HDFC Bank. Fixed DepositAdditional 0.50% p.a. rate for Sr. Citizens

HDFC is one of the premier institute in mid- small segment Home Loan sector.

For over three and a half decades, HDFC has delivered consistent performance with its Fixed Deposits. We have earned the trust of more than 6 lac depositors.

HDFC has received FAAA/stable and MAAA/stable ratings for its deposits programme from two leading credit rating agencies (CRISIL and ICRA) for 26 consecutive years, thus building utmost trust and confidence amongst investors and key partners.

Enhanced customer satisfaction has always been at the core of all HDFC product offerings. HDFC Depositors are serviced through its 420 inter-connected offices spread across India with instant services provided at 77 deposit centers. HDFC has set high benchmarks of service delivery on a continuous basis by providing electronic payment facility for interest payment, instant loan against deposit and many more.

• Highest safety – FAAA/stable and MAAA/stable rating from both CRISIL and ICRA for 26 consecutive years.
• Attractive and assured returns.
• Impeccable service through a network of over 420 offices across the country.
• A wide range of deposits products to choose from.
• Prompt doorstep assistance through our key partner network.
• Quick Loan against Deposit facility.
• Loan against deposit is available after 3 months from the date of deposit up to 75% of the deposit amount, subject to the terms and conditions framed by HDFC. Interest on such loans will be 2% above the deposit rate. This facility is not available for deposits from minors and NRIs.

For Renewal of Deposit
Attached below mentioned documents along with the Original FDR and deposit it into below mentioned branches / centers.
Click here to download HDFC Bank Fixed Deposits Application form
1] Stick Rs.1 Revenue stamp on the back side of fixed deposit receipt and across Signed by all depositors.
2] Signature of all applicants on the application form.
3] Self attested copy of PAN Card and address proof (all the applicants in case of joint application)
4] One cancelled cheque (for ECS).
5] Stick Passport size photograph of sole applicant on application form.
6] Submit your application form below mentioned submission centers /branches in FD Department.
7] Keep photocopy of application form for your record.
8] Free Home Service is available.*
9] Send us the photocopy / soft copy of application form to track your application / FD status.

HDFC Bank FD Application Form Submission Branch Address

Who can apply / invest?

• Residents
• Hindu undivided families
• Sole propritorship firms
• Partnership firms
• Limited companies
• Trust accounts

DEPOSIT CAN BE PLACED BY:

Resident Individual, Minor through guardian & Hindu Undivided Family (who is not a tax-resident of any country other than India).

MODE OF ACCEPTANCE:

1. a) Through an account payee cheque favouring “HDFC Bank”; or
2. b) Remittance of funds through RTGS, NEFT or fund transfer into HDFC’s bank account on any working day (other than Saturday). In case the deposit amount is Rs. 25 lacs or more, the depositor must intimate HDFC latest by 12.30 pm on the day of remittance so that interest shall accrue from that date; else interest shall accrue from the next working day.

Bank Account details for remittance of funds:
Beneficiary Name: HDFC Bank LTD.
Account No.: 00600350003778 + Depositor’s PAN (i.e. if PAN of the depositor is ABCDE1234Z then account number should be mentioned as HDFCFDABCDE1234Z)
IFSC Code: HDFC0000060
Bank Name & Branch: HDFC Bank , Fort Branch, Mumbai

INTEREST

Interest will be payable on the deposit from the date of realization of cheque or transfer of funds into HDFC’s bank account on any working day (other than Saturday) with prior intimation. Interest on deposits placed under Monthly Income Plan, Non-Cumulative Option and Annual Income Plan shall be paid on fixed dates as given below:

Cumulative Interest Option & Recurring Deposits Plan: Interest will be compounded annually and accrued every year after deducting tax, wherever applicable. The principal along with interest will be paid on maturity once the discharged deposit receipt is received by us. In case of MIP and Non-Cumulative deposits, if the first interest due date falls within a week from the deposit date, then the interest for the first broken period will be paid in the next interest cycle. Interest amount (net of TDS – where applicable) will be paid through NACH/ECS at all centers where this facility is available. Where this facility is not available, interest will be paid through “Account payee” cheque drawn in favour of the first named depositor along with his bank account details furnished. In case of Monthly Income Plan, post-dated interest cheques for every financial year will be issued in advance. Interest on Monthly Income Plan under Variable Rate Deposit will be credited to the depositor’s bank account on the last day of the month.

VARIABLE RATE DEPOSIT

Interest Rate on variable rate deposit is linked to the benchmark rate and will vary from time to time with the benchmark rate. Benchmark Rate is the rate of interest applicable on HDFC fixed rate deposit product for the corresponding period. Interest Reset Date – Rate of interest (ROI) will be reset at the beginning of each interest period. ROI prevailing on the first day of the interest period will be applicable for the entire interest period. Deposit placed under the variable rate deposit cannot be changed to fixed rate deposit before the maturity date.

