To Hike Your Savings Invest in Fixed Deposit HDFC

As savings is considered the best option to keep the future secured, it is important to know which type of savings can be useful and help you reach your financial goals. Though there are different types of savings plans but the best option for people who are looking forward to a safe mode of investment that can yield them regular and fixed returns are fixed deposits. The reason being, once you have deposited the decided amount in the account it will yield interest for the entire period of the deposit.

fixed deposit

There is no risk associated and returns are guaranteed. Moreover, it makes your idle money earn for you. Even you have the option to select the investment period and the Fixed deposit scheme. This advantage is available for the customers opening the fixed deposit account in HDFC. The bank caters the diverse savings requirement of the customers and has proposed different deposit schemes such as:

  • Regular Fixed Deposit
  • 5 Year Tax Saving Fixed Deposit

It also grants attractive returns on the term deposits. The rate of interest prevailing on different tenure is mentioned below:

HDFC Bank Interest Rates 2017:

Investment Period

Interest Rate ( per annum)

For amount less than ₹ 1 Crore For amount of ₹ 1 Crore & above but less than ₹ 5 Crores

Regular

Senior Citizen Regular

Senior Citizen

7 – 14 days

3.50% 4.00% 4.25% 4.75%

15 – 29 days

4.25% 4.75% 4.25%

4.75%

30 – 45 days

5.50% 6.00% 4.25%

4.75%

46 days – 6 months

5.75% 6.25% 4.50%

5.00%

6 months 1 day – 9 months 15 days

6.00% 6.50% 4.75%

5.25%

9 months 16 days – < 1 year

6.25% 6.75% 5.00%

5.50%

1 year

6.90% 7.40% 5.00%

5.50%

1 year 1 day – 1 year 3 days

6.95% 7.45% 5.00%

5.50%

1 year 4 days – 2 years

6.25% 6.75% 5.00%

5.50%

2 years 1 day – 10 years 6.00% 6.50% 5.00%

5.50%

 

Fixed Deposit Schemes:

The following are the schemes proferred by the bank:

Regular Fixed Deposit- The customer can avail the benefit of regular interest on the investment made with the minimum amount of ₹ 5,000. The customer can make the investment for the period ranging from 7 days to 10 years. The TDS is deducted if the interest amount exceeds the limit of ₹ 10,000 in a financial year. The candidates can even earn compound interest by reinvesting the interest earned during the period along with the original investment amount. The candidates opening the account can easily liquidate the deposit and appoint a nominee. The account holder can also avail the sweep-in & super saver facility on deposits held in a single name. The eligible candidates to avail this scheme are:

Eligible Segments:

  • Residents
  • Hindu Undivided Families
  • Sole Proprietorship Firms
  • Partnership Firms
  • Limited Companies
  • Trust Accounts

5 Year Tax Saving Fixed Deposit: Under this scheme, the potential depositor can open an account with the minimum amount of ₹ 100 and in multiples. The maximum investment amount is restricted to ₹ 1,50,000 per financial year. The deposit can not be liquidated before the lock-in period of 5- years which is the maximum tenure. The FD Interest rate is similar to the rate applicable on 5 year deposit. The returns are paid out at monthly and quarterly intervals. The depositor is given tax redemption under Section 80 C of Income Tax Act. However, in the case of joint account, the tax benefit is given only to the first holder. The following can open the 5-year tax saving fixed deposit account:

Eligible Segments:

  • Resident Individuals
  • Hindu Undivided Families

Documents Required: Certain documents are required at the time of booking a deposit. The list of requisite documents is given below:

ID Proof & Address Proof:

  • Passport
  • PAN Card
  • Driving Licence
  • Voter ID
  • Government ID Card
  • Senior Citizen ID Card
  • ID Card Issued by Post Office
  • Bank Statement with Cheque
  • Telephone Bill
  • Electricity Bill
  • Any other ID proof or address proof document can be submitted subject to bank’s satisfaction

Features of Fixed Deposit HDFC:

  • Convenience of booking the deposit online through net banking
  • 0.50% higher interest to the senior citizens
  • Flexible tenure ranging from 7 days to 10 years
  • Super saver facility that allows getting overdraft by linking the fixed deposit to saving/current account
  • Option to transfer funds from the fixed deposit in the saving/current account if the balance in the account is less

 

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