HDFC FD Interest Rates 2024 - Updated HDFC Bank FD Rates

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Headquartered in Mumbai, Maharashtra, HDFC Bank Ltd is currently the largest private sector bank in the country. It was established with a vision to enable middle-class citizens to afford to buy a house by providing housing loans. The bank has a massive distribution network with more than 7800+ branches and 20,000+ ATMs in over 3800+ towns and cities across India. It also has an international presence in 4 countries and representative offices in Singapore, London, and Dubai.
HDFC offers a wide range of banking solutions to its customers along with FDs at lucrative interest rates. Read on to know more about the HDFC Bank FD interest rates in 2024.

Minimum Deposit	₹5,000
Maximum Deposit	No Upper limit
Minimum Tenure	7 days
Maximum Tenure	10 years
Interest Rates	3% to 7.75% (including senior citizen FD rates)
Lock-in Period	5-year lock-in period for tax saving fixed deposit scheme.
Senior Citizen	3.5% to 7.75% for deposits of below ₹2 crores 5.25 to 7.75% for deposits above ₹2 crores but below ₹5 crores 4.75 to 7.30% for deposits of ₹5 crores and above
General Citizen	3% to 7.25% for deposits of below ₹2 crores 4.75% to 7.25% for deposits above ₹2 crores but below ₹5 crore 4.75% to 7.30% for deposits of ₹5 crores and above

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latest HDFC Bank FD Rates 2024

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Tenure	General Citizen	Senior Citizen

Features and Benefits of HDFC Bank FD Rates

There are multiple benefits of HDFC fixed deposits. Some of them are as follows:

You can enjoy a 0.50% additional interest rate by opting for the Senior Citizen Care FD offer.
You can open a fixed deposit account even from the convenience of your home via NetBanking.
There are multiple interest pay-out options to choose from, which include quarterly, monthly, or short-term pay-out.
You can add or change nominees anytime via NetBanking.
Avail up to 90% of overdraft against your fixed deposits.
You can avail of a sweep-in facility on your savings or current account linked with an FD.

Ways to Book HDFC FD

Discussed below are the steps that you can follow to open an FD account at HDFC Bank both online and offline:

1. How to Book HDFC Bank FD Online?

Here are the steps which you can follow to open an HDFC bank fixed deposit online via Internet banking:

Step 1: Navigate to the HDFC Bank NetBanking portal and log in to your account.
Step 2: Under the “TRANSACT” section, tap on “Open Fixed Deposits”.
Step 3: Select the name of your branch and enter the basic details like tenure, amount, etc.
Step 4: Add a nominee for your FD, click on continue and then confirm the same.
You have successfully opened a fixed deposit account with HDFC Bank. You can instantly download the FD receipt on your phone or PC as proof of your investment.

Pro Tip – Check the latest HDFC Bank FD rates in 2024 before choosing the scheme tenure.

2. How to Book HDFC Bank FD Offline?

Now, you can also open an FD offline by visiting your nearest HDFC bank branch. The steps you can follow are as follows:

Step 1: Ask for an FD account opening form from the bank executive.
Step 2: Fill up all the necessary details like scheme tenure, amount, maturity instructions, etc.
Step 3: Attach all the required documents and submit them with your account opening form.
Step 4: Deposit the funds and collect the FD receipt from the bank officials.

Your HDFC bank FD is now functional.

Documents Required to Book HDFC Bank FD

The following are the documents required for applying for an HDFC bank fixed deposit scheme:

PAN card
Proof of Identity – Aadhaar card, Voter ID, driver’s license, etc.
Address proof – A voter ID card, PAN card, Aadhaar card, passport, driving license, etc.
Age proof – birth certificate, higher secondary passing certificate or graduation certificate.
Partnership proof: Partnership deed, incorporating certificate or authorised signatories’ ID proofs.
Hindu undivided family: HUF declaration deed, Bank account statement of HUF and Self-attested copy of PAN card.
Recent passport-sized photographs.
Bank details – Savings or current account number, IFSC code, branch name, etc.