ELECTRONIC CLEARING SERVICE (ECS)

This facility is provided to depositors whereby the interest will be credited directly to the depositors’ bank account. The depositor would receive a credit entry “ECS HDFC” in his pass book/bank statement. Intimation of interest credited would be sent on an annual basis.

DEDUCTION OF INCOME TAX AT SOURCE (TDS)

No tax deduction at source on interest paid/credited up to ` 5000/- in a financial year. Income tax will be deducted at source under Section 194A of the Income Tax Act, 1961, at the rates in force. If the depositor is not liable to pay income tax and the interest to be paid / credited in a financial year does not exceed the maximum amount which is not chargeable to income tax, the depositor may submit a declaration in Form No. 15G so that income tax is not deducted at source. Senior Citizens (60 years and above) may submit a declaration in Form No. 15H. In such cases, PAN (Permanent Account Number) must be quoted in the Form 15G/H, else the form is invalid.

Section 139A(5A) of the Income-tax Act, 1961 requires every person receiving any sum or income from which tax has been deducted to intimate his PAN to the person responsible for deducting such tax. Further, 139A (5B) requires the person deducting such tax to indicate the PAN on the TDS certificate. In case PAN is not mentioned, the rate of TDS would be 20% as per section 206AA (1) of the Income-Tax Act, 1961. In case of deposits of ` 50,000 and above, it is mandatory to furnish PAN.

PREMATURE WITHDRAWAL

Request for premature withdrawal may be permitted at the sole discretion of the Corporation, subject to the Housing Finance Companies (NHB) Directions, 2010, as applicable from time to time. Premature withdrawal will not be allowed before completion of 3 months from the date of deposit. In case of request for premature withdrawal after the expiry of 3 months, the rates given in the following table shall apply.

The commission is paid upfront for the entire period of deposit to our authorized agent. In case of premature withdrawal, the commission is payable for the period completed and excess commission paid will be recovered from the deposit amount.

RENEWAL / REPAYMENT OF DEPOSIT

For renewal or repayment of deposit, the discharged deposit receipt must be surrendered to HDFC. In case of renewal of deposit, the prescribed application form signed by all depositors is also required to be submitted. In case of renewal, deposit period would commence from the maturity date of the renewed deposit and the interest rate prevailing on the date of maturity will be applicable. Maturity date of the renewed deposit should be after 3 months from the date of renewal and premature withdrawal is not be permitted for 3 months after the date of renewal. Interest will accrue after the maturity date only if the deposit is renewed. If the date of maturity falls on any day on which HDFC’s office remains closed, repayment will be made on the next working day. Repayment amount is remitted to depositor’s bank account directly through NEFT/RTGS/NACH or paid through account payee cheque favoring the first depositor.

NOMINATION FACILITY

 As per Section 36B of the National Housing Bank Act, 1987 & Rule 2(1) of the Banking Companies (Nomination) Rule, 1985, only individual depositor/s, singly or jointly, can nominate a single person under this facility. In case the deposit is placed in the name of a minor, nomination can be made only by a person lawfully entitled to act on behalf of the minor. Power of attorney holder or any person acting in representative capacity as holder of an office or otherwise cannot nominate. In the event of the death of the sole depositor or the death of all the depositors, the nominee shall have the right to receive the amount due in respect of the deposit and payment by HDFC to the nominee shall constitute full discharge to HDFC of its liability in respect of the deposit. Nominees’ name will be printed on the Deposit Receipt, unless mentioned otherwise. In case of thumb impression of the depositor/s, nomination has to be attested by two witnesses. In such cases, separate Form DA-1 may be downloaded from our website.

KNOW YOUR CUSTOMER (KYC)

In terms of the Prevention of Money Laundering Act, 2002, the rules notified thereunder and KYC Guidelines issued by the National Housing Bank (NHB), every depositor is required to comply with the KYC requirements by submitting the following documents :

1961. a) Latest photograph b) Self-certified copy of the proof of identify c) Self-certified copy of the proof of address and providing any other additional information sought to comply with the reporting requirements under Section 285 BA of the Income-Tax Act,1961. In case the depositor has already submitted the above documents in his earlier deposit, then he need not submit the above documents again, but has to provide the reference of his customer number. In case of deposits of Rs. 50,000 and above, it is mandatory to furnish Aadhaar number.

