HDFC Ltd. Fixed Deposit

HDFC Ltd is one of the top housing financiers in the country. It has operational segments in banking, wealth management, insurance, etc. HDFC Ltd retail offerings include several saving schemes, and one of them is fixed deposits. This article covers in detail the different types of HDFC Ltd fixed deposits, their features and the FD interest rates in detail.

Types of HDFC Ltd FD Schemes

HDFC Ltd fixed deposit scheme has delivered a consistent performance for over three and half decades. For the deposit scheme, HDFC Ltd has received AAA ratings from CRISIL and ICRA for 26 consecutive years. The scheme offers assured and attractive returns.

HDFC Ltd offers the following fixed deposit schemes:

Monthly Income Plan

Cumulative Fixed Deposit Option

Non-Cumulative Interest Plan

Annual Income Plan

Green Deposit

HDFC Ltd Monthly Income Plan

Offer regular monthly income to depositors. The monthly interest is directly credited to the depositor’s bank account. The scheme is ideal for senior citizens, retired individuals, homemakers, and freelancers.

• Loan Facility: Available, depositors, can take a loan up to 75% after three months from the date of deposit. The interest rate on a loan will be around 2% above the deposit rate.
• ESC Facility: Available, the interest on deposits is directly credited to the bank account.
• Interest Payout: Last day of every month
• TDS: No TDS on interest credited up to INR 5,000 per financial year. In case the depositor doesn’t provide PAN details, the TDS rate will be 20%. For deposits of INR 50,000 and above, submission of PAN details is mandatory.
• Premature withdrawal facility: Available. However, it attracts a penalty.
• Renewal: Depositors can renew their investments by signing the required documents.
• Nomination Facility: Available only for individual depositors (single or joint account holders).

HDFC Ltd Cumulative Fixed Deposit Option

The scheme offers a lump sum payment at the end of the deposit tenure. Therefore, this is an ideal option for investors looking to accumulate funds for the future—for example, a child’s marriage or higher education.

• Loan Facility: Available, depositors, can take a loan up to 75% after three months from the date of deposit. The interest rate on a loan will be around 2% above the deposit rate.
• ESC Facility: Available, the interest on deposits is directly credited to the bank account.
• Interest Payout: For quarterly option: June 30^th, September 30^th, December 31^st, and March 31^st.
• TDS: No TDS on interest credited up to INR 5,000 per financial year. In case the depositor doesn’t provide PAN details, the TDS rate will be 20%. For deposits of INR 50,000 and above, submission of PAN details is mandatory.
• Premature withdrawal facility: Available. However, it attracts a penalty.
• Renewal: Depositors can renew their investments by signing the required documents.
• Nomination Facility: Available only for individual depositors (single or joint account holders).

HDFC Ltd Non-Cumulative Interest Plan

The scheme offers regular interest income to depositors. The interest payout frequency can be either quarterly or half-yearly. Therefore, ideal for investors who require funds at the end of each quarter or half-year.

• Loan Facility: Available, depositors, can take a loan up to 75% after three months from the date of deposit. The interest rate on a loan will be around 2% above the deposit rate.
• ESC Facility: Available, the interest on deposits is directly credited to the bank account.
• Interest Payout: Half yearly option: September 30^th and March 31^st.
• TDS: No TDS on interest credited up to INR 5,000 per financial year. In case the depositor doesn’t provide PAN details, the TDS rate will be 20%. For deposits of INR 50,000 and above, submission of PAN details is mandatory.
• Premature withdrawal facility: Available. However, it attracts a penalty.
• Renewal: Depositors can renew their investments by signing the required documents.
• Nomination Facility: Available only for individual depositors (single or joint account holders).

HDFC Ltd Annual Income Plan

The scheme offers regular yearly income to the depositors. The scheme offers good interest income, and depositors can plan for annual cash flows.

• Loan Facility: Available, depositors, can take a loan up to 75% after three months from the date of deposit. The interest rate on a loan will be around 2% above the deposit rate.
• ESC Facility: Available, the interest on deposits is directly credited to the bank account.
• Interest Payout: Every year, March 31^st.
• TDS: No TDS on interest credited up to INR 5,000 per financial year. In case the depositor doesn’t provide PAN details, the TDS rate will be 20%. For deposits of INR 50,000 and above, submission of PAN details is mandatory.
• Premature withdrawal facility: Available. However, it attracts a penalty.
• Renewal: Depositors can renew their investments by signing the required documents.
• Nomination Facility: Available only for individual depositors (single or joint account holders).

