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Tax Saving FD HDFC

HDFC Bank is one of the largest private sector banks and offers a special tax-saving FD for their customers. It provides a good option for investment and offers tax benefits. The rate of interest is very attractive offered by HDFC Bank. In tax-saving FD HDFC, it provides a minimum maturity period of five years and a maximum of 10 years. The best way to save tax is investing money in tax-saving FD HDFC. It provides less risk as compared to others. In tax-saving FD HDFC premature withdrawal is not allowed before the completion of the period of five years.

HDFC Bank Fixed Deposit offers the best investment opportunities for its customers. It also provides high-interest rates for senior citizens who are eligible to receive a rate that is 0.50% higher as compared to regular rates. HDFC FD allows loans and credit cards facility with 90% of FD loans and minimum credit cards interest rates. It offers the best attractive interest rates for easy investment. HDFC allows high returns and high security for customers.

Features of HDFC Bank tax-saving Fixed Deposit

  • It provides a lock-in or maturity period of 5 years.
  • In a financial year, the maximum permissible tax rebate is limited to Rs.1,50,000.
  • Opening a tax-saving FD HDFC account you need to undergo the Know Your Customer (KYC) process at the time.
  • Tax rebate claim for Individuals, Hindu undivided families (HUF), and NRIs.
  • Investing the minimum amount of Rs. 1000 and maximum amount of Rs. 1,50,000.
  • Taxable Interest.
  • Available nomination facility.
  • Deduction of TDS on interest earned.
  • Before maturity, you cannot withdraw this tax-saving FD HDFC i.e. before 5 years.
  • Provides fixed interest rate.
  • Not providing a facility of loan against tax saver fixed deposits.
  • tax-saving fixed deposits can be opened both singly and jointly. If the mode of the opening is joint, then deduction under section 80C is allowed only to the first holder of tax-saving FD HDFC account.

 

Eligibility Criteria of tax-saving FD HDFC

  1. All resident individuals.
  2. Non-resident Indians (NRIs).
  3. Hindu undivided family (HUF).
  4. Minor.

 

Benefits of tax-saving FD HDFC

Given below are the benefits of investing in tax-saving fixed deposits HDFC-

  • Tenure over interest compounded by the fixed deposit makes investment grow faster.
  • tax-saving FD HDFC is considered safe to put money in as there are minimal risks attached to them.
  • Unlike mutual funds, the tax-saving fixed deposit HDFC returns are not market-linked. It provides a fixed interest rate, and the returns are guaranteed throughout the tenure.
  • tax-saving FD HDFC provides a higher rate for senior citizens of 0.25% to 0.5% on their fixed deposit investments as compared to regular customers.
  • It is allowed for deduction up to Rs.1.5 lakh under Section 80C of the Income Tax Act 
  • Deposit the minimum amount starts as Rs.1000 in tax-saving FD HDFC.

 

Tax-Saving FD HDFC Interest Rates

HDFC Bank FD scheme provides the best interest rate for their customers. Generally in this scheme, HDFC FD provides an interest rate of 5.30% p.a. For normal citizens while the senior citizens get an interest rate of 5.80% p.a.

HDFC Bank FD Interest Rates for Below Rs.2 crore

Period  General Public Rates(p.a.) Senior Citizens Rates(p.a.)
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 3.00% 3.50%
46 days to 60 days 3.00% 3.50%
61 days to 90 days 3.00% 3.50%
91 days to 6 months 3.50% 4.00%
6 months 1 day to 9 months 4.40% 4.90%
9 months 1 day to less than 1 year 4.40% 4.90%
1 year 4.90% 5.40%
1 year 1 day to 2 years 4.90% 5.40%
2 years 1 day to 3 years 5.15% 5.65%
3 years 1 day to 5 years 5.30% 5.80%
5 years 1 day to 10 years 5.50% 6.25%

HDFC Bank FD Interest Rates for More Than Rs.2 crore and Less Than Rs.5 Crore

Period  General Public Rates(p.a.) Senior Citizens Rates(p.a.)
7 days to 14 days 2.50% 3.00%
15 days to 29 days 2.50% 3.00%
30 days to 45 days 2.75% 3.25%
46 days to 60 days 2.75% 3.25%
61 days to 90 days 3.00% 3.50%
91 days to 6 months 3.00% 3.50%
6 months 1 day to 9 months 3.50% 4.00%
9 months 1 day to less than 1 year 3.65% 4.15%
1 year 3.75% 4.25%
1 year 1 day to 2 years 3.75% 4.25%
2 years 1 day to 3 years 4.40% 4.90%
3 years 1 day to 5 years 4.40% 4.90%
5 years 1 day to 10 years 4.40% 5.15%

Documents required For tax-saving FD HDFC 

Here is the list of the documents that are required to open a tax-saving FD HDFC account:

  • Identity Proof
  • Driving License
  • Senior Citizen ID Card
  • Passport
  • PAN Card
  • Government ID Card
  • Voter ID Card

 

  • Address Proof
  • Bank Statement
  • Passport
  • Electricity Bill
  • Telephone Bill
  • Issued ID Card / Certificate by Post Office
  • Voter ID Card

FAQs:

What is HDFC Bank’s highest FD rate?

HDFC Bank FD provides a higher interest rate for the general public of 5.5% and for senior citizens, it is 6.25%.

Do I submit KYC documents for opening an HDFC FD account?

Yes, to open an HDFC FD account you need to submit KYC documents for an FD account.

Can HDFC Bank open an FD online for new customers?

HDFC Bank allows for both new and existing customers to open and operate accounts online. New customers can get the username and password for the first time by visiting the local HDFC branch.

Is PAN mandatory to open an HDFC FD account?

To open or operate an HDFC FD account PAN is mandatory. If you do not have a PAN:
a. Invalid TDS exemption form will be found
b. Minimum 20% of TDS deduction
c. Can’t avail TDS credit
d. Give TDS certificate

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