Fixed Deposit or FD is a good interest rate investment option. HSBC Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.
Benefits of HSBC Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- HSBC Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on HSBC Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the HSBC Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in HSBC Bank.
HSBC Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
HSBC Bank Fixed Deposit Interest Rate
| Tenure |
Board rates (Below INR 20 M) * |
Senior Citizen Interest Rate |
|---|---|---|
| 7 Days | 3.00 | 3.50 |
| 8 Days | 3.00 | 3.50 |
| 9 to 14 Days | 3.00 | 3.50 |
| 15 to 29 Days | 3.05 | 3.55 |
| 30 to 59 Days | 3.25 | 3.75 |
| 60 to 89 Days | 4.00 | 4.50 |
| 90 to 93 Days | 5.00 | 5.50 |
| 94 Days | 5.00 | 5.50 |
| 95 to 179 Days | 5.00 | 5.50 |
| 180 Days | 5.00 | 5.50 |
| 181 to 269 Days | 5.00 | 5.50 |
| 270 Days to 364 Days | 5.00 | 5.50 |
| 365 Days | 5.00 | 5.50 |
| 366 Days to 399 Days | 5.00 | 5.50 |
| 400 Days | 5.50 | 6.00 |
| 401 Days to less than 18 months | 5.00 | 5.50 |
| 18 months to 599 days | 5.50 | 6.00 |
| 600 days | 5.50 | 6.00 |
| 601 to 699 days | 5.50 | 6.00 |
| 700 days | 5.50 | 6.00 |
| 701 days to 730 days | 5.50 | 6.00 |
| 731 Days | 5.60 | 6.10 |
| 732 days to less than 36 months | 5.00 | 5.50 |
| 36 months to less than 37 months | 5.75 | 6.25 |
| 37 months to less than 48 months | 5.00 | 5.50 |
| 48 months to 60 months | 5.00 | 5.50 |
Floating rate overnight
|
Tenure |
₹10,000 – ₹19,999,999 Interest Rate (% p.a.) |
|---|---|
|
7-9 Days |
M-30 |
|
10-14 Days |
M-100 |
|
15-29 Days |
M-30 |
|
30-59 Days |
M-100 |
|
60-89 Days |
M-100 |
|
90-119 Days |
M-100 |
|
120-179 Days |
M-100 |
|
180-364 Days |
M-100 |
|
365 Days – 60 Months |
M-100 |