HDFC Bank Limited, among India's leading private banks, is situated in Mumbai and ranks as the third-largest on Indian stock exchanges by market capitalization. The bank offers an extensive array of financial products, including wholesale and retail banking, diverse loan options, and credit card services.

With HDFC Bank Fixed Deposits (FDs), customers can park their excess funds for a set duration and earn substantial returns. Account holders initiate the process by making a single deposit, locking the funds for the chosen tenure, with no further deposits or withdrawals allowed during this term.

Core Features and Benefits of HDFC Bank Fixed Deposits

Features and Benefits of HDFC FD

• Senior Citizen Benefit: An extra 0.50% p.a. interest rate applies to seniors beyond standard rates.
• Minimum Deposit: Opening an FD account requires at least Rs. 5,000.
• Nomination Facility: Available for all account owners.
• Competitive Interest Rates: Attractive rates are offered on FDs.
• Sweep-in and Super Saver Facilities: Provides added flexibility to FD accounts.
• Compound Interest: Combining principal and earned interest to maximize 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 scheme caters exclusively to senior citizens (60 years and over), offering an extra 0.75% interest, 0.25% above the current premium.

• Maximum FD amount for seniors: Less than Rs. 5 crores.
• Tenure: 5 years 1 day to 10 years.
• The premature closure of less than 5 years incurs a 1% interest rate reduction.
• After 5 years, a 1.25% interest rate reduction applies on premature closures.
• Open FDs online using HDFC Bank’s platforms.

HDFC Bank SureCover FD

Alongside a regular FD, this scheme offers life insurance coverage equal to the deposit amount, ranging from Rs. 2 lakh to Rs. 10 lakh.

• Flexible tenure: 1 to 10 years.
• Offers rates similar to regular FDs.
• Instant 90% overdraft on the FD amount is available.

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.
• Eligible for tax deductions under Section 80C.
• Suitable for resident individuals and Hindu Undivided Families.

HDFC Bank Overdraft Against Fixed Deposits

• Access up to 90% of the FD via overdraft for urgent financial needs.
• Minimum FD amount is Rs. 25,000 with at least a 6 months 1-day term.
• NetBanking provides quick access to this facility.

Advantages:

• Interest is only paid on the borrowed amount.
• FDs can still earn interest even with partial withdrawals.
• Modify maturity details or rollovers prior to maturity.
• Cancel overdraft via net banking on a single-held FD.

Guide to Opening an HDFC Bank Fixed Deposit Account

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

Internet Banking Process:

1. Access NetBanking and go to 'Open Fixed Deposits' under 'Transact.'
2. Select branch, specify FD duration and amount, and assign a nominee.
3. Confirm the details, and download the deposit receipt immediately.

Mobile App - HDFC Bank App:

1. Install and sign into the HDFC Bank App.
2. Go to 'Deposit' in the 'Save' tab and select 'Open Fixed Deposit.'
3. Enter deposit details and confirm them for completion.
4. The receipt is available for instant download.

In-Person at HDFC Bank Branch:

1. Visit a nearby branch.
2. Fill out the FD application and submit necessary documents.
3. Receive the FD receipt post-processing.

Eligibility and Requirements for Opening an HDFC Fixed Deposit

Eligible entities include 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 government-issued ID.
• Address Proof: Electricity bill, bank statement with cheque, or postal identification.

Policy on Premature Withdrawal of HDFC Fixed Deposits

Interest rates for early withdrawal are based on the lesser of the original tenure base rate or the rate for the existing period held. Penalties of 1% apply for withdrawals exceeding 7-14 days durations.