Hdfc Bank Fixed Deposit Interest Rates (as on 2024)

HDFC Bank FD Interest Rates (Below Rs.2 Crore) w.e.f. 01.10.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 - 14 days3.003.50
15 - 29 days3.003.50
30 - 45 days3.504.00
46 - 60 days4.505.00
61 - 89 days4.505.00
90 days - 6 months4.505.00
6 months 1 days - 9 months5.756.25
9 months 1 day less than 1 Year6.006.50
1 Year to less than 15 months6.607.10
15 months to less than 18 months7.107.60
18 months to less than 21 months7.007.50
21 months to 2 years7.007.50
2 Years 1 day to less than 2 Year 11 Months7.007.50
2 Years 11 Months7.157.65
2 Years 11 Months 1 day- 3 years7.007.50
3 Years 1 day to less than 4 Years 7 Months7.007.50
4 Years 7 Months7.207.70
4 Year 7 Months 1 day - 5 years7.007.50
5 Years 1 day - 10 years7.007.75*

*An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 7th July'23.

HDFC Bank FD Interest Rates (Rs.2 Crore to below Rs.5 Crores) w.e.f. 27.05.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 - 14 days4.755.25
15 - 29 days4.755.25
30 - 45 days5.506.00
46 - 60 days5.756.25
61 - 89 days6.006.50
90 days - 6 months6.507.00
6 mnths 1 days - 9 months6.657.15
9 mnths 1 day less than 1 Year6.757.35
1 Year less than 15 months7.257.75
15 months to less than 2 years7.057.55
2 years 1 day - 3 years7.007.50
3 year 1 day- 5 years7.007.50
5 years 1 day - 10 years7.007.75*

*An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to 7th July'23.

HDFC Bank NRO FD Interest Rates (Below Rs.2 Crore) w.e.f. 01.10.2023

TenorsInterest Rate p.a.(%)
7 - 14 days3.00
15 - 29 days3.00
30 - 45 days3.50
46 - 60 days4.50
61 - 89 days4.50
90 days - 6 months4.50
6 months 1 days - 9 months5.75
9 months 1 day less than 1 Year6.00
1 Year to less than 15 months6.60
15 months to less than 18 months7.10
18 months to less than 21 months7.00
21 months to 2 years7.00
2 Years 1 day to less than 2 Year 11 Months7.00
2 Years 11 Months7.15
2 Years 11 Months 1 day- 3 years7.00
3 Years 1 day to less than 4 Years 7 Months7.00
4 Years 7 Months7.20
4 Year 7 Months 1 day - 5 years7.00
5 Years 1 day - 10 years7.00

HDFC Bank NRO FD Interest Rates (Rs.2 Crore to below Rs.5 Crores) w.e.f. 27.05.2023

TenorsInterest Rate p.a.(%)
7 - 14 days4.75
15 - 29 days4.75
30 - 45 days5.50
46 - 60 days5.75
61 - 89 days6.00
90 days - 6 months6.50
6 mnths 1 days - 9 months6.65
9 mnths 1 day less than 1 Year6.75
1 Year less than 15 months7.25
15 months to less than 2 years7.05
2 years 1 day - 3 years7.00
3 year 1 day- 5 years7.00
5 years 1 day - 10 years7.00

HDFC Bank FD Calculator

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HDFC Bank NRE FD Interest Rates (Below Rs.2 Crore) w.e.f. 01.10.2023

TenorsInterest Rate p.a.(%)
(General)
1 Year to less than 15 months6.60
15 months to less than 18 months7.10
18 months to less than 21 months7.00
21 months to 2 years7.00
2 Years 1 day to less than 2 Year 11 Months7.00
2 Years 11 Months7.15
2 Years 11 Months 1 day- 3 years7.00
3 Years 1 day to less than 4 Years 7 Months7.00
4 Years 7 Months7.20
4 Year 7 Months 1 day - 5 years7.00
5 Years 1 day - 10 years7.00

HDFC Bank NRE FD Interest Rates (Rs.2 Crore to below Rs.5 Crores) w.e.f. 27.05.2023