HDFC Ltd Green Deposit

HDFC introduced a Green & Sustainable Deposit scheme that supports United Nations’ Sustainable Development Goals (SDGs). Green and Sustainable Deposit helps enhance HDFC’s participation in projects directly supporting United Nations’ SDGs. The scheme empowers its depositors by helping them opt for financial products that have a positive impact on the environment and society at large.

Features of HDFC Ltd FD Schemes

Tenure

The tenure of HDFC Ltd FD ranges from 12 months to 120 months. Also, one cannot change the tenure of their HDFC Ltd FD once it has commenced.

Minimum and maximum investment

The minimum investment in HDFC Ltd FD is INR 5,000. However, there is no limit on the maximum amount of investment in HDFC Ltd FD.

HDFC Ltd FD rates

HDFC Ltd FD rates range between 5.25% and 6.5% for regular citizens and between 5.5% and 6.75% for senior citizens. Moreover, HDFC Ltd offers an additional 0.25% interest to senior citizens for deposits up to INR 2 crore. Investors can choose the interest payout frequency from monthly, quarterly, half-yearly, yearly, or maturity options.

Premature withdrawal

All HDFC Ltd FDs can be withdrawn prematurely after the completion of 3 months. HDFC Ltd gives only 3% as interest for deposits withdrawn after three months but before six months. Whereas for deposits withdrawn after six months but before maturity, HDFC Ltd charges 1% as a penalty on the interest rate.

Loan against FD

HDFC Ltd offers loans against their FDs after the completion of 3 months from the date of deposit. Investors can get up to 75% of the deposit amount as a loan subject to the terms of HDFC Ltd. Also, the interest rate for the loan will be 2% above the deposit rate.

Nomination facility

HDFC Ltd individual FD investors can nominate beneficiaries for their FDs.

Renewal

Investors can renew their HDFC Ltd FDs by submitting the FD receipt and prescribed application form a week before the expiry of the FD.

Safety

The HDFC Ltd FDs are rated AAA by rating agencies (CRISIL and ICRA) for 26 consecutive years. Hence, they are considered very safe for investment.

Additional payments

Investors cannot deposit an additional amount in an HDFC Ltd FD once commenced. However, they can open a fresh HDFC Ltd FD with the new amount.

Eligibility To Open an HDFC Ltd FD Deposit Account

Following is the eligibility criteria for opening an FD account with HDFC Ltd:

• Resident and non-resident individuals
• Trust and institutions
• HUFs
• Companies and partnership firms

How to Open an HDFC Ltd FD Deposit Account?

One can open an HDFC Ltd FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open an HDFC FD account through internet banking:

• Login to the HDFC NetBanking account.
• Under the menu, select the ‘Fixed Deposit’ option and select the type of account. Next, click on proceed to continue.
• Enter all the details in the account opening form. Provide maturity and payment instructions. Also, fill in the nominee details.
• Verify the details, accept the Terms and Conditions and click on ‘Submit. Upon successful account opening, the investor will receive a notification.

Through Mobile App

HDFC Ltd App

The following steps will guide in opening an FD account through HDFC Ltd Mobile App:

• Download the HDFC Ltd App.
• Select the ‘Open a Fixed/ Recurring Deposit’ option.
• Under the menu, select the ‘Fixed Deposit’ option and select the type of account. Next, click on proceed to continue.
• Enter all the details in the account opening form. Provide maturity and payment instructions. Also, fill in the nominee details.
• Verify the details, accept the Terms and Conditions and click on ‘Submit. Upon successful account opening, the investor will receive a notification.

Offline HDFC Ltd FD Opening

To open an HDFC Ltd FD account offline, one has to visit the nearest HDFC Ltd branch. Fill the HDFC Ltd FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, HDFC Ltd will provide an FD receipt.

Documents Required to Open an HDFC Ltd FD Deposit Account

Following are the documents required to open a fixed deposit account with HDFC Ltd:

• Latest passport size photographs
• Identity proof (Pan Card, Passport, Driving License, etc.)
• Residence proof (Utility bills, Aadhar Card, etc.)
• Age proof (Birth Certificate, matriculation certificate, etc.)
• Bank account details

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