HDFC Bank Limited is one of the largest private sector banks in India having its headquarters in Mumbai. It is the third largest company in terms of market capitalization on the Indian Stock Exchanges. There are plenty of products and services being offered by the bank including wholesale banking, retail banking, loans, and credit cards.
HDFC Bank provides its customers with a variety of Fixed Deposit options wherein the surplus money can be saved and guaranteed returns can be earned. Customers are required to deposit the amount at the beginning of opening an account with the bank. This money gets saved with the bank for the period chosen and interest would be calculated accordingly over it. HDFC Bank has been awarded an “AAA” rating for its deposits from both CRISIL and ICRA for over 25 years representing the highest safety as regards timely payment of principal and interest.
HDFC Fixed Deposit Interest Rates in Case of an Individual
| HDFC DEPOSITS | |||||
| INDIVIDUALS | |||||
| Deposit Below 2 Crore | |||||
| Period | Monthly Income Plan | Quarterly Option | Half-Yearly Option | Annual Income Plan | Cumulative Option* |
| 12 – 14 Months | 6.56% | 6.60% | 6.65% | – | 6.77% |
| 15 – 17 Months | 7.06% | 7.10% | 7.16% | 7.29% | 7.29% |
| 18- 34 Months | 6.96% | 7.00% | 7.06% | 7.19% | 7.19% |
| 35 Months | 7.16% | 7.20% | 7.27% | 7.40% | 7.40% |
| 36 – 54 Months | 6.96% | 7.00% | 7.06% | 7.19% | 7.19% |
| 55 Months | 7.21% | 7.25% | 7.32% | 7.45% | 7.45% |
| 56 – 120 Months | 6.96% | 7.00% | 7.06% | 7.19% | 7.19% |
| Minimum Amount (‘) | ₹ 40,000 | ₹ 20,000 | ₹ 20,000 | ₹ 20,000 | ₹ 20,000 |
| Deposit 2 Crore and above & below 5 Crore | |||||
| Period | Monthly Income Plan | Quarterly Option | Half-Yearly Option | Annual Income Plan | Cumulative Option* |
| 12 – 14 Months | 7.21% | 7.25% | 7.32% | – | 7.45% |
| 15 – 23 Months | 7.01% | 7.05% | 7.11% | 7.24% | 7.24% |
| 24 – 120 Months | 6.96% | 7.00% | 7.06% | 7.19% | 7.19% |
| Deposit 5 Crore and above & below 25 Crore | |||||
| Period | Monthly Income Plan | Quarterly Option | Half-Yearly Option | Annual Income Plan | Cumulative Option* |
| 12 – 14 Months | 7.21% | 7.25% | 7.32% | – | 7.45% |
| 15 – 24 Months | 7.01% | 7.05% | 7.11% | 7.24% | 7.24% |
| 25 – 120 Months | 6.96% | 7.00% | 7.06% | 7.19% | 7.19% |
| For senior citizens: 0.25% additional Rate of interest valid up to INR 2 crore | |||||
Features & Benefits of HDFC Fixed Deposit
Mentioned below are the features and benefits of HDFC Fixed Deposit:
- Senior citizens get an additional interest rate of 0.50% p.a. over regular rates
- The minimum amount required to open an FD account with HDFC Bank is INR 5000.
- HDFC provides a nomination facility.
- HDFC provides an attractive rate of interest with an FD account
- Sweep-in and super saver facility is available on the FD account
- The depositor can earn compound interest by reinvesting your principal along with the interest amount earned on the FD
Documents Required to HDFC Fixed Deposit
Mentioned below are the documents required for HDFC Fixed Deposit:
- Proof of Identity
- Aadhaar card
- Voter ID
- PAN card
- Driving license
- Ration card with photo
- Any government-issued ID card
- Passport
- Proof of Address
- Electricity bill
- Bank statement including cheque
- ID or license issued by the Post Office
- Telephone bill
- Passport
Eligibility Criteria for Opening an HDFC FD Account
The eligibility criteria to open an HDFC FD account are as mentioned below:
- Indian resident
- Sole proprietorship enterprise
- Trusts
- Limited companies
- Hindu Undivided Family (HUF members)
- Partnership firms
Different Ways to Open an HDFC FD
Mentioned below are the different ways to open an HDFC FD:
- Via Net Banking:
To open an HDFC Bank FD account via Internet banking, follow the below-mentioned steps:
- Login to the internet banking of HDFC Bank.
- Go to the tab “Transact” and then select the option “Open Fixed Deposits”.
- Select the branch, and fill out the deposit tenure and the amount of deposit.
- Provide the details of the nominee.
- Click on “Continue” and then “Confirm”.
- A Fixed Deposit receipt can be downloaded immediately.
- Via Mobile Banking:
To open an HDFC Bank FD account via Mobile banking, follow the below-mentioned steps:
- Download the HDFC Mobile App.
- Sign in using credentials.
- Go to the option “Main Menu” and under the “Save” tab, select “Deposits”.
- Now click on “Open Fixed Deposit”.
- Fill out the necessary deposit details along with the nominee information.
- A Fixed Deposit receipt can be downloaded immediately on confirmation.
- By Visiting HDFC Branch:
To open an HDFC Bank FD account by visiting the branch within HDFC Bank Timings, follow the below-mentioned steps:
- Visit any nearest branch of HDFC Bank.
- Fill out the application form.
- Provide all necessary documents along with the deposit amount.
- The application would then be processed and an FD receipt will be provided by the bank.
Term-Wise HDFC Fixed Deposit Rates
- Short-Term Deposits:
These deposits have a tenure of less than a year. The interest rate offered ranges from 3.00% to 5.50% for Fixed Deposit having tenure of 7 days to 12 months.
- Medium Term Deposits:
These deposits have a tenure of less than a year. The interest rate offered ranges from 6.10% to 6.50% for Fixed Deposit having tenure of 1 year to less than 5 years.
- Long Term Deposits:
These deposits have a tenure of less than a year. The interest rate offered is from 6.25% for Fixed Deposit having tenure of 5 years to 10 years.
How to Use HDFC Fixed Deposit Calculator?
Mentioned below are the steps to use HDFC FD Calculator:
Step 1: Open the HDFC official website.
Step 2: Open the FD calculator and select the desired amount of investment, interest rate, and tenure of investment.
Step 3: Select the type of FD.
Step 4: Click on “Calculate”.
Step 5: The maturity amount will then be displayed on the screen.
HDFC FD Calculator works with a formula to calculate the maturity amount for Fixed Deposits. An applicant is required to provide details like FD amount, Tenure, and Rate of Interest, to determine the maturity amount. Let us have a look at the formula used for this calculation:
A= P(1+r/n)^n*t
In the above formula,
‘A’ stands for the fixed deposit maturity amount
‘P’ stands for the amount you invest in the FD
‘r’ stands for the HDFC Bank FD rates
‘n’ stands for the number of times interest on an FD is calculated. ‘N’ can equal ‘1’ if the interest is calculated annually, ‘2’ if calculated half-yearly, ‘4’ if calculated quarterly, and ‘12’ if calculated every month
‘t’ stands for the tenure of the fixed deposit
