HDFC Bank FD

** Disclaimer: HDFC Bank has not partnered with Bajaj Markets. The information is intended for educational purposes only. You are advised to contact the Banks/NBFCs for additional details.

HDFC Bank is one of India’s top banks. Among its range of financial offerings are fixed deposits, which come with flexible tenors and a range of attractive interest rates. HDFC Bank FD rates start from 3.00% per annum and go up to 6.95% per annum depending on the tenor and whether you are a senior citizen or not. 

HDFC Bank fixed deposits also provide you with the flexibility of choosing the investment period. The tenor range starts from as low as 7 days and goes up to as high as 10 years. 

Knowing what the current HDFC Bank FD rates for different tenors are can help you make a clear, informed investment decision. So here’s a table that outlines the rates for different tenors including the HDFC senior citizen FD rates. 

Note: The above interest rates are with effect from October 26, 2022 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. They are subject to change from time to time depending on the bank’s policies.

HDFC Bank Fixed Deposit Calculator

As an investor, it is natural for you to want to know what the maturity amount on your fixed deposit would be. A HDFC Bank FD calculator can help you in this regard. By using this nifty little tool, you can instantly determine the interest and the amount that you’re likely to get from your fixed deposit on maturity. 

Features and Benefits of a HDFC Bank Fixed Deposit

By choosing to invest in an HDFC Bank FD, you get to enjoy a range of exciting features and benefits. Check out a few of them down below. 

• Low Minimum Investment 

All that you need to start a fixed deposit account with HDFC Bank is a minimum investment of just ₹5,000. 

• Hassle-Free Application Process 

Applying for a HDFC Bank FD is super simple and takes only a few minutes. You can do it online through the internet banking portal at your own convenience. 

• Flexibility 

HDFC Bank fixed deposit plans are very flexible in terms of the tenor. Based on your preference, you can choose a tenor ranging from 7 days to 10 years. However, the HDFC Bank FD rates may vary depending on the tenor you choose. 

• Tax Benefits 

You can claim up to ₹1.5 Lakhs per financial year as deductions under section 80C of the Income Tax Act, 1961 by opting for the tax-saving FD with a tenor of 5 years. 

• Quick Liquidation 

HDFC Bank FDs can be instantly liquidated and the funds used to meet your emergency fund requirements. That said, there’s a small penalty ranging from 0.5% to 1% for early withdrawal of the FD. 

• Overdraft Facility

With the HDFC Bank fixed deposit, you can avail an overdraft facility on your savings account to the tune of 90% of the total maturity value of the deposit. 

HDFC Bank FD Interest Rates for Senior Citizens and Others for 5 Years

HDFC Bank FD rates tend to be different for different tenors. That’s not all. It may also change depending on whether you’re a non-senior citizen or a senior citizen. Here’s a table that gives you a good idea of the interest and the maturity earned on a fixed deposit of ₹1 Lakh over different tenors. If you wish to, you can determine these values yourself by using a HDFC Bank FD calculator as well.

Note: The above interest rates are with effect from October 26, 2022 and are applicable for retail domestic fixed deposits of less than ₹2 Crores. The rates are subject to change from time to time depending on the bank’s policies.

Eligibility Criteria and Documents Required for Opening an FD in HDFC Bank

To open a fixed deposit with HDFC Bank, you will have to satisfy certain eligibility criteria. In addition to that, you will also have to submit a few documents along with the FD opening form too. Here’s a quick look at both the criteria and the list of documents. 

Eligibility Criteria

The following entities and individuals are eligible to open an HDFC Bank FD.

• Resident Indian individuals

• Non-Resident Indian individuals

• Hindu Undivided Families

• Partnership firms

• Sole proprietorship firms

• Associations, trusts and societies

• Limited companies

Documents Required

The following documents will have to be submitted as part of the FD account opening process. 

