One of India’s leading private sector banks, HDFC Bank, offers its customers a wide range of FDs, including a Senior Citizen fixed deposit. A Senior Citizen FD is one of the popular fixed-income securities, allowing elderly and retired individuals to earn steady returns on their savings. This blog will walk you through the attractive HDFC Bank Senior Citizen FD rates, the benefits of investing in this scheme, how to book and other relevant details.
HDFC Senior Citizen FD Rates 2024
Take a look at the prevailing interest rates you can avail by depositing an amount less than ₹2 crores in the HDFC Senior Citizen FD scheme.
| Tenure | Interest Rate for Deposits below ₹2 crores |
|---|---|
| 7 to 14 days | 3.50% |
| 15 to 29 days | 3.50% |
| 30 to 45 days | 4.00% |
| 46 to 60 days | 5.00% |
| 61 to 89 days | 5.00% |
| 90 days less than 6 months | 5.00% |
| 6 months 1 day less than 9 months | 6.25% |
| 9 months 1 day to less than 1 year | 6.50% |
| 1 year to less than 15 months | 7.10% |
| 15 months to less than 18 months | 7.60% |
| 18 months to less than 21 months | 7.50% |
| 21 months to 2 years | 7.50% |
| 2 Years 1 day to less than 2 Years 11 Months | 7.50% |
| 2 Years 11 Months to 35 Months | 7.65% |
| 2 Years 11 Months 1 day less than 3 Year | 7.50% |
| 3 Years 1 day to less than 4 Years 7 Months | 7.50% |
| 4 Year 7 Months to 55 months | 7.70% |
| 4 Year 7 Months 1 day less than 5 Years | 7.50% |
| 5 Years 1 day to 10 Years | 7.75% |
Listed below are the HDFC Bank senior Citizen FD interest rates you can avail by depositing a principal amount of more than ₹2 crores.
| Tenure | Interest Rate for Deposits above ₹2 crores |
|---|---|
| 7 to 14 days | 5.25% |
| 15 to 29 days | 5.25% |
| 30 to 45 days | 6.00% |
| 46 to 60 days | 6.25% |
| 61 to 89 days | 6.50% |
| 90 days less than 6 months | 7.00% |
| 6 months 1 day less than 9 months | 7.15% |
| 9 months 1 day to less than 1 year | 7.25% |
| 1 year to less than 15 months | 7.75% |
| 15 months to less than 18 months | 7.55% |
| 18 months to less than 21 months | 7.55% |
| 21 months to 2 years | 7.55% |
| 2 Years 1 day to less than 3 Years | 7.50% |
| 3 Years 1 day to less than 5 Years | 7.50% |
| 5 Years 1 day to 10 Years | 7.75% |
Features & Benefits of HDFC Senior Citizen FD Rates
Here are some of the salient features and benefits of availing HDFC Senior Citizen FD rates in 2024.
- Under the Senior Citizen FD, eligible individuals can avail of preferential rates that are 0.50% more than regular interest rates.
- A Senior Citizen FD is designed with several interest payout options, each catering to different individuals’ varying liquidity requirements.
- HDFC Bank allows senior citizens to open multiple FD accounts at a time, with varying tenures. This feature enables them to encash their FDs having a shorter tenure while simultaneously earning substantial returns on long-term FDs.
- Investing in the HDFC Bank FD scheme allows depositors to avail loans/overdrafts against the FD facility.
How to Book Senior Citizen FD from HDFC?
There are several ways of booking Senior Citizen FD from HDFC Bank, such ways are discussed below.
1. Online
An individual above 60 years of age can book an HDFC Senior Citizen FD online through either the Internet banking portal or mobile app.
1. Through the Internet Banking Portal
Here is a step-by-step guide on how to book an HDFC Senior Citizen FD through its official net banking portal.
- Step 1: Visit the official net banking portal of HDFC Bank.
- Step 2: Log in to your online bank account using your registered credentials.
- Step 3: From the main page, navigate to the ‘Transact’ tab and click on it.
- Step 4: Choose the ‘Open Fixed Deposits’ option.
- Step 5: Specify your particulars and FD-related details, such as the FD scheme type, tenure and deposit amount.
- Step 6: After verifying all the details, click on the ‘Confirm’ tab.
Once you go through all the above steps, the screen will display a fixed deposit receipt confirming your account booking.
2. Through the HDFC Mobile Banking App
Follow the stepwise process given below with due diligence to avail HDFC Bank FD rates for senior citizens through the bank’s mobile app.
- Step 1: Download the HDFC Mobile Banking App on your device.
- Step 2: Sign in.
- Step 3: From the main menu, choose the ‘Deposit’ option under the ‘Save’ tab.
- Step 4: Select the ‘Open Fixed Deposits’ option.
- Step 5: Fill out the required details.
- Step 6: Click on the ‘Confirm’ tab.
Upon successful opening, the HDFC Bank will issue and send you a fixed deposit receipt specifying the details of your FD account.
2. Offline
Other than online, here’s how you can avail HDFC Bank FD interest rates for senior citizens offline.
- Step 1: Visit your nearest branch of HDFC Bank along with all the necessary documents.
- Step 2: Obtain a bank representative’s HDFC Bank FD application form.
- Step 3: Fill out the form carefully.
- Step 4: Attach the documents with the form and submit it.
- Step 5: Deposit the principal amount you want to invest in an HDFC FD scheme.
The bank representative will process your application form and verify your documents. Upon successful processing and verification, they will notify you and issue an FD receipt.
Documents Required to Open Senior Citizen FD
An applicant must submit the following documents to avail of the special FD interest rates in HDFC for senior citizens.
- Identity proof of the applicant (Voter ID Card and Driving License)
- Address proof of the applicant (Passport, Aadhar Card, Electricity/Telephone Bills)
- Age proof of the applicant (Birth Certificate)
- Recent passport-size photographs of the applicant
- Senior Citizen ID Card
- Bank statement with a cheque
- Filled up and signed HDFC Bank FD application form
Eligibility to Open Senior Citizen FD
Before applying for HDFC Senior Citizen FD, an individual has to fulfil the following eligibility criteria.
- An applicant has to be a resident of India to apply for an HDFC Senior Citizen FD.
- The minimum age for an applicant to avail of this FD scheme is 60 years.
Conclusion
HDFC FD is a low-risk investment option, highly popular among senior citizens to generate regular income from their savings or pension. Although the HDFC senior citizen FD rates are considered attractive, these FD rates are subject to change from time to time. Therefore, verifying such rates with a bank representative is in your best interest before making a final decision.
