Founded in 1977 Housing Development Finance Corporation Limited has lead it’s way up and helped nearly 5.8 million Indians to possess a home this far. NBFC’s are reshaping our country’s financial situations by providing massive support in employment generation and in the development of transport, wealth creation prospects, infrastructure and offering monetary funding to the lesser privileged sector etc. HDCF Ltd is playing key role in helping government for promoting entrepreneurship in our country. With 3 offices overseas and wide network covering 2400 cities and towns, HDFC Ltd is able to hold ‘AAA’ rating from CRISIL and CRA for its deposits since past 22 successive years.
Relationship between HDFC Ltd and HDFC Bank –
HDFC Ltd is the foremost housing financer in India, promoted by Industrial Credit and Investment Corporation of India (ICICI) it is the principal mortgage company in India. Among many subsidiaries and key associates in function, HDFC Bank is one such entity, which is actively involved in the wholesale and retail banking sector. HDFC Bank is functioning in the field of treasury operations also and is the seventh largest establishment which is involved in public trade.
About HDFC Limited Fixed Deposit Scheme –
Time and again since past 4 decades, HDFC has been able to deliver unsurpassed service to its customers and earn confidence of more than 6 lac customers in the market. Resident Individuals have a wide range of Fixed Deposit schemes to select from starting from 12 months to 60 months bracket, offered at highly competitive rates of Interest, which are designed to fall in place of varied needs of Individual Investors. Citizens with over 60 years of age or more get an additional interest of 0.25% on all of such deposit products.
Major advantages of HDFC Fixed Deposit Scheme (individual):
- High on safety
- Provision of Quick Loan
- Electronic Clearing Service available
- Desirable Returns
- Provision for Nomination
Interest Rates for Individuals (w.e.f. 13th February 2021)
SPECIAL DEPOSITS (Fixed Rates) Deposits up to INR 2 crore (p.a.)
| PERIOD | MONTHLY
INCOME PLAN |
QUARTERLY OPTION | HALF-YEARLY OPTION | ANNUAL INCOME PLAN | CUMULATIVE OPTION* |
| 33 Months | 5.75% | 5.80% | 5.85% | 5.95% | 5.95% |
| 66 Months | 6,20% | 6.25% | 6.30% | 6.40% | 6.40% |
| 99 Months | 6.25% | 6.30% | 6.35% | 6.45% | 6.45% |
| Minimum Amount (Rs) | 40,000 | 20,000 | 20,000, | 20,000 | 20,000 |
PREMIUM DEPOSITS (Fixed Rates) Deposits up to INR 2 crore (p.a.)
| PERIOD | MONTHLY INCOME PLAN | QUARTERLY OPTION | HALF-YEARLY OPTION | ANNUAL INCOME PLAN | CUMULATIVE OPTION* |
| 15 Months | 5.55% | 5.60% | 5.65% | _ | 5.75% |
| 22 Months | 5.65% | 5.70% | 5.75% | 5.85% | 5.85% |
| 30 Months | 5.65% | 5.70% | 5.65% | 5.85% | 5.85% |
| 44 Months | 5.90% | 5.95% | 6.00% | 6.10% | 6.10% |
| Minimum Amount (Rs) | 40,000 | 20,000 | 20,000 | 20,000 | 20,000 |
REGULAR DEPOSITS (Fixed & Variable Rates) Deposits Up to INR 2 crore (p.a.)
| PERIOD | MONTHLY INCOME | QUARTERLY OPTION | HALF-YEARLY OPTION | ANNUAL INCOME PLAN | CUMULATIVE OPTION* |
| 12 – 23 Months | 5.50% | 5.55% | 5.60% | _ | 5.70% |
| 24 – 35 Months | 5.55% | 5.60% | 5.65% | 5.75% | 5.75% |
| 36 – 59 Months | 5.75% | 5.80% | 5.85% | 5.95% | 5.95% |
| 60 – 83 Months | 6.00% | 6.05% | 6.10% | 6.20% | 6.20% |
| 84 – 120 Months | 6.15% | 6.20% | 6.25% | 6.25% | 6.35% |
| Minimum Amount (Rs) | 40,000 | 20,000 | 20,000 | 20,000 | 20,000 |
Key features of the scheme –
- The minimum amount for monthly savings should not be less than INR 2000.
