Latest HDFC Bank FD Interest Rate April 2023
HDFC FD interest rates for the general public ranges 3% to 7.10 %. Senior citizens are eligible for 0.50% to 0.75% higher interest rates than standard rates. Fixed deposit interest rate of HDFC for senior citizens ranges from 3.50% to 7.75%. The interest rate varies depending on the tenure, scheme and the investment amount.
HDFC also offers a tax-saving FD scheme that comes with a 5-year lock-in period. Other deposit schemes offered by HDFC include FCNR deposits, SuperCover FD, Non-Withdrawable Deposits, and Overdraft Against Fixed Deposits, among others.
Keep scrolling for HDFC fixed deposit interest rates and other details before starting one.
HDFC Bank Interest Rates 2023 Highlights
| Interest Rate | 3% – 7.75% |
| Tenure | 7 days to 10 years |
| Maximum Deposit | No upper limit specified |
| Minimum Deposit | ₹5,000 |
| Lock in period | NA (5 Years for HDFC Tax Saver FD) |
How to Calculate HDFC Bank FD Interest Rate?
You can calculate FD interests via simple interest calculation method or compound interest calculation method.
HDFC Bank FD Interest Rate – Simple Interest Calculation
Let’s first understand how to calculate HDFC FD interest rate via a simple interest method.
The formula to calculate simple interest is as follows:
Simple Interest= (P*T*R) / 100
Here, P= Principal, T= Tenure for the deposit and R= Rate of Interest
Let’s assume, you have invested ₹2 lakh for a tenure of 10 years at 5.5% per annum. So, your P= ₹2,00,000, R= 5.5%, and T= 10 years.
Now let’s, place the values as per the formula:
Simple Interest = (2,00,000*5.5*10)/100= ₹1,10,000
Maturity Amount = Principal + Interest
= ₹(2,00,000+1,10,000)= ₹3,10,000
This indicates when your fixed deposit matures, you shall receive ₹3,10,000
HDFC Bank FD Interest Rate – Compound Interest Calculation
When you use compound interest to calculate your fixed deposit returns, your interest gets added to the principal amount and the sum earns interest. This cycle goes on over time till the end of tenure.
The formula to calculate compound interest is as follows:
A = P (1+r/n) ^ (n * t)
Here, A = Maturity amount, P= Principal amount, r= Rate of Interest, n= Number of compounding in a year and t= Number of years
Let’s assume that you have invested ₹2,00,000 at an interest rate of 5.5% per annum for 10 years that compound quarterly.
So,
P= ₹2,00,000, Interest Rate= 5.5% per annum, n= 4 (number of quarters in a year) and t= Number of years which is 10
Placing the value as per the formula, we get
A= 2,00,000 (1+5.5/4) ^ (4 *10)
A or Maturity Amount = ₹3,45,148
Interest amount= A – P
= ₹3,45,148 – 2,00,000 = ₹1,45,148
As you can see, the compounding of interest gives higher returns than simple interest. Here, it gives ₹35,148 more returns.
However, the manual method of calculation can be quite lengthy and time-consuming. To save time and get accurate results instantly, you can use the HDFC FD calculator to get quick and accurate results.
Calculate HDFC Bank FD Interest Rate
Total Investment
Rate of Interest (P.a)
%
Time Period (Years)
Invested Amount
0
Est. Returns
Total Value
Factors that Affect HDFC Bank Fixed Deposit Rate
Following are some factors that can affect HDFC Bank fixed deposit interest rates:
1. Age
HDFC FD rates for senior citizens are higher than normal HDFC FD interest rates. Senior citizens are eligible for 0.50% to 0.75% higher rates than normal FD rates.
2. Investment Tenure
The investment tenure and FD interest rates of HDFC Bank are directly proportional. This means the interest rate of a long-tenure FD could be higher than a short-term FD.
3. Economic Condition
The policies that govern prevailing economic conditions significantly impact the applicable interest rates.