TenorsInterest Rate p.a.(%)
(General)
1 Year less than 15 months7.25
15 months to less than 2 years7.05
2 years 1 day - 3 years7.00
3 year 1 day- 5 years7.00
5 years 1 day - 10 years7.00

HDFC 5-year Tax Saving FD Interest Rates w.e.f. 01.10.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
5 years7.007.50
5 Years 1 day - 10 years7.007.75*

HDFC Bank Fixed Deposit

HDFC Bank has a range of Fixed Deposits (FDs) products at competitive interest rates with various tenures and lots of other benefits. HDFC Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open a HDFC Bank FD either online through its website or by visiting its nearby branch.

Features & Benefits: HDFC Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest HDFC Bank branch.
  • Minimum Amount of FD: Rs 10,000
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.
  • NRE, NRO and FCNR deposit facility is available.

Eligibility for HDFC Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for HDFC Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Authorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of authorised signatories
  • Passport size photographs of directors

Type of HDFC Bank Fixed Deposits

  1. HDFC Regular Fixed Deposits: It is very basic and most demanding fixed deposit scheme. It offers easy investment options with flexible tenure ranges. Senior citizens get higher rate of interest than general class.
  2. HDFC Sweep-in Fixed Deposits: In this scheme, the amount can be transferred from FD to the savings or current account of the customer, in case it is needed. The customer has the benefit of earning a higher rate of interest on money until it is swept in. On the other hand, interest will still be paid on the remaining amount after the money has been swept in. You can link multiple deposit accounts to one savings account in a hassle-free manner.
  3. HDFC Overdraft Against Fixed Deposits: It gives the facility to get an overdraft from HDFC Bank any time to meet household or business needs. He is eligible to get up to 90% of the deposit amount as a loan. You can avail Overdraft against FD/ Super Saver facility on deposit held in single name through Netbanking instantly.
  4. HDFC 5-year Tax Saving Fixed Deposit: This scheme offers tax rebate under Section 80C of the Income Tax Act. Minimum FD amount is Rs.100 and maximum is Rs.1.5 lakhs in each financial year. There is a lock-in period of 5 years and premature withdrawal is also not allowed in this scheme.
  5. HDFC Recurring Deposit: This scheme allows you wherein for a much smaller investment per month, you get interest rates equal to that of regular Fixed Deposits. Min. investment in this scheme is Rs. 1,000 (and in multiples of Rs. 100 thereafter) and max. is Rs. 14,99,900 per month.
  6. HDFC Dream Deposit: It is a new online deposit scheme which gives you the flexibility to deposit money whenever it is available. Anytime 'Top-up' option available. In this way you can make your dreams a reality with small timely savings. Minimum Top-up value is Rs. 1000 and maximum is twice the monthly instalment.
  • HDFC Capital Gain Account Scheme: Scheme allows Tax exemption under section 54(F)(4) of Income Tax Act 1961.
  • Calculation of Interest on Term Deposits of HDFC Bank

    1. On a Quarterly basis for deposits >= 6 months
    2. Simple interest is paid at maturity for deposits < 6 months.
    3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
    4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

    Calculation of Interest on Term Deposits of HDFC Bank

    1. On a Quarterly basis for deposits >= 6 months
    2. Simple interest is paid at maturity for deposits < 6 months.
    3. Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
    4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate

    Interest Calculation & Penalty on Premature Withdrawal of HDFC Bank FD

    The interest rate applicable on premature closure of deposits (all amounts) will be lower of:

    1. The base rate for the original/contracted tenor for which the deposit has been booked OR
    2. The base rate applicable for the tenor for which the deposit has been in force with the Bank

    The base rate is the rate applicable to deposits of less than Rs.1 Cr as on the date of booking the deposit.

    In case of premature closure of Fixed Deposit (including sweep in / partial closure) the interest rate will be 1.00% below the contracted rate or the rate applicable for the period the deposit has remained with the bank, whichever is lower.

