HDFC Bank FD Rates: If you want to invest safely while seeking strong returns, this news may interest you. HDFC Bank is offering lucrative returns on fixed deposits (FDs), with interest rates varying by tenure. If you are considering securing your family’s future, opening an FD with HDFC is a viable option. For domestic FDs under ₹3 crore, the bank offers annual interest rates ranging from 2.75% to 6.50% to general customers, while eligible senior citizens receive rates between 3.25% and 7.10%.
Interest rates on FDs ranging from 7 days to 10 years
HDFC Bank offers excellent FD options, allowing customers to choose tenures ranging from 7 days to 10 years. Interest rates are lower for short-term FDs and higher for long-term investments. General investors earn 2.75% interest on FDs with tenures of 7 to 14 days. An interest rate of 6.50% is offered for tenures exceeding 3 years but less than 4 years and 7 months. For FDs ranging from 5 years and 1 day to 10 years, the interest rate is 6.15%.
Interest rates for senior citizens
HDFC offers higher interest rates to senior citizens compared to general customers. According to HDFC Bank, eligible individuals aged 60 years or older receive additional interest across various tenures. For senior citizens, the bank offers an interest rate of 3.25% on FDs with tenures of 7 to 14 days; 6% on FDs ranging from 6 months and 1 day to 9 months; 6.75% on FDs ranging from 1 year to less than 15 months; 6.95% on FDs ranging from 18 months to less than 21 months; 7.10% on FDs ranging from 3 years and 1 day to less than 4 years and 7 months; and 6.65% on FDs ranging from 5 years and 1 day to 10 years.
Understand the Returns
The return on an FD depends on more than the interest rate; it also depends on the deposit amount, tenure, and interest payout method. If a person opens a 5-year FD, the return will be based on the applicable interest rate for that tenure. With a cumulative FD option, the interest accumulates and grows over time, whereas with a non-cumulative FD, customers receive interest payouts at scheduled intervals.
Things to Consider Before Opening an FD
When planning to open an FD, do not look solely at interest rates. Consider how long your money will be locked in and when you might need funds in the future, then choose the FD tenure accordingly. Premature withdrawal of the FD results in lower interest earnings; banks typically reduce the interest rate and levy a penalty for early withdrawal. Additionally, TDS (Tax Deducted at Source) may apply to the interest earned on the FD.
How to Calculate Returns
To calculate returns on an HDFC Bank FD, first visit the official FD calculator. Select the FD type, then choose whether you are a regular customer or a senior citizen. Enter the deposit amount and select the tenure. Finally, you can view the maturity amount based on the applicable interest rate. You can enter an amount ranging from ₹5,000 to ₹2.99 crore into the calculator.
Who is HDFC suitable for?
HDFC Bank’s Fixed Deposit (FD) can be an excellent option for investors who wish to avoid market risks while seeking substantial returns. The bank offers higher interest rates to senior citizens. When opting for an FD, make sure to understand the rules regarding taxation and withdrawals.