HDFC Ltd offers interest rate up to 7.05% on corporate FDs

In this article, we look at Fixed Deposits (FD) provided by HDFC Ltd. Corporate Fixed Deposit is a term deposit which held over fixed period of time. As we all know that Corporate Fixed Deposits offered by both financial and non-financial institutions.

Ritika Kapoor   /   August 7, 2022
HDFC Fixed Deposit

In this article, we look at Fixed Deposits (FD) provided by HDFC Ltd. Corporate Fixed Deposit is a term deposit which held over fixed period of time. As we all know that Corporate Fixed Deposits offered by both financial and non-financial institutions. HDFC has the trust of over 10lakh depositorsand is one of the leading housing finance company. It offers high returns on Fixed Deposits up to 7.05% for general public and 7.30% for senior citizens. HDFC Ltd fixed deposit scheme are rated‘FAAA’and ‘MAAA’rating for its deposit by both CRISIL and ICRA for over 25 years indicates a high degree of safety.

Types of HDFC Fixed Deposit Schemes:

Monthly Income plan:

  • Minimum deposit amount for this plan is Rs.40,000.
  • The scheme provides monthly income and also interest is paid on the last day of every month.
  • This scheme is best suitable for senior citizens and housewives.

Non-Cumulative interest plan:

  • Minimum deposit amount required for this plan is Rs 20,000.
  • The scheme provides investor interest payout option quarterly and half-yearly.
  • The scheme is ideal to plan the fund requirement half-yearly or quarterly.

Annual income plan:

  • Minimum deposit amount is Rs 20,000.
  • Interest is paid annually.
  • This scheme is best suitable for the investor who wants to maximise returns and plan for annual cash flows.

Not only this, the above plan is available in fixed and variable interest rates. The monthly interest rates are directly deposited to investors account through ECS.

Annual interest rate (%) p.a.:

Period Monthly income plan Quarterly

option

Half-yearly

option

Annual Income plan Cumulative option
33 months 6.65 6.70 6.75 6.85 6.85
66 months 6.75 6.80 6.85 6.95 6.95
77 months 6.75 6.80 6.85 6.95 6.95
99 months 6.85 6.90 6.95 7.05 7.05
Minimum

 Amount(Rs.)

40000 20000 20000 20000 20000

FD Interest rates of deposits up to Rs.2crore w.e.f. 27 June 2022.

Features of HDFC Fixed Deposit scheme:

  • Quick loan facility: Depositors can avail loan against FD after 3 months from the date of deposit and up to 75% of the deposit amount.
  • Senior citizens are offered additional interest 0.25% p.a. on all FD products.
  • Nomination Facility available.
  • Renewal and Repayment of deposit: In case of renewal, the depositor has to submit the signed application form and the discharge deposit receipt is required to be surrendered to HDFC for renewal or repayment of deposit.
  • Tenure: The tenure of this Fixed Deposit ranges from 12 to 120 months. Also one cannot change the tenure once it is commenced.
  • Electronic clearance service facility.
  • Highest safety with attractive returns.
  • TDS: No TDS on interest credited up to Rs 5,000 per financial year. Also submission of PAN card is mandatory.
  • Additional payments: Investors cannot deposit additional amount once commenced. However they can open a new HDFC Fixed Deposit account with new amount.

Pre-Mature withdrawal facility:

Deposits cannot be pre-maturely withdrawn before 3 months from the date of deposit.

After 3 months but before 6 months the interest of 3% shall be charged and after 6 months but before the date of maturity interest payable shall be 1% lower than the interest rate applicable on public deposits for the period in which deposit run.

Eligibility to open HDFC Fixed Deposit account:

  • Resident and Non-resident individuals.
  • Trust and institutions.
  • HUFs.
  • Companies and Partnership firms.

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