    NRI Fixed Deposit accounts offered by HDFC Bank

    HDFC Bank offers many fixed deposit schemes specially designed for its NRI customers. In these schemes, NRI customers can deposit money either in Indian currency or in foreign currency depending on their status and preference. The bank also offers different interest rates for NRI fixed deposits. Following types of NRI fixed deposits are offered by HDFC Bank:

    NRI Account TypeDetails
    NRE Account (Non Resident External Account) Account is maintained in Indian currency
    NRO Account (Non Resident Ordinary Account)This either be funded by conventional payment or through traveller's cheques
    FCNR Account (Foreign Currency Non Resident Account)It is maintained in foreign currency
    RFC Account (Resident Foreign Currency Account)In this, customer to maintain the account in foreign currency even after returning to India permanently

    How and when to apply for exemption on TDS?

    • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
    • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
    • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
    • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

    You may refer to following table for more details:

    CategoryName of FormExemption limit (Male)Exemption limit (Female)
    Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
    HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
    Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
    Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
    OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

    HDFC Bank Fixed Deposit FAQ

    1. What is the minimum amount required to open a fixed deposit with HDFC Bank?

      The minimum amount for a fixed deposit is Rs.100

    2. In which scheme do I need to deposit to get Income Tax rebate under Sec 80C?

      You can make investment under HDFC 5-year Tax Saving Fixed Deposit to get Income Tax rebate under Sec 80C of Income Tax Act

    3. Is TDS deducted for FD accounts?

      Yes, TDS is applicable as per rules and the customer will get TDS Certificate at the end of each financial year. A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

    4. When is TDS deducted?

      TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.

    5. At what rate is TDS deducted?

      TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

      • Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
      • Non-Resident Indians: 30% plus applicable surcharge and education cess

    6. Can I deposit additional amount in my FD account?

      No, you cannot deposit any additional amount in your existing FD account.

    7. What is the tenure range for HDFC Bank Fixed Deposit?

      It is from 7 days to 10 years.

    8. What is the benefit to senior citizen in HDFC Bank FD?

      Senior citizens get a 0.50% higher rate on their deposits compared to normal FD rates for all tenures for investment amount less than Rs 5 crore.

    9. What interest payment options are available under Term Deposit with HDFC Bank?

      Interest payment on Monthly (discounted), Quarterly and Annual rest is available under HDFC Bank Term Deposit.

    10. Can I change the tenure of my existing FD?

      No, you are not allowed to change the tenure of FD.

    Why providing PAN a must?

    If you do not submit your PAN at the time of opening of an FD then following things happen:

    • Tax Deducted at Source (TDS) certificate will not be issued
    • Tax will be deducted (TDS) at higher percentage which is of 20 will be deducted, instead of the usual 10%

    Tax Implications and TDS in FD

    • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
    • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
    • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

    Factors affecting Fixed Deposit Interest Rates


    1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

    2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

    3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

    4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher default risks.

    5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

    6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

    7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

    HDFC Bank FD News Mar 2024

    • October 01, 2023: HDFC Bank revised its FD rates with effect from October 1, 2023

    • May 30, 2023: HDFC Bank launches special FDs with higher interest rate for limited period of FD Rates 7.20% on tenure 35 months and 7.25% on tenure 55 months

    • April 13, 2021: HDFC Bank special FD scheme to offer higher interest rate for senior citizens extended till June 30, 2021

    • Apr 2, 2021: HDFC Bank has increased rates on its AAA-rated fixed deposits (FDs) with maturity between of 33 and 99 months by 25 basis points, effective 30 March

    • January 28, 2020: HDFC Bank announced plans to add 125 more branches in Tamil Nadu by 2022

    • January 23, 2020: HDFC Bank has chosen global executive search firm Egon Zehnder to identify a successor to managing director Aditya Puri

    • January 7, 2020: HDFC Bank deposits up by 25% (YoY) in 2019.Its deposits are at Rs 10.67 trillion as of December 31, 2019

    • December 24, 2019: HDFC Bank revised FD interest rates. Term deposits maturing in 1 year to 2 years will fetch an interest rate of 6.3%, 2-3 years 6.40%, and 3 years to 10 years 6.3%
    Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites