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Quick Guide To HDFC Bank Deposits

Invest your money in a wide variety of HDFC Bank deposits and enjoy high interest rates. The different varieties of deposits are regular fixed deposit, recurring deposit, 5 year tax saving fixed deposit, sweep-in facility, overdraft against FD or Super Saver. Each of these deposits have different interest rates and benefits. Choose the FD that fits your needs by checking the tenure for which you wish to save and the prevailing interest rates.

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HDFC Bank Deposits Fixed & Term

Choosing the right type of fixed deposit helps you save taxes. The recurring deposits provide wonderful benefits over a period of time. The interest rates vary with the period for which the deposit is made. Hence, check the interest rates before making the deposit to pick the right period. You can check the deposits of this bank with the help of secured HDFC Net Banking.

A glance at different types of deposits available with HDFC.

Regular Fixed Deposit

It is easy to invest in fixed deposits providing big returns. Interest rates are high for senior citizens. Customers have flexibility to choose the period. Other features available are option to appoint a nominee, super saver facility, and sweep-in feature. If in case you have any issues with this account, for clarifying your query you can contact HDFC Bank Customer Care.

Tax saving 5 year Fixed Deposit: The deposit can be started with a minimum amount of Rs.100 and up to a maximum amount of Rs.15 Lakhs. This type of deposit is available only for resident individuals and for Hindu undivided families. This bank also provides HDFC Debit Cards and HDFC Credit Cards to their valuable customers.

Sweep-in facility: The deficit in the current or savings account is filled with the equal volume of your fixed deposit. The deposit is broken in denomination of one rupee and the required amount is filled in the current account to prevent loss of interest and continue earning the interest on the remaining amount. The last deposit that is made is broken. HDFC Bank Deposit interest rates are little bit high compared to other banks such as Canara Bank Deposits and Karnataka Bank Deposits.

Recurring deposit: Right type of deposit for those planning to make small investments. The minimum amount is Rs.1000 per month and the maximum amount is Rs.14,00,000 per month. The tenure can be as small as 6 months to 10 years. Instructions can be provided to convert the RD into an FD upon maturity. ICICI Deposits also providing recurring deposits same as HDFC Bank. This is available for Resident individuals, Hindu undivided families, private and public limited companies, trusts and societies.

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The interest rates of HDFC Fixed Deposits is high in the range of 6 percent to 6.75 percent depending on the period of deposit, which is high compared to that of IDBI Bank which is in the range of 4 to 5 percent varying with the deposit amount and the period.

FAQ’s Related to HDFC Bank Deposits

  1. How many accounts can be linked to a fixed deposit to avail the Sweep-in facility?
View Answer
Only one account can be associated with one fixed deposit.

2. How to apply for an exemption on TDS on a 5 year tax saving fixed deposit?

View Answer
Customers with the total interest income of the year within the range of overall taxable limit can request for exemption of TDS by submitting the appropriate form as suggested by Income Tax Act.

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