The origin of HSBC Bank in India dates back to 1853 with Mercantile Bank of India, headquartered in Mumbai. Later, in 1959, Hong Kong Shanghai Bank Corporation Limited bought the Mercantile Bank and thus began the journey of HSBC Bank.
HSBC has established itself as an international bank actively participating in the development of the Indian banking industry. Today, HSBC serves 40 million customers in 63 countries and territories across the globe.
The table below displays the essential features that you can avail of from HSBC Bank, along with attractive HSBC FD rates.
| Minimum Deposit | ₹10,000 |
| Maximum Deposit | No upper limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 5 years |
| Interest Rates | 2.85% to 7.5% p.a for FD below ₹2 lakh for general customers and 3.35%-8% p.a. for senior citizens |
| Lock-in Period | No data available |
| Senior Citizen | 3.35%-8% p.a. |
| General Citizen | 2.85% to 7.5% p.a. |
HSBC Bank FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of HSBC Bank FD Interest Rate
The points below highlight some of the main features and benefits that come along with fixed deposits with HSBC Bank.
- You can choose an investment tenure from an extensive range of 7 days to 5 years as per your convenience.
- The bank allows you to open a fixed deposit account online with a minimum deposit of ₹10,000.
- Resident and NRI accounts are subject to TDS charges according to applicable norms by the bank
- There is no upper limit for your fixed deposit.
- HSBC bank pays the fixed deposit interest at the end of every quarter or after the maturity of the bank.
How to Book HSBC FD?
You can follow the following steps to open a fixed deposit account and grow your earnings with HSBC FD rates.
- Step 1: Open the official website of the HSBC Bank.
- Step 2: Navigate and log in to the Personal Internet Banking Section with your credentials.
- Step 3: Click on Open Fixed Deposit.
- Step 4: Enter the fixed deposit amount and select your fixed deposit type and the tenure.
- Step 5: After entering all the necessary details, click on “Continue” to complete your application procedure. After successful verification of the documents, your FD account will get booked.
Documents Required to Book HSBC Bank FD
The list below consists of all the documents that you must upload to open an HSBC Bank FD account.
- HSBC FD account opening form.
- PAN card.
- 2 passport-size photographs.
- Identity Proof – Aadhaar Card, Voter ID card, driver’s licence and passport
- DOB Proof of applicants – Voter ID, PAN card, Aadhaar card and birth certificate
- Address Proof – Passport, Aadhaar card and Voter ID card
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open HSBC Bank FD
If you fulfil the following criteria, you are eligible to start a fixed deposit with HSBC Bank.
- Type of Applicants: Resident citizens of India and Non-Resident Indians.
- Age of Applicant: Minors and people above 18 years of age
Types of HSBC Bank FD Schemes
You can opt for any of the following types of fixed deposit schemes and earn lucrative HSBC fixed deposit interest rates.
1. Fixed Deposit for the General Public and Senior Citizens
This is the standard HSBC fixed deposit scheme for the general public and senior citizens. The interest rates for bulk deposits above ₹1 crore might vary frequently. Therefore, consider connecting with their relationship manager or visiting the nearest branch to know the current HSBC FD rates.
Furthermore, to open fixed deposits below ₹1 crore, you can opt for an online account opening process. Here are some of the important features of HSBC Bank FD for the general public and senior citizens.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No upper limit
- Tenure: 7 days to 5 years
- Interest Rate: 2.85% p.a. to 7.5% p.a. for the general public and 3.35% p.a. to 8% p.a. for senior citizens
- Eligibility: Indian citizens
2. NRE Fixed Deposit Account
Non-resident Indians can open NRE Fixed deposit accounts with HSBC Bank to deposit their foreign earnings in an Indian FD account. With this scheme, your principal and interest amount is completely repatriable.
Here is the essential information that you must know about the HSBC Bank NRE FD account.
- Minimum Deposit: ₹25000
- Maximum Deposit: No upper limit
- Tenure: 366 days to 5 years
- Interest Rate: 3.25% p.a. to 7.5% p.a.
- Eligibility: Non-Resident Indians
3. NRO Term Deposit Account
With an HSBC Bank NRO FD account, you can earn returns after the amount matures or at the quarter’s end. This account is for NRI individuals who wish to park the income that they earn in India.
Under the premature withdrawal clause, you can distribute the deposited amount and withdraw it before maturity.
Here are some important features of the HSBC NRO term deposit scheme for you to know.
- Minimum Deposit: ₹25000
- Maximum Deposit: No upper limit
- Tenure: 7 days to 5 years
- Interest Rate: 2.85% p.a. to 7% p.a.
- Eligibility: Non-Resident Indians
4. FCNR Deposit Scheme
With this scheme, you can earn interest once the amount matures or on a half-yearly basis. HSBC Bank FCNR Scheme can hold currency in different currencies from around the world. They are Japanese Yen, US Dollars, Swedish Krona, Canadian Dollars, Euros, Danish Krones, Pound Sterlings, Australian Dollars and Swiss Francs.
As your amount gets deposited in foreign currency, you can easily transfer funds outside India. The points below highlight the important features of this scheme.
- Minimum Deposit: 1000
- Maximum Deposit: No upper limit
- Tenure: 1 year- 3 years for DKK, GBP, SEK, USD and CHF and 1-2 years for AUD, CAD, JPY, EURO
- Interest Rate: 0.01% to 4.60% (including all currencies)
- Eligibility: NRIs
5. RFC Deposit Scheme
You can opt for an RFC fixed deposit if you are permanently shifting to India after having employment from outside. You can also hold an RFC account with close relatives or NRI family members as a joint account. Furthermore, you can make an RFC term deposit in any of the four currencies – USD, JPY, GBP, and EUR. These deposits also come with an auto-renewal facility.
Here are some important features that you must know before opening an RFC account with HSBC Bank.
- Minimum Deposit: 5000 USD, 3500 USD, 500000 JPY, 5000 EUR
- Maximum Deposit: No upper limit
- Tenure: 31 days to 3 years
- Interest Rate: 0.10% per annum (including all currencies)
- Eligibility: Non-Resident Indians
Now that you know everything about the latest HSBC FD interest rates for 2023 make sure to open an FD with HSBC Bank after assessing the terms and conditions. Make an informed decision after analysing whether the schemes align with your financial goals.
FAQs
For any fixed deposit amount falling below ₹2 lakh, the HSBC FD interest rate might vary from 2.85% to 7.5% p.a., depending on the FD tenure.
Yes, senior citizens receive an additional HSBC FD rate of 0.50% on the general interest rate for opening an FD account.
HSBC Bank allows premature withdrawal of FDs upon request. However, this is subject to a penalty charge of 1% on the interest earned.
No, if your total income is below the taxable range, TDS will not be applicable to the FD interest you earn.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