Also Read
HDFC Interest Rates for General Public
HDFC FD interest rates vary based on deposit amount and tenure. The investment amount is divided into two categories- below ₹2 crore and above ₹2 crore. For a deposit above ₹2 crore, you can earn a maximum interest rate of 7.25% if its tenure is fewer than 15 months. Here is a table displaying HDFC FD interest rates for the general public in both categories.
| Tenure | Interest rates for Deposits Less Than ₹2 crore | Interest Rates for Deposits More Than ₹2 crore |
| 7-14 days | 3% | 4.75% |
| 15-29 days | 3% | 4.75% |
| 30-45 days | 3.50% | 5.50% |
| 46-60 days | 4.50% | 5.75% |
| 61-89 days | 4.50% | 6% |
| 90 days <= 6 months | 4.50% | 6.50% |
| 6 months 1 day <= 9 months | 5.75% | 6.65% |
| 9 months 1 day < 1 year | 6% | 6.75% |
| 1 year to 15 months | 6.60% | 7.25% |
| 15 months to 18 months | 7.10% | 7.15% |
| 18 months < 21 months | 7% | 7.15% |
| 21 months – 2 years | 7% | 7.15% |
| 2 years 1 day – 3 years | 7% | 7% |
| 3 years 1 day – 5 years | 7% | 7% |
| 5 years 1 day – 10 years | 7% | 7% |
HDFC Bank FD Interest Rates for Senior Citizens
As stated earlier, senior citizens with an FD account earn more interest on their returns than regular account holders. An additional bonus of 0.25% interest over the 0.5% premium is given to senior citizens for a deposit of ₹5 crore and a tenure of 5 years to 10 years. The table below displays the HDFC Bank FD rates for senior citizens:
| Tenure | Interest rates for deposits less than ₹2 crore | Interest rates for deposits more than ₹2 crore |
| 7 – 14 days | 3.50% | 5.25% |
| 15 – 29 days | 3.50% | 5.25% |
| 30 – 45 days | 4% | 6.00% |
| 46 – 60 days | 5% | 6.25% |
| 61 – 89 days | 5% | 6.50% |
| 90 days <= 6 months | 5% | 7.00% |
| 6 months 1 day <= 9 months | 6.25% | 7.15% |
| 9 months 1 day < 1 year | 6.50% | 7.25% |
| 1 year to 15 months | 7.10% | 7.75% |
| 15 months to 18 months | 7.60% | 7.65% |
| 18 months < 21 months | 7.50% | 7.65% |
| 21 months – 2 years | 7.50% | 7.65% |
| 2 years 1 day – 3 years | 7.50% | 7.50% |
| 3 years 1 day – 5 years | 7.50% | 7.50% |
| 5 years 1 day – 10 years | 7.75% | 7.75% |
HDFC Bank FD Interest Rate for NRI
HDFC offers several term deposits or fixed deposit products for NRIs. Any Non-Resident Indian can deposit money in one of these accounts for a set time and earn returns from it. NRE FD rates are one of the main fixed deposit accounts from HDFC to earn substantial returns. Here are the four main HDFC Bank fixed deposits for NRIs:
- NRE Fixed Deposit Account
- NRO Fixed Deposit Account
- FCNR Account
- RFC Fixed Deposit Account
1. HDFC Bank NRE FD Interest Rate
Non-Resident External (NRE) accounts are those that allow individuals to hold, manage and earn returns from deposits that come from foreign sources. One can earn HDFC NRE FD rates as high as 7.15% on his/her foreign earnings that are later converted into Indian rupees.
| Tenure | Interest Rates for Deposits Less Than ₹2 crore | Interest Rates for Deposits More Than ₹2 crore |
| 7-14 days | 3% | 4.75% |
| 15-29 days | 3% | 4.75% |
| 30-45 days | 3.50% | 5.50% |
| 46-60 days | 4.50% | 5.75% |
| 61-89 days | 4.50% | 6% |
| 90 days <= 6 months | 4.50% | 6.50% |
| 6 months 1 day <= 9 months | 5.75% | 6.65% |
| 9 months 1 day < 1 year | 6 % | 6.75% |
| 1 year to 15 months | 6.60% | 7.25% |
| 15 months to 18 months | 7.10% | 7.15% |
| 18 months < 21 months | 7% | 7.15% |
| 21 months – 2 years | 7% | 7.15% |
| 2 years 1 day – 3 years | 7% | 7% |
| 3 years 1 day – 5 years | 7% | 7% |
| 5 years 1 day – 10 years | 7% | 7% |
2. HDFC Bank NRO FD Interest Rate
Non-Resident Ordinary (NRO) accounts are those that help NRI individuals manage their finances which they earn in India from a foreign country. HDFC allows such NRI individuals to manage their income from Indian sources. They can earn up to 7.15% HDFC deposit interest rates on their NRO fixed deposits.
