HDFC FD Interest Rates Details 2022 | HDFC Bank Fixed Deposit Interest Rates

HDFC Bank offers two different types of Domestic Fixed Deposit Schemes to meet the needs of its customers. For these schemes, the bank pays interest to the customers at the prevailing HDFC FD interest rates. Domestic Deposits can be done up to Rs.5 crore. FD options for NRE are also available for HDFC Bank customers.

Investment amountDurationRate of interest*
Minimum – ₹ 5,000tenure Minimum – 7 daysinterest rate Minimum – 2.50%
Maximum – no limit fixedmaximum -10 yearsMax – 5.50%
HDFC Bank Fixed Deposit interest rates

HDFC FD interest rates

  • Less than Rs 2 crore domestic deposit
HDFC Bank FD Rates
TenureDeposit< ₹ 2  Crore
days /yearsordinary citizensSenior Citizens
7 – 14 days2.50%3.00%
15 – 29  days2.50%3.00%
30 – 45 days3.00%3.50%
46 – 60 days3.00%3.50%
61 – 90  days3.00%3.50%
91 days– up to 6 months3.50%4.00%
6 months 1 day– up to 9 months4.40%4.90%
9 months 1 day <1 year4.40%4.90%
1 year4.90%5.40%
1 year 1 day– 2 year5.00%5.50%
2 year 1 day– 3 year5.20%5.70%
3 year 1 day– 5 year5.40%5.90%
5 year 1 day– 10 year5.60%6.35%
HDFC Bank Fixed Deposit interest rates

The HDFC Fixed Deposit Rates given above are applicable from January 12, 2022.

Term wise HDFC Bank Fixed Deposit interest rates

HDFC Bank offers fixed deposit tenors varying from 7 days to 10 years to its customers. The tenure rates offered for deposits below Rs 2 crore range from 3.50% to 6.40%.

  • For deposits made in the range of Rs 2 crore to Rs 5 crore, HDFC FD interest rates vary from 3.50% to 6.15%
  • Deposits made for short term for 7 days – 90 days will fetch interest rates of 3.50% – 5.25% (4.50% – 5.50%) for deposits from Rs 2 crore to less than Rs 5 crore.
  • For six months to less than one year, this limit can go up to 5.90% (5.75% for deposits less than Rs 2 crore to less than Rs 5 crore)
  • FDs maturing in 1 year will fetch a 6.15% interest rate, which is 6.00% for deposits of Rs 2 crore – less than Rs 5 crore.
  • Similarly, for 2, 3 and up to 5 years, customers can avail interest at the rates of 6.15%, 6.25% and 6.15% respectively.

 Note: These rates are subject to change at any time.

HDFC Bank NRE Fixed Deposit rates

The bank offers the following types of Fixed Deposit Schemes for NRIs:

  • Fixed Deposit Rupee Account
  • offshore deposit
  • Fixed Deposit Foreign Currency Account
HDFC FD Interest Rates Details 2022
HDFC FD Interest Rates Details 2022

Given below are the current HDFC NRE Fixed Deposit rates

HDFC FD Interest Rates for NRE and NRO Accounts

HDFC Non-Resident External (NRE) Fixed Deposit Account is used to transfer foreign earnings of an NRE to India. Interest earned on deposits is not taxable in India. Deposits are made in foreign currency, while withdrawal is done in Indian currency (INR).

TenureTenure Fixed Deposit = ₹ 2 Cr and ₹ 5 Cr. less than (January 12, 2022)
Day/Year Ordinary Citizen Senior Citizen
7 – 14 days2.50%3.00%
15 – 29 days2.50%3.00%
30 – 45 days2.75%3.25%
46 – 60 days2.75%3.25%
61 – 90 days3.00%3.50%
91 days – 6 months3.00%3.50%
6 months 1 day – 9 months3.50%4.00%
9 months 1 day < 1 year3.65%4.15%
1 year3.75%4.25%
1 year 1 day – up to 2 years3.75%4.25%
2 years 1 day – up to 3 years4.40%4.90%
3 years 1 day – up to 5 years4.40%4.90%
5 years 1 day – up to 10 years4.40%5.15%*
HDFC Bank Fixed Deposit interest rates

HDFC FD Interest Rates for FCNR and RFC Account

HDFC Foreign Currency Non-Resident (FCNR) deposit is a type of account for NRIs to deposit their earnings in foreign currency. Money is withdrawn in a single currency. The account is protected from currency fluctuations as there is no conversion involved. Interest earned on such deposits is not taxable in India.