• A recent passport size photograph

• Identity Proof documents - PAN, Aadhaar, Passport, Driving Licence or Voter’s ID

• Address Proof documents - Aadhaar, Driving Licence, Voter’s ID or Passport

• In the case of a partnership firm - Partnership Deed and identity and address proofs of authorised signatories or partners

• In the case of a Limited company - Incorporation Certificate, Memorandum of Association, Articles of Association and identity and address proofs of authorised signatories

• In the case of a Hindu Undivided Family - PAN card attested by the Karta, HUF declaration deed and bank statement of the HUF

How to Open an FD in HDFC Bank

Opening a fixed deposit account with HDFC Bank is extremely easy and takes only a few minutes. The application process can be completed via the internet banking portal of the bank. Here’s a step-by-step guide to help you invest in a HDFC Bank fixed deposit. 

• Step 1: Visit the HDFC Bank internet banking portal.

• Step 2: Log into your account using your user credentials.

• Step 3: Click on the ‘Transact’ option on the left sidebar. 

• Step 4: Click on ‘Open Fixed Deposit’. 

• Step 5: Specify details such as the type of FD, the savings account, the deposit amount, the nature of deposit, the tenor, maturity instructions and interest payout, among other things. 

• Step 6: Submit the application to book a fixed deposit with HDFC Bank. 

Alternatively, you can also open a fixed deposit account with HDFC Bank by visiting any one of the bank’s branches. You will be required to manually fill and submit an FD account opening form along with the supporting documents to the bank’s representative. 

How to Use the HDFC Bank Fixed Deposit Calculator? 

The HDFC Bank FD calculator is a simple tool that allows you to determine the interest earned and the maturity amount of a fixed deposit. The step-by-step process that you would have to follow to use the calculator has been explained below. 

• Step 1: Enter the amount that you wish to invest

The first field that you would need to fill in the HDFC Bank FD calculator is the investment amount. Specify the amount that you would like to invest in the fixed deposit here.

• Step 2: Specify the tenor of your FD and the HDFC Bank FD rate

The tenor of your FD is the period of time for which you would like to invest. HDFC Bank offers tenors ranging from 7 days to 10 years. While you’re at it, also enter the interest rate applicable to you for the tenor of your choice in the calculator. 

• Step 3: Specify if you’re a senior citizen 

Since the HDFC FD interest rates tend to change depending on your age, the HDFC Bank FD calculator requires you to mention if you’re a senior citizen or not. 

• Step 4: Submit the details

Once you’ve entered all the details in the HDFC Bank FD calculator, click on the submit button. 

• Step 5: The maturity amount of your FD will be displayed

Upon submitting the details, the HDFC Bank FD calculator should instantly display the results including the maturity amount and the interest earned on your fixed deposit. 

How is HDFC Bank FD Maturity Amount Calculated?

To determine the maturity amount of a fixed deposit, you can always use the HDFC Bank FD calculator. However, being an investor, it is important for you to know the formula that’s used to calculate the values. The mathematical formula used for FD maturity calculation is as follows. 

P is the investment amount, r is the HDFC Bank FD rate, n is the compounding frequency and t is the tenor (in years).

Let’s now take up a quick example, where we use the values in this formula to understand how the calculation actually takes place. Say that you’re a non-senior citizen wanting to invest ₹8 Lakhs for a tenor of 5 years. The current HDFC fixed deposit interest rate for this tenor is 6.25% per annum. Also, the compounding frequency for the FD is quarterly. Now, let’s find out the maturity amount. 

Maturity Amount:  

= ₹8,00,000 x (1 + 0.0625/4)4x5

= ₹8,00,000 x (1 + 0.015625)20

= ₹8,00,000 x (1.015625)20

= ₹8,00,000 x (1.36353927948)

= ₹10,90,831

Although you now know how to arrive at the maturity value of an FD, it is recommended that you use an HDFC Bank FD calculator for all your calculations. By using this tool, you can ensure accurate results every single time and save a lot of time and effort. 

Conclusion 

As you can see, investing in a HDFC Bank fixed deposit plan is one of the best investment decisions that you can make. In addition to high HDFC Bank FD rates, you also get the benefit of premature withdrawal and the ability to avail a loan, among other things. 

Now, if you’re planning on opening a fixed deposit account with the bank in the near future, remember to use the HDFC FD interest calculator first. This nifty tool can help you plan your investment in a much better manner.