| Tenure | Interest rates for deposits less than ₹2 crore | Interest rates for deposits more than ₹2 crore |
| 7-14 days | 3% | 4.75% |
| 15-29 days | 3% | 4.75% |
| 30-45 days | 3.50% | 5.50% |
| 46-60 days | 4.50% | 5.75% |
| 61-89days | 4.50% | 6% |
| 90 days <= 6 months | 4.50% | 6.50% |
| 6 months 1 day <= 9 months | 5.75% | 6.65% |
| 9 months 1 day < 1 year | 6 % | 6.75% |
| 1 year to 15 months | 6.60% | 7.25% |
| 15 months to 18 months | 7.10% | 7.15% |
| 18 months < 21 months | 7% | 7.15% |
| 21 months – 2 years | 7% | 7.15% |
| 2 years 1 day – 3 years | 7% | 7% |
| 3 years 1 day – 5 years | 7% | 7% |
| 5 years 1 day – 10 years | 7% | 7% |
3. HDFC FCNR Rates
Foreign Currency Non-Resident (FCNR) accounts are those that allow NRI individuals to hold their foreign earnings in a foreign currency. This later gets converted into Indian Rupees after undergoing the prevailing exchange rate. The tenure for FCNR interest rate ranges from 1 year to 5 years.
| Currency | USD | GBP | EURO | CAD | AUD | JPY |
| Tenure | Interest rates | Interest rates | Interest Rates | Interest Rates | Interest Rates | Interest Rates |
| 1 year | 5.10% | 4.25% | 2.95% | 4.05% | 3.45% | 0.01% |
| 1 year 1 day to less than 2 years | 5.10% | NA | NA | 4.05% | 3.45% | NA |
| 2 years to less than 3 years | 4.55% | NA | NA | 4% | 3.75% | NA |
| 3 years to less than 4 years | 4.20% | NA | NA | 3.70% | 3.70% | NA |
| 4 years to less than 5 years | 3.85% | NA | NA | 3.45% | 3.75% | NA |
| 5 years | 3.70% | NA | NA | 3.35% | 3.85% | NA |
4. HDFC Bank RFC Interest Rate
Resident Foreign Currency (RFC) refers to an account that holds the currency of resident individuals who have returned from abroad in India. One can open this account in different foreign currencies like Euros, Pounds, or US Dollars.
| Currency | USD | GBP | EURO | CAD | AUD | JPY |
| Tenure | Interest rates | Interest rates | Interest Rates | Interest Rates | Interest Rates | Interest Rates |
| 1 year | 5.10% | 4.25% | 2.95% | 4.05% | 3.45% | 0.01% |
| 1 year 1 day to less than 2 years | 5.10% | NA | NA | 4.05% | 3.45% | NA |
| 2 years to less than 3 years | 4.55% | NA | NA | 4% | 3.75% | NA |
| 3 years to less than 4 years | 4.20% | NA | NA | 3.70% | 3.70% | NA |
| 4 years to less than 5 years | 3.85% | NA | NA | 3.45% | 3.75% | NA |
| 5 years | 3.70% | NA | NA | 3.35% | 3.85% | NA |
HDFC Bank VS Other Banks’ FD Interest Rate
Let’s take a look at the comparative study between the FD interest rates of HDFC Bank with that of other banks and post offices in India. Here we have taken into consideration interest rates for fixed deposits below ₹2 crore and for regular depositors.
