Interest Rate - Current Bank Interest Rate for FD, RD & Forex

IMPORTANT NOTES – RESIDENT CUSTOMERS:

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Interest rates are subject to change from time to time. Applicable interest rates will be given as on the date / time of receipt of the funds by the bank. When booking FD through NetBanking please note the actual interest rate being applied on the "Confirm" screen. This screen appears before you confirm your request for opening a new FD. In order to see the latest information, we request you to clear your browsers cache to see the updated interest rates.

It is reiterated that the interest rate applicable on multiple deposits, across all channels, made by the same customer in a single day in one particular tenor bucket would be the rate which is applicable for the aggregate value or the individual value whichever is lower

Tenor Bucket "means the various tenure slabs as updated in the interest rate sheet on the website . For ex: e.g.” 1 Y 1d to 2 Y “ is one particular tenor bucket, similarly “ 5 Y 1 d to 10 Y “ is also one particular tenor bucket.

Only Senior Citizens / Retired Personnel (60 years and above) who are Resident Individuals are eligible. The special rates are applicable only for Resident deposits.

When you open a Fixed deposit with HDFC Bank Interest on Term Deposits is calculated as below

1) Fixed Deposits for the tenor <= 6 months : Simple Interest is paid

2) Fixed Deposits for the tenor > 6 months with Quarterly Interest Payout option : On a Quarterly basis

3) Fixed Deposits for the tenor > 6 months with Monthly Interest Payout option : Interest is calculated for the quarter and paid monthly at a discounted rate over the standard deposit rate

4) Fixed Deposits for the tenor > 6 months with Interest Reinvestment option : Cumulative Interest for the Quarter is added to the Principal in subsequent quarter and interest is calculated on total amount

Tax at source is deducted as per the Income Tax regulations prevalent from time to time.

The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non-leap year.The period of Fixed Deposit is calculated in number of days.

The Minimum tenure for earning FD interest is 7 days.

With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Sweep-in/Partial Withdrawal will be 1% lower (as applicable) of the rate on the date of deposit booked, to the period for which deposit remained with the bank and not at the contracted rate.

As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of FD

Central or State Government establishments such as Apex Bodies, Union Government, State Government, Union Territories Government, Legislature, Judiciary, Embassies, Missions, Panchayat, District, Local Body and certain other entities which are 100% owned by Government shall be eligible for exemption from penalty applicable on premature withdrawal of Fixed deposits for Deposits booked/renewed on or after 1st July’23. Customers who wish to avail this facility on new booking or renewal, are requested to visit nearest Branch prior to new booking or date of renewal of deposit with request letter and requisite documents (if required). For more details, Please contact your Branch/Relationship Manager. Please note this facility will not be available for online booking of FD.

*Senior Citizen Care FD (w.e.f 18th May’20) :

An Additional Premium of 0.25% (over and above the existing premium of 0.50%) shall be given to Senior Citizens who wish to book the Fixed Deposit less than 5 crores for a tenure of 5 (five) years One Day to 10 Years, during special deposit offer commencing from 18th May'20 to November 7, 2023.. This special offer will be applicable to new Fixed Deposit booked as well as for the Renewals, by Senior Citizens during the above period. This offer is not applicable to Non-Resident Indian.

In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) on or before 5 years, the interest rate will be 1.00% lower (as applicable) of the rate on the date of deposit booked, to the period for which deposit remained with the bank and not at the contracted rate.

In case of premature closure of Fixed Deposit booked in the above offer (including sweep in / partial closure) post 5 years, the interest rate will be 1.25% lower (as applicable) of the rate on the date of deposit booked, to the period for which deposit remained with the bank and not at the contracted rate..

Rates mentioned above in the rate sheet are inclusive of 0.75%

All other terms and conditions as applicable to Fixed Deposit shall remain unchanged and the same shall be applicable to the above fixed deposit too.

IMPORTANT NOTES –

NRI CUSTOMERS:

NEW Customers:Click hereto talk to our Executive!!

EXISTING Customers:Click hereto book a deposit online through NetBanking!!

The Senior Citizen Rates are only for Resident Indians and do not apply to NRIs.

The Interest on Term Deposits for the deposits booked by us, is calculated as below:

1) Fixed Deposits for the tenor <= 6 months : Simple Interest is paid

2) Fixed Deposits for the tenor > 6 months with Quarterly Interest Payout option : On a Quarterly basis

3) Fixed Deposits for the tenor > 6 months with Monthly Interest Payout option : Interest is calculated for the quarter and paid monthly at a discounted rate over the standard deposit rate

[The paid interest amount (in case of monthly/quarterly payout mode) will be adjusted against Principal Balance of the Deposit at the time of premature withdrawal of the deposit. Nil interest will be paid in case of Premature withdrawal of the NRE Deposit before 1 year and for NRO Deposit before 7 days].

