sector bank delivering a wide range of banking and financial services. You can also expect competitive fixed deposit rates in HDFC Bank.
Amongst the attractive services offered by the bank is HDFC Bank’s range of fixed deposits. Fixed deposits are considered a very lucrative investment instrument for many consumers. Not only do fixed deposits deliver fixed returns, but they also deliver guaranteed returns. This is because fixed deposits are a debt instrument and not dependent on the performance of the markets.
Here is an overview of the various types of fixed deposits offered by HDFC Bank, a snapshot of HDFC Bank FD Rates, and how to invest and grow wealth by leveraging this popular debt instrument.
Fixed deposit rates below 2 crores
Tenor Bucket | < 2 Crore | |
Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
7 - 14 days | 3.00% | 3.50% |
15 - 29 days | 3.00% | 3.50% |
30 - 45 days | 3.50% | 4.00% |
46 - 60 days | 4.50% | 5.00% |
61 - 89 days | 4.50% | 5.00% |
90 days < = 6 months | 4.50% | 5.00% |
6 mnths 1 days <= 9 mnths | 5.75% | 6.25% |
9 mnths 1 day to < 1 year | 6.00% | 6.50% |
1 year to < 15 months | 6.60% | 7.10% |
15 months to < 18 months | 7.10% | 7.60% |
18 months to < 21 months | 7.00% | 7.50% |
21 months - 2 years | 7.00% | 7.50% |
2 years 1 day - 3 years | 7.00% | 7.50% |
3 year 1 day to - 5 years | 7.00% | 7.50% |
5 year 1 day - 10 years | 7.00% | 7.75%* |
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HDFC loan against fixed deposit
HDFC Bank account holders can take a loan against their fixed deposit. They can avail of a loan amount of up to 90% of the value of the fixed deposit. This is a valuable feature as the interest rate is just 2% above the HDFC Bank FD Rates on the specific bank deposit. Fixed deposits can qualify for a loan with a minimum deposit of Rs 25,000 held for a sixth-month tenure.
HDFC interest rates for tax saving scheme
To save on tax, account holders can open a fixed deposit with a 5-year fixed tenure. The HDFC Bank FD Rate is 7% for regular citizens and 7.75 % for senior citizens. The HDFC bank 5-year tax saver deposit is accompanied by a tax deduction of up to INR 1.5 lakhs under Section 80C of the 1961 income tax act. The tax deduction can only be availed in the year of the deposit.
| Tenure | HDFC Bank FD Rates for general citizens | HDFC Bank FD Rates for Senior Citizens |
| 5 years | 7.00% | 7.75% |
Additional Features Of HDFC Bank Fixed Deposits
HDFC Bank offers the following features across their fixed deposits:
- Tenure flexibility for account holders: The most attractive feature of HDFC fixed deposits is that it provides a high degree of flexibility to account holders. Account holders can open a fixed deposit for as little as seven days to as long as 10 years. FD interest rates in HDFC increase with a higher tenure.
- Higher interest rate for senior citizens: HDFC Bank FD Rates for senior citizens are higher. This is another attractive feature of HDFC fixed. Those depositors who are 60 and above will be considered senior citizens. Senior citizens typically command additional fixed deposit rates in HDFC at 0.50% or more on their deposits.
- Access to internet & mobile banking facility: One of the top benefits of opening a fixed deposit with a private sector bank such as HDFC is convenience and efficiency. HDFC Bank’s internet and mobile banking facilities are top-notch. Hence, those seeking a hassle-free fixed deposit experience can bank upon HDFC’s banking interface. Checking the interest balance and renewing the deposit online is also easy.
- Unique fixed deposit types: HDFC bank also offers some unique products. For instance, the HDFC bank’s health covers the fixed deposit and is designed to provide assured returns and safeguard health. It has a minimum 1-year tenure and a 10-year maximum tenure. Another unique deposit type is the FCNR fixed deposit, which helps Non-Resident Indian (NRI) account holders earn Indian interest rates on foreign currency while protecting it from fluctuations. The deposit can be held in six currencies, and the entire amount is exempted from tax. All accounts come with attractive FD interest rates.
How to invest in HDFC bank fixed deposit?
Through netbanking
- Log in to your internet banking account
- Choose the ‘Open Fixed Deposits’ section under the ‘Transact’ tab.
- Choose details such as branch, FD tenure and amount invested.
- Add the nominee details.
- Select the ‘Continue’ button, then ‘confirm’ details.
- You can download the confirmation as the fixed deposit receipt instantly.
Through HDFC bank app on mobile
- Log into the HDFC Bank App once downloaded.
- Visit the navigation option. To proceed, choose the ‘Deposit’ option from the ‘Save’ tab.
- Choose the ‘Open Fixed Deposit’ option.
- Fill out all details and add the nominee’s name and other information.
- Once confirmed, download the receipt for the fixed deposit.
Offline opening of an HDFC bank fixed deposit
- Visit an HDFC Bank branch in your vicinity.
- Fill out the application form for HDFC Bank Fixed deposits.
- Submit the requisite documents, and pay the deposit by cash or cheque.
- Once processed, take the FD receipt from the bank official.
Documents required to open HDFC bank FD
- Proof of Identity: Aadhaar card, Voter ID, PAN card, Driving license, Ration card with photo, Any government-issued ID card, Passport.
- Proof of Address: Electricity bill, Bank statement including cheque, ID or license issued by the Post Office, Telephone bill, Passport.
Eligibility criteria for HDFC bank FD
You must fall under the following individual or business categories to open an HDFC bank account FD:
- Indian resident
- Hindu Undivided Family (HUF members)
- Sole proprietorship enterprise
- Partnership firms
- Trusts
- Limited companies
Conclusion
The fixed deposit continues to be a reliable financial service, especially due to increased HDFC FD interest rates, among other banks. The promise of earning fixed and guaranteed returns is an attractive prospect for consumers facing volatile markets. HDFC Bank FD rates are attractive, and consumers must take advantage of and build their savings through these fixed deposits. This is a great opportunity to balance your investment portfolio and reduce risk.
FAQs
Q. Can I open an HDFC Bank fixed deposit via Internet Banking or mobile?
Yes, absolutely. HDFC Bank has a state-of-the-art internet banking and mobile banking service. Account holders can open up an HDFC Bank fixed deposit within a few minutes from the comfort of their laptop or smartphone.
Q. Can I get an overdraft on my HDFC bank fixed deposit if I need funds?
Yes, this is an attractive feature of the HDFC bank fixed deposit. It enables an account holder to take up to 90% of the account balance. The interest rate charged is just 2% over and above the HDFC Bank FD Rates.
Q. What is the typical tenure of an HDFC Bank fixed deposit?
It ranges between 7 days to 10 years, typically. However, for some unique FD types, the minimum tenure may be just 1 year.
Q. What are the highest HDFC Bank fixed deposit interest rates?
The highest HDFC Bank FD Rates are 7 % for general citizens and 7.75 % for senior citizens holding their deposit for a tenure of between 5 to 10 years.
Q. Does HDFC Bank provide an auto-renewal facility?
Yes, HDFC bank offers an auto-renewal facility unless account holders specifically request against it.