| Bank Name | Interest Rate |
| ICICI Fixed Deposit | 3% – 7.10% |
| Post Office Fixed Deposit | 4% – 7.5% |
| Union Bank Fixed Deposit | 3% – 7.30% |
| IndusInd Fixed Deposit | 3.50% – 7.75% |
| SBI Fixed Deposit | 3% – 7% |
| Axis Bank Fixed Deposit | 3.50% – 7.26% |
| Bank of Baroda Fixed Deposit | 3% – 7.05% |
| Bank of India Fixed Deposit | 6% – 7.15% |
| Indian Overseas Bank | 4.30% – 7.75% |
| Yes Bank Fixed Deposit | 3.25% – 7.50% |
| IDFC Bank Fixed Deposit | 3.50% – 7.75% |
| Central Bank of India | 4% to 6.50% |
| Bandhan Bank | 5% to 7.70% |
| RBL Bank | 3.50 to 7.80% |
| Indian Bank | 2.80% to 6.50% |
| Sundaram Finance | 7.45% to 8.25% |
| Paytm Payments Bank | 2.75% to 5.5% |
| Deutsche Bank | 3% to 7.75% |
| Federal Bank | 3% to 7.25% |
| Karnataka Bank | 4.5% to 7.80% |
| HSBC | 2.85% to 7% |
| Canara Bank | 4% to 7.25% |
| IDBI Bank | 3% to 6.75% |
| CitiBank | 3.5% to 7.26% |
| Punjab National Bank | 3.50% to 7.25% |
| Punjab and Sind Bank Fixed Deposit | 2.80% to 7.60% |
| Kotak Mahindra Bank | 4% to 7.25% |
Features and Benefits of HDFC Bank Fixed Deposit
Let’s take a look at the features and benefits that HDFC Bank’s fixed deposits bring to the table.
- HDFC fixed deposits offer ranging from 7 days to 10 years
- HDFC deposit interest rates range from 3% to 7.10% for regular individuals and 0.50%-0.75% more for senior citizens
- TDS will be deducted when interest payable or reinvested on RD and FD per customer across all branches, exceeds Rs.40,000/- (Rs.50,000 for senior citizens) in a financial year
- You can make a nomination while booking Fixed deposits through NetBanking
What are the Different Types of FD Schemes Offered by HDFC Bank?
HDFC offers an array of FD schemes. Each scheme is designed to serve a specific purpose. The types of FD schemes offered by the bank are:
- HDFC Tax Saver FD: Five years FD
- HDFC Bank Health Cover FD
- Overdraft against Fixed Deposit
- HDFC SureCover FD
1. HDFC Tax Saver FD: Five Years FD
- Minimum deposit: ₹100
- Maximum deposit: ₹1.5 lakh in a financial year
- Tenure: 5 years
- Lock-in period: 5 years
- Eligibility criteria: Indian residents and HUF
2. HDFC Bank Health Cover FD
- Minimum deposit: ₹5 lakh
- Maximum deposit: ₹1.99 crore
- Tenure: 1 year-10 years
- Lock-in period: 1 year
- Eligibility criteria: Resident Indians between 18-59 years of age
3. Overdraft Against Fixed Deposit
- Minimum deposit: ₹25,000
- Maximum deposit: NA
- Tenure: Above 6 months 1 day
- Lock-in period: 6 months 1 day
- Eligibility criteria: Indian Residents who are senior citizens or retired personnel
4. HDFC Sure Cover FD
- Minimum deposit: ₹2 lakh
- Maximum deposit:₹10 lakh
- Tenure: 1 year-10 year
- Lock-in period: 1 year
- Eligibility criteria: Indian residents between 18-50 years of age
Also Read
How to Invest in HDFC Bank Fixed Deposit
Follow the steps below to invest in HDFC fixed deposits online:
- Step 1: Open the online portal of HDFC Bank.
- Step 2: Click on ‘Create a Savings Account’ if you do not have an account with HDFC Bank.
- Step 3: Fill in the mandatory fields to create a savings account. Submit important documents like your photo, identity proof, address proof etc.
