Investor Education

HDFC Bank FD Interest Rates 2023

May 19, 2023

Know About HDFC Bank Fixed Deposit Interest Rates

HDFC Bank was incorporated back in August 1994. As of now, the Bank has a countrywide distribution network of 5,430 branches and 15,292 ATMs in 2,848 towns/cities. As part of RBI's liberalization of the Indian Banking Industry in 1994, HDFC was amongst the first to receive an 'in principle' approval from the RBI to set up a bank in the private sector. HDFC Bank initiated its operations as a Registered and Scheduled Commercial Bank in January 1995. HDFC bank FDs are a great way to save one’s hard-earned money for a specific period of time as the invested money is safe along with good returns. After reading this article on HDFC Bank FD Interest Rate, one will be able to make an informed decision. In this article, we have discussed the latest interest rates of HDFC Bank’s FDs for different investment tenures. Also, you will find the important features & characteristics of these FDs here.

Understanding Fixed Deposits

Fixed deposits are a popular investment option that provides a stable and secure way to grow your money. Fixed deposits are offered by banks and non-banking financial companies (NBFCs), and they offer a fixed rate of interest for a specific period. The interest rates offered by different institutions can vary, and investors can compare and choose the best fixed deposit interest rates for 2023.

Senior citizens can also benefit from fixed deposits, as many institutions offer special senior citizens FD rates that are higher than regular interest rates. This can provide a regular and reliable source of income for retirees. Additionally, investors can also avail a loan against fixed deposit facilities, allowing them to meet their financial needs without having to break their investments prematurely.

When investing in fixed deposits, it is essential to understand the terms and conditions of the scheme, including the tenure, interest rates, premature withdrawal penalties, and tax implications. It is always recommended to compare fixed deposit interest rates and choose a reliable institution with a good track record. Overall, fixed deposits can be an excellent investment option for those seeking stability and security for their savings.

About HDFC Bank

HDFC Bank is one of the leading private sector banks in India, providing a wide range of financial services to individuals and businesses. Established in 1994, HDFC Bank has emerged as a trusted name in the banking industry, known for its customer-centric approach, innovative products, and robust technology infrastructure.

The bank offers a comprehensive suite of banking services, including savings accounts, current accounts, fixed deposits, loans, credit cards, insurance, and investment products. It caters to the diverse needs of customers across various segments, including retail, corporate, and SME (Small and Medium Enterprises).

The bank has received several accolades and awards for its performance and service quality. It has consistently maintained a strong financial position, reflecting its stability and credibility in the banking sector.

Eligibility

Who can open Individual, Joint account (not exceeding 4 applicants), Minor with a guardian, Partnership, Company, Any Institute or Association

Can NRI deposit in HDFC FD? Yes

Investment Amount Min: Rs. 5,000

Max: Rs. No Limit

Tenure Min: 7 days

Max: 10 years

Documents Required

• Application form (duly filled and signed)

• Recent Photographs of Depositor

• Identity and Address proof as per KYC rules and norms

• PAN card copy

• Aadhaar Details

• In case of Partnership firms, one needs to provide with Partnership deed, Incorporation certificate, ID proofs of authorized signatories

• In case of HUFs, one needs to provide with HUF declaration deed, Self-attested PAN card, bank statement of HUF

Note: This is not an exhaustive list, one can expect further alterations.

Also Read : SBI Fixed Deposit Interest Rates

Revised HDFC Bank FD Interest Rates 2023 – Domestic/NRO/NRE (Below Rs. 2 Cr)

Period	Per Annum Interest Rate (w.e.f. 9th March 2023)	Per Annum Interest Rate for Senior Citizens (w.e.f. 9th March 2023)
7 - 14 days	3.00	3.50
15 - 29 days	3.00	3.50
30 - 45 days	3.50	4.00
46 - 60 days	4.50	5.00
61 - 89 days	4.50	5.00
90 days < = 6 months	4.50	5.00
6 months 1 day <= 9 months	5.75	6.25
9 months 1 day to < 1 year	6.00	6.50
1 year to < 15 months	6.60	7.10
15 months to < 18 months	7.10	7.60
18 months to < 21 months	7.00	7.50
21 months - 2 years	7.00	7.50
2 years 1 day - 3 years	7.00	7.50
3 years 1 day to - 5 years	7.00	7.50
5 years 1 day - 10 years	7.00	7.75*

Latest HDFC Bank FD Interest Rates 2023 – Domestic/NRO/NRE (More than Rs. 2 Cr and less than Rs. 5 Cr)

Period	Per Annum Interest Rate (w.e.f. 9th March 2023)	Per Annum Interest Rate for Senior Citizens (w.e.f. 9th March 2023)
7 - 14 days	4.75	5.25
15 - 29 days	4.75	5.25
30 - 45 days	5.50	6.00
46 - 60 days	5.75	6.25
61 - 89 days	6.00	6.60
90 days < = 6 months	6.50	7.00
6 months 1 day <= 9 months	6.65	7.15
9 months 1 day to < 1 year	6.75	7.25
1 year to < 15 months	7.25	7.75
15 months to < 18 months	7.15	7.65
18 months to < 21 months	7.15	7.65
21 months - 2 years	7.15	7.65
2 years 1 day - 3 years	7.00	7.50
3 years 1 day to - 5 years	7.00	7.50
5 years 1 day - 10 years	7.00	7.75

Source : HDFC Bank

Watch this Video to Get Current Interest Rate of HDFC Bank:

KEY FEATURES

Process and Return:

The investment procedure is easy with assured decent returns from the bank.