Eligibility to Open HDFC Bank FD

HDFC Bank has well-defined eligibility criteria that an individual or an entity has to fulfil in order to open a fixed deposit account. They are as follows:

Applicant type: Indian resident, Non-resident individual or (NRI) or of Indian origin, Hindu undivided families (HUFs), sole proprietorship firms, partnership firms, trust accounts and limited companies.
Age (Applicable for individual applicants): 18 years and above. However, minors can open a fixed deposit account under the control and supervision of their guardians.

Types of HDFC FD Schemes

Here are the different types of FD accounts offered by HDFC Bank. You can invest in any of them based on your investment goals:

1. Regular Fixed Deposits

This is the standard fixed deposit scheme available at HDFC Bank. Senior citizens opting for this scheme will get the benefit of higher HDFC FD interest rates.

Minimum Deposit: ₹5000
Maximum Deposit: No maximum limit.
Tenure: 7 days to 10 years
Interest Rate: 3.00% to 7.00% for the general public and 3.50% to 7.75% for senior citizens for deposits less than ₹2 crore.
Eligibility: Indian residents, HUFs, trust accounts, sole proprietorship firms, limited companies, partnership firms
Taxability: 10% TDS for interest income exceeding ₹40,000 for the general public and ₹50,000 for senior citizens.

2. HDFC Bank HealthCover FD

HDFC HealthCover fixed deposit is a unique scheme that provides the dual benefits of interest income as well as financial coverage for medical emergencies. It provides a hospital cash cover of ₹500 per day for deposits ₹5 lakhs to ₹10 lakhs and of ₹1000 for deposits ranging from ₹10 lakhs to ₹1.99 crores.

Minimum Deposit: ₹5 lakhs
Maximum Deposit: ₹1.99 crore
Tenure: 1 year to 10 years
Interest Rate: 3.00% to 7.00% for the general public and 3.50% to 7.75% for senior citizens for deposits less than ₹2 crore.
Eligibility: Indian residents between 18 to 59 years of age.
Taxability: As per the applicant’s existing tax slab.

3. Five-Year Tax Saving Fixed Deposit

It is a tax-saving fixed deposit scheme offered by HDFC to its resident customers to avail tax deductions under Section 80C. It comes with a lock-in period of 5 years and allows investments in multiples of ₹100. However, one can enjoy quarterly or monthly interest payouts.

Minimum Deposit: ₹100
Maximum Deposit: ₹1.5 lakhs in a financial year
Tenure: 5 years lock-in period
Interest Rate: Regular HDFC Bank FD rates will be applicable, as per the prevailing 5-year rate or as the case may be.
Eligibility: Indian residents or Hindu Undivided Families
Taxability: Allows deposit holders to claim deductions of up to ₹1.5 lakhs.

4. FCNR Deposits

With HDFC Bank FCNR deposits, you can earn Indian FD rates on your foreign income in any six foreign currencies, which include the US dollar, Euro, Australian dollar, Pound sterling etc.

Minimum Initial Deposit: USD 1,000
Minimum add-on Deposit: USD 1,000
Maximum Deposit: No data available
Tenure: 1 year to 5 years
Interest Rate: For USD 4.10% to 5.60%
Eligibility: Non-resident Indians or of Indian origin.
Taxability: The entire deposit is exempted from tax.

5. NRE Fixed Deposit

A NRE FD allows you to convert your foreign earnings into Indian currency and, at the same time, enjoy interest income on the deposited principal. Moreover, the entire amount is repatriable.

Minimum Deposit: No specific data
Maximum Deposit: No specific data
Tenure: 1 year to 10 years
Interest Rate: 3.00% to 7.00% for deposits of less than ₹2 crore
Eligibility: Non-Resident Individual or any person of Indian origin
Taxability: The entire amount, i.e. both the principal and the interest, is tax-exempted

6. NRO Tax Saver Fixed Deposit

This scheme is perfect for non-residents who wish to avail tax savings under Section 80C.

