HDFC Bank offers ways to save and grow your money through various deposit options. In this guide, we’ll explore HDFC Bank’s Fixed Deposits (FDs), Recurring Deposits (RDs), and other deposit rates to help you make informed decisions about your savings.
HDFC Bank Fixed Deposits (FDs)
What Are HDFC Bank Fixed Deposits? Fixed Deposits with HDFC Bank let you save a lump sum of money for a fixed time at an agreed interest rate. It’s a safe way to earn steady returns on your savings.
FD Interest Rates at HDFC Bank As of 3rd Dec 2023, HDFC Bank’s FD rates range from 3% to 7% for different time periods.
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|
| 7 days – 29 days | 3% | 3.5% |
| 30 days – 1 month 14 days | 3.5% | 4% |
| 1 month 15 days – 5 months 28 days | 4.5% | 5% |
| 5 months 29 days – 8 months 30 days | 5.75% | 6.25% |
| 9 months – 11 months 28 days | 6% | 6.5% |
| 11 months 29 days – 1 year 3 months | 6.6% | 7.1% |
| 1 year 3 months 1 day – 1 year 5 months 30 days | 7.1% | 7.6% |
| 1 year 6 months – 2 years 10 months 29 days | 7% | 7.5% |
| 2 years 10 months 30 days – 2 years 10 months 30 days | 7.15% | 7.65% |
| 2 years 11 months – 4 years 6 months 28 days | 7% | 7.5% |
| 4 years 6 months 29 days – 4 years 6 months 29 days | 7.2% | 7.7% |
| 4 years 7 months – 4 years 11 months 28 days | 7% | 7.5% |
| 4 years 11 months 29 days – 9 years 11 months 27 days | 7% | 7.75% |
Note: All interest rates shown above are as on 6th Nov 2023
Key Features of HDFC Bank FDs
- Flexible Time Choices: Pick durations from 7 days to 9 years.
- Interest Payout Options: Choose to get interest regularly or at the end of your FD period.
- Benefits for Seniors: Higher interest rates for senior citizens.
Tax Information FDs might help you save on taxes under Section 80C. However, the interest earned is taxable.
HDFC Bank Recurring Deposits (RDs)
Understanding HDFC Bank Recurring Deposits RDs let you save a fixed amount regularly over time, making it a smart choice for disciplined savings.
RD Interest Rates at HDFC Bank As of [Current Month, Year], HDFC Bank’s RD rates range from 4.5% to 7% for different time periods.
| Tenure | Normal Citizen RD Rate | Senior Citizen RD Rate |
|---|---|---|
| 3 Months to 6 Months | 4.50% | 5.00% |
| 6 Months to 9 Months | 5.75% | 6.25% |
| 9 Months to 1 Year | 6.00% | 6.50% |
| 1 Year to 2 Years | 6.60% | 7.10% |
| 2 Years to 3 Years | 7.10% | 7.60% |
| 3 Years to 5 Years | 7.00% | 7.50% |
| 5 Years to 10 Years | 7.00% | 7.50% |
Note: All interest rates shown above are as on 1st November 2023
HDFC Bank RD Scheme Details
| Premature Withdrawal | 1% |
| Highest Rates for Public | 7.10% |
| Highest Rates for Senior Citizen | 7.60% |
HDFC Bank Returns Based on Investment Amount
| Investment Amount | For 3 years with interest of 7.00% | For 5 years with interest of 7.00% |
|---|---|---|
| ₹ 50,000 | ₹ 1,51,747 | ₹ 2,54,384 |
| ₹ 1 lakh | ₹ 3,03,493 | ₹ 5,08,767 |
| ₹ 2 lakh | ₹ 6,06,987 | ₹ 10,17,534 |
| ₹ 5 lakh | ₹ 15,17,466 | ₹ 25,43,835 |
| ₹ 10 lakh | ₹ 30,34,933 | ₹ 50,87,670 |
Key Features of HDFC Bank RDs
- Easy Monthly Deposits: Start with as little as Rs. 500 per month.
- Flexible Tenure Options: Choose a duration that suits your financial goals.
- Benefits for Seniors: Senior citizens get higher interest rates.
Tax Information RDs might not offer tax-saving benefits like FDs, and the interest earned is taxable.
Other Deposit Rates and Options
Savings Accounts and Other Deposits HDFC Bank provides competitive interest rates on savings accounts and other deposit schemes, offering liquidity and growth opportunities.
Conclusion: Making Smart Choices Before investing, consider factors like time, rates, and your financial goals.
Disclaimer: Rates mentioned may change. For the most current rates and details, refer to HDFC Bank’s official website or contact the bank directly.
Investing in HDFC Bank’s Fixed Deposits, Recurring Deposits, or other deposit schemes can be a step toward securing your financial future. Consider your goals and explore these options to maximize your savings effectively.