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HDFC Fixed Deposit Features

HDFC FD is a popular savings scheme amongst investors who prefer fixed income with minimum or low risk. The following are the features of the HDFC savings scheme:

Guaranteed Returns: HDFC FD schemes offer fixed and guaranteed income at a fixed interest rate.

Tenure: The scheme tenure ranges from 7 days to 10 years. Also, the Fixed Deposit rates of HDFC banks are higher.

Minimum Deposit Amount: The minimum amount to open an FD account with HDFC bank is INR 1,000.

Maximum Amount: There is no maximum limit on the deposit amount. Also, the bank accepts bulk deposits, i.e. deposits above INR 2 crore.

Fixed Deposit rates: The bank offers higher interest rates for deposits with longer tenure and lowers interest rates for tenure for less than one year. The highest fixed deposit interest rate that HDFC bank offers on FDs is 6.25% for deposit amount below INR 2 crore.

Senior Citizens FD Rate: HDFC bank offers an additional 0.50% interest rate for its senior citizen depositors. Moreover, for all deposits with tenure between 5 years 1 day to ten years, the bank offers a 0.25% additional interest rate.

Interest Payouts: Depositors have an option to choose interest payout frequency (either monthly or quarterly). For all FDs with tenure for more than six months, the interest is computed every quarter. Also, the interest is directly credited to the depositor’s account.

Safety: HDFC Bank provides insurance cover for deposits above INR 5,00,000.

Loan against FD: Loan against HDFC Bank fixed deposits is available to the depositors. It is to help the investors mend their financial gaps without having to withdraw the deposit.

Nomination Facility: HDFC Bank permits nomination facility to its depositors.

Auto-Renewal: Auto-renewal facility is available with HDFC fixed deposits.

Convenience: Depositors can start their fixed deposit scheme investments at their convenience. In other words, one can open an FD account either by visiting the nearest bank branch or through Net Banking.

hdfc fd calculator

What is an HDFC FD Calculator?

An HDFC FD Calculator is a simple tool that helps in estimating the returns from an HDFC FD. It calculates the wealth gained and maturity amount that investors might receive if they invested in the HDFC FD Scheme. The HDFC FD Calculator also shows a tabular and graphical representation of how the investment grows during the investment tenure.

HDFC FD calculator takes the investment amount, tenure, interest rate, and compounding frequency to estimate the wealth gained and maturity amount from the investment. However, the HDFC fixed deposit calculator only provides an estimation of wealth that one can earn based on the inputs provided. It doesn’t guarantee any returns. The HDFC FD calculator is a simple tool available online for free. It can be used multiple times to estimate the returns from an HDFC FD investment.

How to use HDFC FD Calculator?

Investors always check the return an investment offers. They will understand it better if the return is in terms of wealth gained rather than in terms of percentage. Hence it provides the investor with an opportunity to plan their goals in a well-informed way.

Scripbox’s online HDFC FD Calculator is a simple tool that estimates the return from an HDFC FD Investment. The HDFC FD calculator is an easy-to-use tool and requires simple inputs to give the required outputs. There are two ways one can estimate the returns from FD investment using Scripbox HDFC FD Calculator, and they are the invest amount approach and target amount approach.

Investment Amount Approach

Following are steps that you can follow to use the HDFC FD Calculator using the Investment Amount Approach:

  • Firstly, enter the investment amount that you intend to invest in the HDFC FD scheme.
  • Now, enter the tenure of the investment. For HDFC FD, the tenure usually varies from 7 days to 10 years.
  • Then, use the slider to select the interest rate on the HDFC FD.
  • Lastly, select the compounding frequency from the available options. Compounding frequency is the number of times the interest will be compounded in a year.

The HDFC FD calculator automatically shows the interest and maturity amount. Also, the HDFC calculator shows a tabular format of the interest earned each year along with the opening and closing balance. Moreover, the HDFC FD calculator gives a graphical representation of the initial investment and maturity amount.

Target Amount Approach

While the investment amount approach requires you to enter the investment amount, the target amount approach estimates the investment amount based on the amount you expect from the HDFC FD investment. Following are the steps that you need to follow to use the HDFC FD Calculator using the Target Amount Approach:

  • Firstly, select how you want to receive the interest from HDFC FD, as a regular income or in a lump sum.
  • Secondly, enter the target amount you want to receive from HDFC FD investment.
  • Lastly, enter the duration, interest rate and compounding frequency that the HDFC FD offers.

The HDFC FD calculator gives the investment amount needed to achieve the target and estimates the interest you might earn. Moreover, the HDFC FD Calculator shows a tabular representation of opening balance, interest earned and closing balance for each year.

Benefits of using HDFC FD Calculator

It is important for an investor to invest in the right assets rather than the best ones. Investors need to match their financial goals with the investment’s objectives to know which investment best fits the investor’s goals and requirements. By knowing how much an investment will reap, an investor will know if they will achieve their goal or not. An HDFC FD Calculator will help estimate the maturity amount from the investment and enable investors to make a well-informed decision. Following are the benefits of using the HDFC FD Calculator:

  • Easy to use: The HDFC FD calculator is a simple tool and is very easy to use. The investor has to just enter the necessary inputs and get the output. The HDFC FD calculator also has sliders to adjust the tenure and interest rate, making it very flexible to use in multiple scenarios.
  • Free to use: The HDFC FD calculator is available online and is free to use multiple times.
  • Comparing results: Investors can use the HDFC deposit calculator to compare results by tweaking the interest rate or tenure to see which scenario will help them reach their goals. They can also compare the results of the HDFC FD Calculator with the returns from other investments and see which investment gives higher returns. For example, an investor who wants to compare the results of HDFC FD investment with PPF can use the Scripbox PPF Calculator and HDFC FD Calculator.
  • Report: Scripbox HDFC FD Calculator provides a downloadable report with a detailed analysis of the investment regarding payout and wealth gained.

How is HDFC Bank interest calculated?

Let us understand how one can calculate HDFC FD interest with the following example.

Ms Shikha invests INR 2,50,000 in HDFC Bank FD for a tenure of 5 years. The HDFC FD interest rates for this tenure is 5.3%. She wants to receive the interest directly at the time of maturity.

To calculate the interest and wealth gained for Ms Shikha, one can use the FD formula.

A = 250000* (1+5.3%/1)^(1*5)

A = INR 3,23,655

The maturity amount for Ms Shikha is INR 3,23,655

Also, the interest earned is INR 73,655.

The interest of HDFC bank FDs is higher than the savings bank account. The interest is taxable in the hands of investors according to their respective tax slabs. Additionally, TDS of 10% is cut on interest above INR 40,000 (INR 50,000 for senior citizens) from AY 2020-2021.

Frequently Asked Questions

What is the highest FD rate for HDFC Bank?

The highest FD rate for HDFC Bank for regular citizens is 5.5% for the tenure of five years one day to 10 years. For the same tenure, the senior citizen FD rate is 6.25%. This is the highest interest rate for senior citizens in HDFC. Returns from HDFC fixed deposits can be calculated using HDFC Bank FD calculator.

Is there a Premature withdrawal facility available with HDFC?

Yes, there is a premature withdrawal facility available on HDFC bank FD schemes. However, the facility is available with a penalty of 1%.

Does HDFC provide Loan against FD?

Yes, HDFC provides loans against fixed deposit accounts. HDFC bank offers loans on 90% of the deposit amount. The Fixed Deposit account is used as collateral for the loan provided. The loan interest rate is 1-2% above the HDFC Bank FD interest rate. HDFC offers loans such as loans against property (home loan), business loans, an education loan, etc., against an FD.

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