HDFC FD Interest Rates: HDFC Bank FD Rates in 2019

HDFC Bank offers an array of fixed deposit schemes. The Bank offers FD  for an amount up to Rs. 1 crore for a duration of 1 year with interest rate between 6.75%-6.85%. Get fixed returns on hassle-free investment and save tax.

Interest rates are a percentage which bank pays to the depositor thus helping them to generate assured earnings on the deposit. It must be noted that rates are subject to change from time to time and the information of which is communicated on timely basis.  

HDFC Fixed Deposit Interest Rates

HDFC Bank fixed deposit rates are competitive and designed keeping the needs of every investor in mind.

Tenure

HDFC FD Rates (Annually)

7 – 14 Days

3.50 Percent

15 – 29 Days

4.25 Percent

30 – 45 Days

5.75 Percent

46 Days – 6 Months

6.25 Percent

6 Months 1 Day – 6 Months 4 Days

6.35 Percent

6 Months 5 Days – Less than 1 Year

6.40 Percent

1 Year

6.85 Percent

1 Year 1 Day – 1 Year 16 Days

6.65 Percent

1 Year 17 Days – 5 Years

7.00 Percent

5 Years 1 Day – 10 Years

6.00 Percent

Though, HDFC FD rates vary, the highest interest is 7% per annum, which changes based on the repo rate that RBI periodically fixes. Fixed deposit tenures vary from 1 year 17 days to 5 years, and HDFC FD interest rates are more competitive for longer tenures than shorter ones. There are rates for senior citizens and people below the age of 60 years.

While, the HDFC senior citizen FD interest rate is higher than the regular FD rates for seniors. Customers can opt for short, medium, and long-term FDs, depending on what suits them the best.

Here are HDFC FD Rates for Different Tenure:

Short-Term FDs: In short-term fixed deposit, HDFC offers an interest rate ranging from 3.5% to 6.4%. The shortest tenure is 7 days while the maximum tenure duration is 364 days. HDFC pays the highest interest rate, which is 6.4%, for tenures that are six months one day to six months four days.

Medium-Term FDs: It  offers attractive HDFC FD interest rates for medium-term fixed deposits. This allows depositors to meet their financial goals, like pay for school or higher education, buy a car or even take an overseas vacation. It  provides 7% for tenure ranging from 1 year 17 days to 5 years.

Long-Term FDs: Here, the  the tenure ranges from 5 years  1 day to 10 years. While, the interest rate for the FD stays constant and is locked at the time of creating the fixed deposit, the rate is 6% per annum.

HDFC Senior Citizen Fixed Deposit Scheme

HDFC caters to senior citizens, and the HDFC senior citizen FD interest rate is 0.5% higher than the interest rate offered for conventional FD schemes. So, seniors can expect interest rate anywhere from 4% to 7.5% per annum.

Tenure

HDFC Senior Citizen FD Rates (Annually)

7 – 14 Days

4.00 Percent

15 – 29 Days

4.75 Percent

30 – 45 Days

6.25 Percent

46 Days – 6 Months

6.75 Percent

6 Months 1 Day – 6 Months 4 Days

6.85 Percent

6 Months 5 Days – Less than 1 Year

6.90 Percent

1 Year

7.35 Percent

1 Year 1 Day – 1 Year 16 Days

7.15 Percent

1 Year 17 Days – 5 Years

7.50 Percent

5 Years 1 Day – 10 Years

6.50 Percent

The highest interest rate of 7.5% is reserved for FD tenure ranging from 1 year 17 days to 5 years. Pensioners, who invest less than a crore for the same tenure get an interest rate of 7.15% per annum

FD is a lucrative financial instrument for investors looking for low-risk and assured return on investment. Therefore, the bank offers various types of deposits, as mentioned below.

HDFC Bank FD Types

HDFC Bank offers a variety of FD types to suit the investment needs and financial goals of individuals and enterprises.

Regular Fixed Deposit:

The following individual and groups are eligible to open regular fixed deposit at HDFC Bank:

  • Resident of India
  • Hindu Undivided Family (HUF)
  • Sole proprietorship
  • Partnership
  • Limited company
  • Trust account

The minimum amount to book a fixed deposit is ₹5,000/-. All depositors must have a PAN card, which is mandatory if the FD amount is more than ₹50,000/-. Senior citizen FDs also fall under this type.

Sweep-in Fixed Deposit:

Rather than keeping the initial capital locked in the FD for the entire tenure, in sweep-in fixed deposit, the money can be transferred to the depositors account should they have a financial obligation.

This type of fixed deposit attracts high interest rate and it allows depositors to link multiple deposit accounts to a single savings account.. After the amount is swept into the depositor’s account, the balance amount in the FD continues attracting the same interest rate.

Overdraft Fixed Deposit:

The Overdraft FD, also known as Super Saver fixed deposit,allows the depositor to avail a loan on the fixed deposit amount or opt for an overdraft to meet their financial requirement.

The attractive aspect of this type of HDFC FD is that the depositor can avail 90% of the FD amount in the form of loan or overdraft and this money is deposited into the individual  or enterprise’s current or savings account. While, the money remaining in the FD will earn interest, the depositor pays interest merely on the loan or overdraft amount.

Five-Year Tax Saving Fixed Deposit:

The depositor enjoys tax benefits under Income Tax Act Section 80C. The minimum amount that you deposit is ₹100 and the maximum is ₹1.5 lakhs. To avail the tax benefit, the deposited amount gets locked in for a period of 5 years. You can withdraw the amount prematurely (both monthly and quarterly) on an interest rate of 7.65% and 8.15% for senior citizens.

Hence, it is advisable to evaluate interest income earned on FD to plan your finances better using the FD calculator.   

How to calculate HDFC fixed deposit interest rate?

The bank calculates the interest quarterly. Re-investment interest is calculated every quarter and Principal in increased (as it includes interest accumulated in the past quarter). For a monthly interest option the FD rate applicable will be a discounted rate over the standard FD rate.

HDFC FD Calculator

Calculate HDFC Bank Fixed deposit interest rates with a handy HDFC FD calculator. It allows you to calculate the interest that you earn on your investment. It takes into consideration the principal and the interest rate, and tenure of the fixed deposit. The result shows the total amount you earn (initial capital + compounded interest) on your fixed deposit.

To use the HDFC FD calculator at the website enter the following details:

  • Principal amount
  • Tenure
  • Interest rate

Once you input these details it will automatically calculate the total earning at the time of maturity based on the prevailing HDFC FD rates.

The calculator is used to determine your earnings at the end of different tenures, so you make an informed investment choice.

One of the major advantage of an FD is that it helps to suffice as an emergency fund and with time help you grow your corpus. Besides, investors can save TDS and avail appreciable loan against FD to meet their financial goals.