Senior Citizens: The bank offers a higher rate of interest to senior citizens.

Online Platform: The bank has developed a feasible online interface which ensures secure and flexible operations for managing the FD through online mode

Nominee: Online nominee appointment is offered by the bank.

Facilities offered: One can avail super save and sweep-in facility offered by the bank.

Form Submission: To ensure a fast and efficient process, form 15G/15H can be submitted via online mode if you do not want TDS deductions.

Convenience: One can conveniently open an FD through net banking by sitting at home or anywhere.

Premature Withdrawals

In case of premature withdrawal, the bank charges a penalty of around 1% on the interest rate. The provisions for a penalty on premature closure are subject to the bank’s policies and regulations. One may expect the rates to change.

Types of HDFC Bank Fixed Deposit

Regular Fixed Deposits

Earn compound interest on your deposit with HDFC Bank Regular Fixed Deposit schemes. This plan also helps you manage cash flow issues with overdraft option. In addition, you can cover shortfalls in your savings account by sweeping funds from your linked HDFC bank fixed deposit.

HDFC Bank Health Cover Fixed Deposits

This HDFC Bank fixed deposit brings you the benefit of two worlds - a fixed deposit with great interest rates and a health insurance plan. You can get up to INR 1000 per day for 15 days on fixed deposit amount of INR 10 lacs to INR 1.99 crores. While the minimum deposit amount for this plan is INR 5 lacs, while the maximum amount is INR 1.99 crores.

Five Year Tax Saving Fixed Deposits

Want to save tax while you earn great interest rates on your fixed deposits? Well, then HDFC Bank Five Year Tax Saving Fixed Deposits are a great option for you. You can open this account with just INR 100 and deposit a maximum of INR 1.5 lacs in a financial year for tax benefit under section 80C of the Indian Income Tax Act. It is worthwhile noting that this scheme has a lock-in period of five years. Therefore, once deposited, you cannot withdraw, partially or fully, any amount deposited under this scheme before the maturity date.

FCNR Deposits

HDFC Bank FCNR deposits help you earn Indian interest rates on foreign income. You can hold deposits in six currencies – US Dollars, Euros, Pounds Sterling, japanese Yen, Canadian Dollars and Australian Dollars, and enjoy tax exemption on the entire deposit. The minimum deposit amount under this scheme are: USD 1,000, Euro 2,500, GBP 2,500, JPY 7,50,000, CAD 1,000, and AUD 1,000. The minimum and maximum deposit tenure for FCNR deposits are one and five years, respectively.

Frequently Asked Questions About HDFC FD Rates

Q. Does HDFC Bank Offer Tax-Saving FD Options ?

A. Yes, You can invest for 5 years under this schemes.

Q. What is new interest Rates on Fixed Deposit in 2023 ?

A. HDFC Bank offer 7.10%* p.a. for tenure 15 months to 10 years, and 7.75%*p.a for senior citizens for tenure 5 years.

Q. How can a depositor open an FD with HDFC ?

A. An investor may open an FD either through net banking or by visiting the nearest branch.

Q. Can a depositor get an exemption from TDS on his FD ?

A. Yes, he can avail of the exemption from TDS by submitting duly filed Form 15G or 15F.

Q. Can a depositor change the existing tenure of his FD with HDFC ?

A. No, it’s not allowed to change the tenure but one may opt to close the existing FD and initiate a new one with the new tenure of choice.

Q. Can a depositor deposit an additional amount in the existing FD ?

A. No, it’s also not allowed, but if one is willing to change the amount, he may cancel the existing FD and initiate a new one or may start a new one for the additional amount.

Q. How to renew FD in HDFC Bank online ?

A. In case the auto renew option is not active on your HDFC Bank fixed deposit, then you have to manually renew your FD.

Q. Can I take a loan against HDFC Bank fixed deposit ?

A. Yes, you can avail overdraft facility for up to 90 percent of the fixed deposit amount to manage your urgent, unavoidable need for funds. The minimum FD amount to avail this facility is INR 25000 and the minimum tenure is six months.

Q. What is the highest rate on deposits offered by HDFC ?

A. The highest rate offered by HDFC on deposits is 6.50 percent per annum. Whereas, senior citizens can earn up to 7.00 percent on their HDFC term deposits. Please note that these FD interest rates are applicable on deposits of up to INR two crores.