Minimum Deposit: ₹100
Maximum Deposit: ₹1.5 lakhs in a financial year
Tenure: 5 years lock-in
Interest Rate: 3.00% to 7.00% for deposits of less than ₹2 crore
Eligibility: Non-Resident Individual or any person of Indian origin
Taxability: Fully exempted from tax for investments of up to ₹1.5 lakhs

Note: Here in NRO Tax Saver Fixed Deposit, Section 80C benefits are only available to those NRIs who have income other than investment income and long-term capital gains (LTCGs).

7. NRO Fixed Deposit

Any Indian non-resident or person of Indian origin can create an NRO fixed deposit which is freely convertible in any foreign currency. What’s more, you can make partial withdrawals and earn a predetermined rate of interest on the entire amount.

Minimum Deposit: ₹25,000
Maximum Deposit: No specific data available
Tenure: 7 days to 10 years
Interest Rate: 3.00% to 7.00% for deposits less than ₹2 crore
Eligibility: Non-resident Indian or person of Indian origin.
Taxability: Interest on NRO FD is applicable for TDS at 30% plus applicable surcharge and cess.

8. Non-WithdrawableNon Withdrawable Deposits for NRIs

NRIs can open a withdrawable fixed deposit account and grow their foreign earnings by reinvesting deposits; you can also avail up to 90% of your FD amounts as overdrafts.

Minimum Deposit: ₹2 crores
Maximum Deposit: No maximum threshold
Tenure: 1 year to 10 years for NREs, and for NROs, minimum tenure is 1 year for deposit amounts of ₹2 to 5 crores, minimum tenure is 90 days for deposit amounts of 5 crores and above, while the maximum tenure is 10 years.
Interest Rate: 6.85% to 7.40%
Eligibility: Non-Resident Indians (NRIs) or Persons of Indian Origin (PIO).
Taxability: Tax deducted at source as per income tax regulations on deposits made by NROs.

9. HDFC Bank Non-Withdrawable Fixed Deposits

With an HDFC Bank Non-Withdrawable deposit, you can earn a comparatively higher interest rate than regular fixed deposits. The interest will be calculated on a quarterly basis for deposits with a tenure of 6 months.

Minimum Deposit: ₹2 crores
Maximum Deposit: No upper limit
Tenure: Minimum tenure of 1 year (amount 2 to less than 5 crores) and 91 days (for amount ₹5 crores and above) with a maximum tenure of 10 years.
Interest Rate: 6.85% to 7.40% per annum
Eligibility: Indian residents, Hindu undivided families, trust accounts, sole proprietorship firms, partnership firms, and limited companies
Taxability: TDS applicable as per income tax regulations

To conclude, HDFC Bank FD rates are quite lucrative, allowing you to earn interest income and fulfil your financial goals. However, each FD scheme has its own set of terms and conditions. Thus, it is essential for you to stay informed of them before starting your investment.

FAQs

How to close HDFC FD prematurely?

You can close your HDFC Bank FD prematurely by logging into your NetBanking account. Simply click on ‘Liquidate Fixed Deposit’ under the ‘Fixed Deposit’ menu on the left. Then, select the fixed deposit account number from the drop-down list and click on continue to confirm the same.

What is the HDFC FD Calculator?

HDFC FD calculator is an online platform that allows you to get an estimation of your total return on investment along with interest earnings for the entire tenure.

Is there any penalty charge applicable on premature closure of fixed deposits?

A penalty charge of 1% of the HDFC FD interest rate is applicable for premature withdrawal of fixed deposits, including partial closure & sweep-in.

How many fixed deposits can I hold in HDFC Bank?

There are no such restrictions on the number of fixed deposit accounts that one can hold with HDFC Bank. Therefore, you can open multiple FDs in order to take advantage of the various schemes.

Why is the principal amount and maturity amount of my FD the same?

There can be situations where the principal amount of a fixed deposit can be exactly the same as its maturity amount. It happens when you opt for a monthly or quarterly interest pay-out option. As you already receive the interest amount at regular intervals, it leaves only the principal component at the time of maturity.

Is there any preferential interest rate offered by HDFC for senior citizens?

Senior citizen gets 0.50% – 0.75% extra interest rate ranging between 3.50% to 7.75% p.a. You need to provide your birth date proof to deposit your money under the senior citizen plan.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.