• An initial deposit of Rs. 5,000/- is required to open a Fixed Deposit. Effective 01st April 2010, PAN is mandatory to book Fixed Deposits if the total Fixed Deposit holding per customer id exceeds 50,000/-

Tax Deductions for Re-investment Fixed Deposits:

 TDS will be deducted when interest payable or reinvested on RD and FD per customer across all branches, exceed Rs.10000 in a financial year. A TDS Certificate will be mailed to you after end of every quarter during the financial Year providing the details of TDS deducted during the quarter.

• Applicable TDS rates are:

• A fresh Form 15G / 15H needs to be submitted at the beginning of each Financial Year. Form 15G/H will need to be submitted for all subsequent deposit’s booked, on every 31st of march , TDS is recovered on the total of interest compounded and interest accrued on the Fixed Deposit (s).
• In case of renewed deposits, the new deposit amount consist of the original amount plus interest less Tax Deduced at Source(if any), less compounding effect on TDS. At times, it may lead to recovery of TDS from the principal amount of the deposit.
  g. In case of multiple deposits with the bank, if the threshold of 10,000/- is breached by one of the FD while compounding the interest in the FD, TDS is applicable on entire interest earned in that customer id, this FD interest will definitely would not be sufficient to recover the entire amount hence the remaining amount will be recovered from the same FD principal whose interest compounding has breached the threshold.

Nomination Facility through Net Banking:

You can now make a nomination while booking Fixed deposits through Net Banking.

If you are booking a Fixed Deposit on Net Banking on a single name, then you can either select the nomination made in the base Savings account or add a new nominee. If you are booking a Fixed Deposit on Net Banking in a Joint name, then you can only select the nomination made in the base Savings account. In a joint holding Fixed Deposit if you wish to add a new nominee, then you will need to visit the branch.

For existing single holding Fixed Deposits, Customers can add a new nominee or modify a nominee through Net Banking instantly. For existing joint holding Fixed Deposits, Customers can download the filled Nomination form from Net Banking, take signatures from all holders, and submit it at nearest HDFC bank branch, for updating in our systems.

GENERAL

In the event of death of the first / sole depositor, repayment of deposit and payment of interest will be made to the joint depositor first in order of survivor/s / nominee on submission of death certificate without reference to the heirs and/or legal representatives of the deceased. Any discharge given by the first-named depositor for principal and/or interest will be valid and binding on all joint depositors. Deposits with HDFC are not transferable. Applications should be complete in all respects and HDFC has a right to accept or reject any application without notice, subject to the Housing Finance Companies (NHB) Directions, 2010. Employees, Shareholders, Home Loan customers, customers referred by staff and high value depositors may be offered an additional interest rate as decided by management from time to time. In case such deposits are generated through our authorized agents, commission on such deposits would be adjusted appropriately. All remittances by HDFC (towards interest, repayment, loan against deposit, etc.) shall be made to the bank account from where the funds were received by HDFC. Change in bank account may be permitted only in bonafide cases (such as where the account has been closed, etc.) at the sole discretion of the Corporation. CRISIL has reaffirmed “FAAA/Stable” rating to our Fixed Deposits Programme. This rating indicates that the degree of safety regarding timely payment of interest and principal is very strong. ICRA has reaffirmed “MAAA (stable)” rating to our Fixed Deposit Programme. This rating is the highest credit quality rating assigned by ICRA. The rated deposits programme carries the lowest credit risk. Total amount of exposure including the non-fund based facilities, to companies in the same group or other entities or business ventures in which directors and/or the Corporation are holding substantial interest as on March 31, 2018 was Rs. 10,006.21 crore. The deposits solicited by the Corporation are not insured. HDFC has a right to change, amend, add or delete the terms and conditions without notice, subject to the Housing Finance Companies (NHB) Directions, 2010, as applicable, from time to time. In case of any deficiency of the Corporation in servicing its deposits, the depositor may approach the National Consumers Disputes Redressal Forum, the State Level Consumers Disputes Redressal Forum or the District Level Consumers Dispute Redressal Forum for relief. In case of non-repayment of the deposit or part thereof in accordance with the terms and conditions of the deposit, the depositor may make an application to an authorized officer of the National Housing Bank. The financial position of the Corporation as disclosed and the representations made in the application form are true and correct and that the Corporation and its board of directors are responsible for the correctness and veracity thereof. The housing finance company is within the regulatory framework of the National Housing Bank. It must, however, be distinctly understood that the National Housing Bank does not undertake any responsibility for the financial soundness of the Corporation or for the correctness of any of the statements or the representations made or opinions expressed by the Corporation, and for repayment of deposit/discharge of liabilities by the Corporation. HDFC Deposits programme is designed in accordance with NHB Regulations with the objective to channelize resources for housing.

Profits & Dividend

HDFC Bank Profits & Dividend (in Crores)