- Step 4: Now, go to the HDFC Bank home page. Hover your mouse on the Savings option and click on ‘Fixed Deposit’ from the menu.
- Step 5: A new page will open, select from regular fixed deposit or your preferred scheme.
- Step 6: Here provide your registered mobile number and your date of birth or PAN details.
- Step 7: You will receive an OTP on your registered number. Type in the same in the provided space.
- Step 8: Select the HDFC account you wish to connect with your fixed deposit.
- Step 9: Type in your deposit details.
- Step 10: You will receive another OTP on your registered mobile number. Provide this OTP to re-confirm your fixed deposit application.
Once done, your HDFC FD account will be created.
Documents Required to Open HDFC Bank Fixed Deposits
Here are the documents that you require to apply for a regular HDFC fixed deposit account:
- Identity Proof: PAN card, Aadhaar card, voter ID, passport, or driving licence
- Address Proof: Passport, Aadhaar card, bank statement with a cheque, or voter ID
- Date of Birth Proof: PAN card, Aadhaar card, voter ID, or service discharge certificate
Eligibility to Open HDFC Bank FD
You may need to meet the following eligibility criteria to open HDFC FD:
- Indian resident individuals holding a single account with HDFC
- Two Indian resident individuals holding account ownership jointly
- Karta of Hindu Undivided Families (HUFs)
- Minors with parents/guardians’ consent or solely
- Firms and companies
- Local bodies and any government department
Taxation on HDFC Bank FD Deposit Schemes
Interest income from FDs is taxable as ‘income from other sources’ as per the Income Tax Act, 1961. They add to your taxable income by the end of the financial year and are taxed as per your tax slab.
Tax Deducted at-Source or TDS deduction is applicable on if your interest is more than ₹40,000 in a financial year. On that note, a senior citizen taxpayer will receive a deduction only if their interest is more than ₹50,000.
To avoid Tax deduction, you can submit Form 15G to declare your ineligibility. For senior citizens, Form 15H will serve the same purpose.
Loan against HDFC Bank FD Deposit Scheme
The Overdraft Against Fixed Deposit Scheme allows you to fulfil your urgent cash requirements without breaking your fixed deposit. Here are the key features of HDFC’s overdraft scheme that allow it to stand out from other banks’ loans against FD facilities.
- You can access an Overdraft against FD or SuperSaver facility on deposits under a single name through net banking.
- You can instantly avail 90% of your FD amount as an overdraft/loan.
- You can choose between a current account and a savings account to link with your fixed deposit for an overdraft facility.
- You would need to pay interest only on the amount that you have drawn. The rest will continue compounding and earning you returns throughout the tenure.
- You can also cancel your overdraft against a fixed deposit via net banking.
Final Word
HDFC FD interest rates vary based on scheme and tenure. Use an HDFC FD calculator to calculate your returns in advance. This would help you plan your investments better.
Investing in FDs gives you assured returns albeit at a lower interest rate. But to beat the rising inflation, you need to find an alternate avenue. Consider investing in Navi Mutual Fund schemes maybe? We have schemes for every investor. Wary of the market? You can mitigate the market chaos by investing with just Rs.10.
FAQs
You can easily open an HDFC FD account with the help of net banking. For this, you must ensure that the information to start a fixed deposit is up-to-date and you must have an existing savings account with HDFC as well. If not, consider opening one before starting a fixed deposit.
Generic FDs don’t offer any tax benefits. However, you can claim tax benefits of up to Rs.1.5 lakh on HDFC tax-saver FD.
You need Rs.5,000 to open an HDFC fixed deposit account. However, there is no upper limit for HDFC deposits.
Unlike stock market investments, fixed deposits offer guaranteed returns. Here, interest rates do not fluctuate dynamically with the markets. Even if they do rarely, you will receive returns with the same rate of interest as you were promised before. Hence, they are one of the safest investments that offer guaranteed returns.
With HDFC Bank, you can opt for re-investments that will generate returns for you with compound interests. The cumulative interest for a given quarter is then added to the principal amount and becomes the principal for the next quarter and the cycle follows.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
