Exploring HDFC Bank Fixed Deposit Rates and Benefits 2024

HDFC Bank Limited, a leading private bank in India, based in Mumbai, stands as the third-largest on the Indian stock exchanges by market capitalization. It offers a wide range of financial products, such as wholesale and retail banking, various loan services, and credit card offerings.

With HDFC Bank Fixed Deposits (FDs), customers have the option to invest surplus funds for a specific period to gain attractive returns. It involves a single deposit with no withdrawals allowed during the chosen tenure.

Key Features and Benefits of HDFC Bank Fixed Deposits

Features and Benefits of HDFC FD

• Senior Citizen Benefit: Additional 0.50% p.a. interest rate for seniors, over standard rates.
• Minimum Deposit: Requires at least Rs. 5,000 to open an FD account.
• Nomination Facility: Available for all account holders.
• Competitive Interest Rates: Offers attractive rates on FDs.
• Sweep-in and Super Saver Facilities: Additional flexibility for FD accounts.
• Compound Interest: Combines principal and earned interest for maximized returns.

HDFC Bank Fixed Deposit Rates for 2024

Tenure	Interest Rate (PA)	Senior Citizens Rate (PA)
7 days - 29 days	3%	3.5%
1 month - 1 month 15 days	3.5%	4%
1 month 16 days - 5 months 27 days	4.5%	5%
5 months 28 days - 8 months 30 days	5.75%	6.25%
9 months - 11 months 30 days	6%	6.5%
1 year - 1 year 3 months	6.6%	7.1%
1 year 3 months 1 day - 1 year 5 months 29 days	7.1%	7.6%
1 year 6 months - 1 year 8 months 29 days	7.25%	7.75%
1 year 8 months 30 days - 2 years 11 months	7%	7.5%
2 years 11 months 1 day - 2 years 11 months 1 day	7.15%	7.65%
2 years 11 months 2 days - 4 years 6 months 28 days	7%	7.5%
4 years 6 months 29 days - 4 years 6 months 29 days	7.2%	7.7%

Different Types of HDFC Bank FD Schemes

HDFC Bank Senior Citizen Care FD

This plan is designed exclusively for seniors (60 years and above), offering an additional 0.75% interest rate over the current premium.

• Maximum FD amount for seniors: Less than Rs. 5 crores.
• Tenure: 5 years 1 day to 10 years.
• Premature closure of less than 5 years attracts a 1% interest rate deduction.
• For durations over 5 years, a 1.25% reduction applies on premature closures.
• Open FDs online via HDFC Bank's digital platforms.

HDFC Bank SureCover FD

This scheme combines a regular FD with life insurance coverage equivalent to the deposit amount, ranging between Rs. 2 lakh and Rs. 10 lakh.

• Flexible tenure: 1 to 10 years.
• Interest rates align with regular FDs.
• Access to an instant 90% overdraft on the FD amount.

HDFC Bank Five-Year Tax Saving Fixed Deposit

• Minimum and Maximum Amount: Rs. 100 to Rs. 1.5 Lakhs annually.
• Tenure: Locked for 5 years.
• Qualifies for tax deductions under Section 80C.
• Designed for resident individuals and Hindu Undivided Families.

HDFC Bank Overdraft Against Fixed Deposits

• Gain up to 90% of the FD amount via overdraft for urgent financial needs.
• Minimum FD requirement is Rs. 25,000 with a term of at least 6 months and 1 day.
• Access this feature quickly through NetBanking.

Advantages:

• Interest payable solely on the amount borrowed.
• FDs continue earning interest despite partial withdrawals.
• Maturity details or rollovers can be modified before maturity.
• Overdraft cancellations are feasible via net banking for single-held FDs.

Guide to Opening an HDFC Bank Fixed Deposit Account

FD accounts can be initiated via the HDFC mobile app, internet banking, or by visiting a branch.

Internet Banking Process:

1. Log into NetBanking and navigate to 'Open Fixed Deposits' in the 'Transact' section.
2. Select the branch, specify the FD duration and amount, and nominate a beneficiary.
3. Confirm entered details, and download the deposit acknowledgment immediately.

Mobile App - HDFC Bank App:

1. Install and log into the HDFC Bank App.
2. Navigate to 'Deposit' under the 'Save' tab and select 'Open Fixed Deposit.'
3. Input deposit details, confirm, and finalize the process.
4. The receipt is instantly downloadable.

In-Person at HDFC Bank Branch:

1. Visit a local branch.
2. Fill out the FD application and provide the required documents.
3. Receive the FD receipt once processing is complete.

Eligibility and Requirements for Opening an HDFC Fixed Deposit

Eligible for individuals like Indian residents, sole proprietorships, trusts, limited companies, Hindu Undivided Families (HUF), and partnership firms.

Documents Required for FD Account Opening

• Identity Proof: Aadhaar, Voter ID, PAN, Driver's license, Passport, or any valid government-issued ID.
• Address Proof: Utility bill, bank statement with cheque, or recognized postal ID.

Policy on Premature Withdrawal of HDFC Fixed Deposits

For early withdrawal, interest is based on the lower of the original tenure rate or the rate for the period held. A penalty of 1% applies for withdrawals over 7-14 day durations.