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Earn interest up to 8.10% p.a. by investing in a Bajaj Finance Fixed Deposit | Rated CRISIL AAA/ STABLE and [ICRA]AAA(stable)

** 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. 

Tenor

HDFC Non-Senior Citizen FD Interest Rates

HDFC Senior Citizen FD Interest Rates

7 days to 14 days

3.00% per annum

3.50% per annum

15 days to 29 days

3.00% per annum

3.50% per annum

30 days to 45 days

3.50% per annum

4.00% per annum

46 days to 60 days 

4.00% per annum

4.50% per annum

61 days to 89 days

4.50% per annum

5.00% per annum

90 days to 6 months

4.50% per annum

5.00% per annum

6 months and 1 day to 9 months

5.25% per annum

5.75% per annum

9 months and 1 day to less than 1 year

5.50% per annum

6.00% per annum

1 year to 15 months

6.10% per annum

6.60% per annum

15 months to less than 18 months

6.15% per annum

6.65% per annum

18 months to less than 21 months

6.15% per annum

6.65% per annum

21 months to 2 years

6.15% per annum

6.65% per annum

2 years and 1 day to 3 years

6.25% per annum

6.75% per annum

3 years and 1 day to 5 years

6.25% per annum

6.75% per annum

5 years and 1 day to 10 years

6.20% per annum

6.95% per annum

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.

Tenor

Non-Senior Citizen

Senior Citizen

Interest Rate (p.a)

Interest Earned

Maturity Amount

Interest Rate (p.a)

Interest Earned

Maturity Amount

1 year

6.10%

₹6,241 

₹1,06,241

6.60%

₹6,765 

₹1,06,765

2 years

6.15%

₹13,053

₹1,13,053

6.65%

₹14,183

₹1,14,183

3 years

6.25%

₹20,564

₹1,20,564

6.75%

₹22,377

₹1,22,377

4 years

6.25%

₹28,319

₹1,28,319

6.75%

₹30,897

₹1,30,897

5 years

6.25%

₹36,573

₹1,36,573

6.75%

₹40,011

₹1,40,011

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. 

Maturity = P (1 + r/n)nt

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. 

FAQs

  • ✔️Does HDFC Bank FD provide a premature withdrawal facility?

    Yes, you can withdraw your FD amount before the completion of its term. However, it will attract a penalty of 0.50 - 1% on the accumulated interest. However, premature withdrawal is not possible in the HDFC Bank Tax Saver FD.

  • ✔️Can we extend the HDFC Bank FD?

    No. You cannot extend a HDFC Bank FD. However, you can opt to renew it for the same tenor before the fixed deposit matures. It can be conveniently done online using your netbanking account, via the HDFC Bank mobile app or by visiting the nearest branch office.

  • ✔️Can I get a loan against an HDFC Bank FD?

    HDFC Bank allows you to pledge your FD in order to get a loan of up to 90% of the maturity amount. If you wish to get to know the exact maturity amount of your fixed deposit, you can always use an HDFC FD calculator. 

  • ✔️What are the common types of forms for an HDFC Bank FD Account?

    There are different types of forms for an HDFC Bank FD account. This includes the FD account opening form, which is used to open the account, and Form 15G and Form 15H, which are used to claim exemption from TDS deduction.

  • ✔️What are the HDFC fixed deposit plans for tax exemption?

    By opting for an HDFC Bank Five-Year Tax-Saving FD, you can get tax benefits of up to ₹1.5 Lakhs under section 80C of the Income Tax Act, 1961.

  • ✔️Is TDS deducted on HDFC Bank FD?

    As mandated by the government, 10% TDS is deducted on the interest earned on your HDFC fixed deposit if the interest in a financial year exceeds ₹40,000. If you’re a senior citizen, TDS is deducted only if the interest in a financial year exceeds ₹50,000. You can get to know how much interest you stand to earn from an FD in a year by using the HDFC Bank FD calculator.

  • ✔️How to claim a TDS refund on a Fixed Deposit online?

    TDS refunds (in case of deduction of additional or incorrect amount) can be claimed while filing the IT returns with the government. The refund process can be understood in detail by visiting the Income Tax website.

  • ✔️What is the time period of the TDS refund?

    The refund processing and payout can take approximately 3 to 6 months before it is credited to your bank account.

  • ✔️Is there any nomination facility under the HDFC Bank FD account?

    Yes. You can nominate a family member or an acquaintance for an HDFC Bank FD. In fact, adding a nominee to your FD is highly recommended. The bank allows you to do this via online and offline methods. 

  • ✔️Is there a loan facility under HDFC Bank FD Account?

    Yes, HDFC bank offers a loan against FD to the tune of 90% of the maturity amount. The interest rate on such a loan is likely to be marginally higher than the prevailing HDFC Bank FD rates.

  • ✔️Is there any credit card facility under the HDFC Bank FD plan?

    If you hold an active HDFC Bank fixed deposit, you can easily apply for a secured credit card from the bank. The card type and the nature of benefits will depend on the FD amount and other eligibility criteria.

  • ✔️What is the highest fixed deposit interest rate for HDFC Bank?

    The highest HDFC Bank FD rate on offer for non-senior citizens is 6.25% per annum on tenors ranging from 2 years and 1 day to 5 years. In the case of senior citizens, the maximum HDFC Bank FD rate on offer is 6.95% on tenors ranging from 5 years and 1 day to 10 years.

  • ✔️Can I deposit more funds into my HDFC Bank FD account?

    No. Once you’ve opened a fixed deposit account, you cannot add more funds to it. However, you can open a new FD account.

  • ✔️Can a Non-HDFC Bank customer open an FD online?

    Yes. A non-HDFC Bank customer can open an FD online. However, they will have to visit an HDFC Bank branch to get the user credentials for their account.

  • ✔️Can I open more than one FD account with HDFC?

    Yes. In fact, there’s no limit to the number of HDFC Bank fixed deposit accounts that you can hold.

  • ✔️What is the minimum amount to open a fixed deposit with HDFC Bank?

    The minimum amount that’s needed to open a HDFC Bank FD is ₹5,000.

  • ✔️What is the HDFC Bank Fixed Deposit's tenor range?

    The minimum tenor of a HDFC Bank fixed deposit plan is 7 days, whereas the maximum tenor is 10 years.