HDFC FD Calculator
HDFC Bank FD calculator is an online tool that estimates the potential returns from an FD investment. The calculator determines the maturity value and interest earned from investment using the future value formula. The calculator is available online and is simple to use. In this article, we have covered the HDFC FD features and the calculator in detail.
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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 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.
Types of HDFC bank fixed deposits
- Regular Fixed Deposit Scheme
- 5 Year year tax saving FD
- Foreign Currency Non-Resident (FCNR) FD (NRI FD)
- Resident Foreign Currency (RFC) Account
- Overdraft against FD
- No withdrawal FD
What is an HDFC FD Calculator?
HDFC Bank FD calculator is an inline tool that helps in estimating the wealth accumulated by investing in an FD. It calculates the interest as well as the value of the investment at a future date. One has to enter the following inputs in the FD calculator:
Investment amount: It is the amount one intends to invest in an FD.
Interest rate: It is the income that one earns on their FD investment. The banks set the interest rate. The interest rates of FDs of multiple banks are available online.
FD period: It is the tenure of the investment in years.
Compounded: FD interest credited monthly, quarterly, semi-annually, annually, or directly during maturity. Investors can choose when they want to receive interest from their investment. Hence the compounding frequency can be monthly, quarterly, or annually.
After entering the above inputs in the calculator, the following outputs/results will be displayed:
Total investment: It is the total investment the investors make in the FD.
Wealth Gained: The wealth gained in the interest income one can earn on their FD investment.
Total Corpus created: It is the sum total of investment and wealth gained. It shows the maturity value of the FD investment.
The following are the benefits of using an FD calculator:
Simple and easy to use: A calculator is a simple tool, and the users can easily enter the inputs to calculate their return.
Saves time: The calculator performs calculations within seconds, saving investors time.
Accurate results: The results displayed by the calculator are accurate, and the chance of error is almost zero.
Comparison: Investors can run interest rates from different FDs to compare and choose the one that benefits them.
Future planning: Investors can plan their financial goals by using the outputs given by this calculator. Since the calculator estimates the future value of an FD investment, they will know how much an investment would reap in the future. Hence, this enables them to plan their investments and financial goals.
Free to use: The calculator is a free tool and can be used multiple times to calculate returns from FD investment.
How does an HDFC FD Calculator work?
The HDFC FD calculator is available online and is free to use. All that one has to do is enter a few basic details such as investment amount and HDFC Bank interest rate. The calculator will help to find out the wealth created from an investment. The calculator uses the future value formula to determine the value of an investment at a later date. To understand it better, take an example.
Mr. Siddharth wishes to invest an amount of INR 2,00,000 in an FD for seven years. The HDFC bank FD rate is 6%. He wants to receive the interest annually. The maturity value of the investment for Mr Siddharth can be calculated using the HDFC FD calculator.
The following are the inputs for the calculator:
Investment amount: INR 2,00,000
HDFC FD Interest Rate: 6%
FD period: 7 years
Upon entering the above inputs in the calculator, the following outputs shall be displayed:
Total Investment: INR 2,00,000
Wealth Gained: INR 81,420
Total Corpus Created: INR: 2,81,420
The investment of INR 2,00,000 made today at 6% interest per annum would be INR 2,81,420 in 7 years. The interest income for Mr Siddharth will be INR 27,628.
Formula to calculate fixed deposit maturity value
The formula for Fixed Deposit maturity value computation is
A = P (1 + r/n) ^ n*t
A – Maturity Amount
P – Investment amount
r - Interest rate
n - Number of times the interest is compounded
t - Investment tenure
How is FD 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 rate 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.
HDFC Bank Fixed Deposit interest rates
The average interest rate for Indian banks is 5%. However, for HDFC fixed deposit schemes, the following are the interest rates:
The HDFC Fixed Deposit interest rates for regular citizens:
- For an FD tenure ranging between 7 days to 29 days, it is 2.5%
- For the tenure ranging between 30 days to 90 days, it is 3%
- The FD rate for 91 days to 6 months is 3.5%
- For 6 months one day to 364 days, it is 4.4%
- One year to two years, it is 5.1%
- Two years one day to 3 years, it is 5.15%
- Three years one day to 5years 5.3%
- Any FD with a tenure of 5-10 years is 5.5%
HDFC offers higher interest rates (0.5%) for senior citizens. The HDFC Fixed Deposit interest rates are as follows:
- For an FD tenure ranging between 7 days to 29 days, it is 3%
- For the tenure ranging between 30 days to 90 days, it is 3.5%
- The FD rate for 91 days to 6 months is 4%
- For 6 months one day to 364 days, it is 4.9%
- One year to two years, it is 5.6%
- Two years one day to 3 years, it is 5.65%
- Three years one day to 5years 5.8%
- Any FD with a tenure of 5-10 years is 6.25%
To calculate the maturity amount of an FD investment, one can use the HDFC fixed deposit calculator. Scripbox's HDFC fixed deposit calculator is available online and is free to use.
What are the documents required to open an FD account in HDFC Bank?
While opening a fixed deposit account with HDFC, the following are the list of documents required:
- Account opening form
- Recent passport size photograph
- KYC Documents
- Individual & Company: Aadhar Card, PAN Card, Passport copy, Voter's ID, and Driving License
- HUFs: HUF declaration deed, self-attested PAN card, and bank statement of HUF
- Partnership Firms: Partnership deed, Certificate of Incorporation, and ID proofs of authorized signatories.
However, to invest in an FD, one has to be eligible. The eligibility criteria to invest in HDFC Bank Fixed Deposit is:
- Resident Individuals
- NRIs and PIOs (Non-Resident Indians and Persons of Indian Origin)
- Sole proprietorship firms
- Trusts and companies
- Partnership Firms
- Public and Private Limited companies
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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.
How are FDs Taxed?
Investment in FDs does not qualify for tax savings under Section 80C of the Income Tax Act. Only investment in 5-year tax saving FDs and FCNR FDs (NRI FD) qualify for tax exemption.Interest on FDs is taxable at the individual's income tax slab rate. Additionally, the interest income is subject to TDS of 10% (20% if the Pan Card is not provided). The TDS threshold for AY 2020-21 is INR 40,000 (INR 50,000 in the case of senior citizens).One can use Scripbox's Income Tax Calculator to determine their taxable income. Also, they can determine the amount of taxes they can save by investing in different tax saving schemes.
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. One can always calculate their loan EMI using the Scripbox loan EMI calculator. This loan EMI calculator also works as a home loan calculator, car loan EMI calculator, and personal loan EMI calculator. This calculator can be used in multiple scenarios by tweaking the personal loan interest rate, car loan interest rate, and home loan interest rate.
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%.
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