HDFC Bank Fixed Deposit (FD) Interest Rates

About HDFC Bank

HDFC Bank is the largest private bank in India. It was among the first to receive an approval from the Reserve Bank of India (RBI) to set up a private sector bank back in 1994. It offers a vast range of financial products and services including savings accounts, fixed deposits, loans, as well as debit and credit card services. Currently, HDFC bank has a wide banking network with 5,345 branches and 14,533 ATMs spread over 2,787 towns and cities in the country.

Benefits of HDFC Bank Fixed Deposit

• 1. Variety of tenures available - If you plan to open a fixed deposit with HDFC bank, you can select among a wide range of tenures. HDFC allows investors to make deposits from 7 days to 10 years. But remember, you cannot change the tenure once you open the FD. If you wish to shorten your tenure, the best option is to create another FD with the desired tenure.
• 2. Special benefit for senior citizens - Depositors over the age of 60 can avail an additional interest rate of 0.50% on their deposits. This is applicable for all deposit tenures. In addition to this, HDFC is offering an additional interest rate of 0.25% for senior citizen investors who either open a new FD or renew their existing FD from 18th May 2020 to 30 September 2020. This offer is applicable for those who wish to book a Fixed Deposit less than 5 crores for a tenure of 5-10 years. This special offer is not applicable for NRI depositors.
• 3. Net banking facility available - You can book a deposit or close your FD account with HDFC bank through net banking. This is an easy and hassle-free process that can be done from the comfort of your own home.
• 5. Overdraft facility available - HDFC also allows depositors to take out an overdraft against their existing FDs. You can instantly avail an overdraft of up to 90% of your FD. This can help you supplement your personal or business requirements. To avail the overdraft facility, you need to have a minimum amount of Rs. 25,000 for a minimum tenure of 6 months. The rate on the overdraft will be 2% per annum over and above the FD interest rate applicable to you.