Tax at Source is deducted as per the Income Tax regulations prevalent from time to time (applicable on NRO Fixed Deposits)

With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Sweep-in/Partial Withdrawal on NRO Deposit will be 1% lower (as applicable) of the rate on the date of NRO deposit booked, to the period for which deposit remained with the bank and not at the contracted rate.

With effect from July 22nd, 2023, the interest rate applicable for premature withdrawal including Sweep-in/Partial Withdrawal on NRE Deposits will be the rate on the date of deposit booked for the period for which deposit remained with the bank and not at the contracted rate.

Prior to July 22nd, 2023, For Premature Closure (for all amounts, and for including Sweep In / Partial Withdrawal), the final rate applicable on NRO Deposits will be 1% Below that of the lower of either: a) the rate for the original /contracted tenor for which deposit has been booked or b) the base rate applicable for the tenor for which the deposit has been in force with the bank except for the deposits booked with tenor 7-14 days

Prior to July 22nd, 2023, For Premature Closure (for all amounts, and for including Sweep In / Partial Withdrawal), the final rate applicable on NRE Deposits will be lower of either: a) the rate for the original /contracted tenor for which deposit has been booked or b) the base rate applicable for the tenor for which the deposit has been in force with the bank.

For deposits booked on or after 7th march'19, the base rate is the rate applicable to deposits of less than Rs.2 Cr as on the date of booking the deposit. Prior to this the base rate is the rate applicable to deposits of less than Rs.1 Cr as on the date of booking the deposit.

The Minimum tenor for earning the interest on NRO Fixed Deposit is 7 days. The Minimum tenor for earning the interest on NRE Fixed Deposit is 1 year. No Interest will be paid if the NRE Deposit is prematurely withdrawn before 1 year. No Penalty will be levied on premature closure of NRE Fixed Deposit. Partial premature withdrawal and sweep-in facility is not allowed for NRE/NRO fixed deposits booked between 5 Crore to less than 25 Crore.

As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of FD

I'm an expert in banking and financial products, and I'll provide you with a detailed analysis of the concepts mentioned in the article. My expertise is grounded in practical knowledge and a deep understanding of the banking industry.

The article revolves around Fixed Deposits (FD) offered by HDFC Bank, with a focus on interest rates, terms, and conditions. Let's break down the key concepts:

Interest Rates and Calculation:
- Interest rates are subject to change and are applicable based on the date and time of fund receipt.
- The actual interest rate is confirmed during the booking process, visible on the "Confirm" screen.
- Interest is calculated based on the actual number of days in a year, considering leap and non-leap years.
- Different methods of interest calculation based on the tenor:
  - Simple Interest for tenor <= 6 months.
  - Quarterly Interest Payout for tenor > 6 months with the option of quarterly payouts.
  - Monthly Interest Payout for tenor > 6 months with monthly payouts at a discounted rate.
  - Interest Reinvestment option for tenor > 6 months, where cumulative interest is added to the principal.
Senior Citizen Benefits:
- Special rates are applicable for senior citizens (60 years and above) who are resident individuals.
- An additional premium of 0.25% is offered to senior citizens for FDs with a tenure of 5 years One Day to 10 Years.
Premature Withdrawal and Penalties:
- From July 22nd, 2023, a 1% lower interest rate applies to premature withdrawal, including Sweep-in/Partial Withdrawal.
- Exemption from penalty for certain government establishments on premature withdrawal.
- Different penalty rates for premature closure under special senior citizen offers.
NRI Customers:
- Similar structures for interest rates and calculation as for resident customers.
- Senior citizen rates are only applicable to resident Indians and not to NRIs.
- Different rules for premature withdrawal and penalties for NRO (Non-Resident Ordinary) and NRE (Non-Resident External) Deposits.
Minimum Tenure and Other Considerations:
- The minimum tenure for earning FD interest is 7 days.
- For NRE Fixed Deposits, no interest is paid if prematurely withdrawn before 1 year, and no penalty is levied for premature closure.
Rate Change Notice:
- Depositors are advised to check the rates on the value date of FD, as interest rates are subject to change without prior notice.

In summary, the article provides comprehensive information about HDFC Bank's Fixed Deposits, covering interest rates, senior citizen benefits, premature withdrawal policies, and specific considerations for NRI customers. This analysis should help readers better understand the nuances of the bank's FD offerings.

Interest Rate - Current Bank Interest Rate for FD, RD & Forex | HDFC Bank (2024)