DurationGBPUSDeuroJPYAUDCADwhen effective
1 year0.250.010.010.010.010.301 January 2022
From 1 Year to 2  YearsNot Applicable0.01 Not Applicable Not Applicable0.010.301 January 2022 
2  years and less than 3  years Not Applicable0.50 Not Applicable Not Applicable0.500.751 January 2022 
3  years and less than 4 years Not Applicable0.80 Not Applicable Not Applicable1.001.101 January 2022
4  years and less than 5  years Not Applicable1.00 Not Applicable Not Applicable1.351.301 January 2022
5 year Not Applicable1.10 Not Applicable Not Applicable1.451.301 January 2022
HDFC Bank Fixed Deposit interest rates

Note: All figures above are in percentage. These interest rates are effective from January 1, 2022.

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Resident Foreign Currency (RFC) account is for Indian residents who wish to invest their foreign earnings. Deposits are made in foreign currency but withdrawn in Indian currency (INR). Interest earned on such deposits is taxable in India. This type of deposit return is especially beneficial for Indians.

DurationGBPUSDEuroJPY
<29 days0.01%0.01%0.01%0.01%
30 days– 3 months0.01%0.01%0.01%0.01%
3 months 1 days– 6 months0.01%0.01%0.01%0.01%
6 month 1 day– up to 1 year0.01%0.01%0.01%0.01%
1 years– less than 2 years0.74%0.93%0.01%0.01%
2  years – up to 3 years0.27%0.45%0.01%0.01%
3 years0.01%0.08%0.01%0.01%
HDFC Bank Fixed Deposit interest rates

Note: The interest rates given above are effective from 1st December 2019.

Features and Benefits of HDFC Bank Fixed Deposit

  • Following are the important features of HDFC Bank FD:
  1. Deposits maturing in less than 6 months earn simple interest on maturity
  2. Deposit amount maturing with interest for 6 months or more compounded quarterly
  3. Interest earned is taxable under TDS
  4. To earn interest on FD, it needs to be kept with the bank for at least 7 days
  • Following are the benefits of investing in HDFC Bank FDs:
  1. Easy investment with good returns without risk
  2. Can be easily booked through HDFC net banking
  3. Higher interest rate (+0.50%) offered to senior citizens

Types of HDFC Fixed Deposit Schemes

HDFC Bank offers two different FD plans keeping in mind the needs of its various customers. These plans are:

  1. HDFC Regular Fixed Deposit Account
  2. HDFC Tax Saving Fixed Deposit Scheme

Pre-mature withdrawal facility

Withdrawing money from an FD account before maturity is a pre-mature withdrawal. This is also called breaking FD. The normal HDFC fixed deposit scheme offers this option whereas the tax saving FD (lock-in period of 5 years) does not. The bank may impose some penalty for early withdrawal of FD amount.

Loan Against Fixed Deposit

Investors can take a loan against their HDFC Fixed Deposit in case of a financial emergency. This is the most important advantage of investing in fixed deposits.

  1. HDFC Bank also allows investors to avail loans against their NRE, NRO or FCNR fixed deposit accounts
  2. The loan amount is limited to a certain percentage of FD account, 90% of the amount deposited in NRE FD account, 90% in NRO FD and up to 70% of the amount deposited in FCNR fixed deposit.
  3. The customer will have to pay interest only on the percentage of his FD amount taken as a loan and not on the entire amount.

TDS

The customer of HDFC FD (Domestic) schemes will have to pay interest under TDS:

  1. TDS will be deducted on interest income above Rs.40,000. For senior citizens, the limit is Rs 50,000.
  2. This limit is applicable from the assessment year 2020-21
  3. The standard rate of deduction is fixed at 10%
  4. If a PAN card is not provided, tax up to 20% will be deducted.

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Important information before opening a Fixed Deposit Account with HDFC Bank

  • eligibility conditions

Below mentioned individuals and groups can apply for the Common Fixed Deposit Scheme:

  • resident
  • Hindu Undivided Family (HUF)
  • Sole Proprietorship Firm
  • trust
  • limited companies
  • partnership firm

The following mentioned individuals/groups are eligible to open a 5-year tax-saving FD:

  • Resident
  • Hindu Undivided Family (HUF)

Documents required to apply –

While applying, the following list of documents should be known in advance for the easy application process and to save time:

  • application form
  • passport size photo
  • KYC document
  • For Individual and Company: PAN Card, Aadhaar, Passport, Voter ID or Driving License

For Partnership Firm: In-Corporating Certificate, Partnership Deed, Identity Certificate with Authorized Signature,

  1. For HUF: Self Attested PAN Card, HUF Declaration Form, HUF Bank Statement

FAQs

For which tenure HDFC FD interest rate is higher?

Currently, the higher HDFC FD rate is 6.40% which is offered for deposits below Rs 2 crore for tenures ranging from 2 years 1 day to 3 years.

Are there any higher HDFC FD interest rates for senior citizens?

Yes, the bank offers 0.50% additional FD rates to senior citizens over the interest rates offered to ordinary individuals.

Can an investor change the maturity period of FD?

No, the maturity period of the FD cannot be changed.

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