- The interest is compounded annually on the “Compounded Option” as per the interest rate chart provided so.
- All citizens above the age of 60 years or more are eligible for an additional interest of 0.25% p.a. on all deposit products up to INR 2 crores, excluding any amount deposited under Recurring Deposit scheme.
- The interest rate applicable are the rates effective as on the current date when the deposit is made and all such rates of interests are subject to change.
What are the documents required at the time of making a deposit?
An individual shall comply all details as per the KYC (Know Your Customer) Guidelines issued under Prevention of Money Laundering Act 2002, by National Housing Bank (NHB).
- For ID proof all you need is a self-attested photocopy of Adhar Card/Passport/Utility Bills/Voter’s identity card/Driving License /NREGA job card.
- For address proof a self-attested photocopy of Adhar Card/Passport/Utility Bills/Voter’s identity card/Driving License /Utility Bills/Bank Account Statements or even property receipts will be appropriate.
- For signature proof to ensure faulty usage of your account by strangers, self-attested photocopy of PAN Card/Passport /Driving License will be required.
What are the tax implications (Tax Deducted at Source) on the interest credited as such on the Fixed Deposits?
- Any income arising by way of interest paid/credited to the depositor during a financial year which is less than INR 5000 will not be liable for Income Tax Deducted at Source as per Income Tax Act 1961 at the effective rates.
- In case the depositor is not liable to pay any income tax for a particular financial year and the income accruing by way of such interest does not exceed the eligible amount which is chargeable to Income Tax as per Income Tax Act 1961, then the assess shall submit such declaration in the Form No. 15G so that Income Tax is not Deducted at Source. For Senior Citizens (above 60 years) such declaration shall be made on Form No. 15H.
- Any individual receiving any sum or monies on which tax has been deducted at source shall furnish PAN to the person responsible for deducting tax at source, as per Section 139A (5A) of Income Tax Act. The same has to be quoted on the TDS certificate as per Section 139A (5B). The TDS rate would be 20% in case the PAN is not mentioned, as per Section 206AA (1) of IT Act 1961.
- For all deposits exceeding INR 50,000, PAN is mandatory.
Is there any nomination facility available?
Nomination facility is available only to individual depositors, both in individual or joint capacity. They can further nominate an individual. In case the deposit scheme is facilitated under the name of a minor then the nomination can legally be done to a person who can act legitimately in favour of the concerned minor. Any person who is acting in representative capacity or holding the Power of Attorney cannot nominate further.
Any individual nominee, who is being nominated can lawfully receive the value due in respect to the FD. The name of the nominee shall be in print on the FD receipt, unless otherwise it is mentioned.
Premature Withdrawal Facility for HDFC Limited Fixed Deposits
Premature Withdrawal is restricted up to the time limit of three months, after the expiry of this time limit request to withdrawal can be processed on the discretion of HDFC Ltd and cannot be demanded as a matter of right. Below is the table of interest rates applicable as such.
| Months Completed from the Date of Deposit | Rate of Interest Payable |
| 03 – 06 Months
|
3% p.a. for individual depositor (no interest for any other category) |
| 06 – Date of Maturity | Interest payable shall be 1% less than the rate applicable to a public deposit for the total period of the deposit.
Interest payable shall be 2% less than the minimum rate at which public deposits are accepted by HDFC if no such rate is specified earlier, |
Renewal and Repayment of Deposits –
- HDFC shall receive the receipt at least one week prior is any case of Renewal or Repayment of the Deposit.
- The prescribed application form should be duly signed by all the depositors, in case of Renewal.
- Repayment shall be made on the next following working day of maturity, in case HDFC is closed on the date of maturity.
- For Repayment of the Deposit, an Account Payee Cheque is drawn in favour of the first depositor or the amount is directly credited to the first depositor’s bank account via NEFT/RTGS (as per the request of the depositor).