A Fixed Deposit (FD) is a go-to traditional investment that is popular even today. They are one of the safest investments in the market and best suit investors who want to get guaranteed returns without taking any risk. In this article, let’s see how to invest in an HDFC Bank FD through online and offline modes.
How to Invest in HDFC FD Online?
Investing in HDFC Bank FD online is as simple as online shopping. You can invest in HDFC FD through their website, mobile application, or net banking portal.
Through the HDFC Bank website
- Go to the HDFC bank website.
- Under the ‘Save’ tab, select ‘Fixed Deposit’.
- A list of FDs offered by the bank will be displayed; select the one you want to invest in by clicking ‘Apply Online’.
- You will be directed to the login page. Enter your mobile number that is registered with the HDFC Bank, your date of birth, and your PAN number.
- Enter the OTP that you will receive on your registered mobile number to verify your identity.
- Select the account through which you want to make an investment.
- Enter all necessary details of the FD, such as name, tenure, amount, and interest payout frequency.
- Reconfirm your application details and authenticate it with an OTP to create your FD.
Through the HDFC Mobile Application
- Download the HDFC Mobile Banking application on your phone.
- Login to your account.
- Click on ‘Menu’ on the top left hand side of the screen.
- Click on ‘Save’ and select ‘Deposits’.
- Select ‘Open Fixed Deposit’.
- You will be directed to the FD page. Enter the interest payout frequency, amount, duration, and maturity instructions.
- Click on ‘Continue’ and confirm your FD details.
- Then, accept the terms and conditions and click on ‘Confirm’ to complete your FD investment through the HDFC Mobile Banking Application.
Through the Net Banking Portal
- Visit the HDFC net banking portal and log in by entering your credentials.
- Select the ‘Accounts’ tab, and on the left hand side, click on ‘Transact’.
- Then click on ‘Open Fixed Deposit < Rs 5 cr’.
- Select the type of FD you want to invest in and enter all necessary details such as deposit amount, tenure, nature of deposit, maturity instructions, interest payout frequency, and nomination details.
- Click on ‘Continue’ and confirm all the details.
- Once you verify the FD details, authenticate your transaction with an OTP.
How to Invest in HDFC FD Offline?
In case you aren’t comfortable with online investing, you can invest in the HDFC Bank FD offline. The following steps will guide you through the same.
- Download the HDFC FD application form online or go to the nearest branch and ask for an FD application form.
- Fill out the form with all the necessary details and submit it along with passport size photographs, PAN Card and address proof.
- You can invest in the deposit through cash, demand draft, or cheque. In case of cash, you can invest only a maximum of Rs 10 lakhs.
- Once the payment is done, the bank will confirm your investment in the fixed deposit and give you a fixed deposit receipt (FDR) as an acknowledgement.
Eligibility to Invest in HDFC Bank FD
The following are the individuals and groups eligible to open fixed deposits with HDFC Bank:
- Residents
- Hindu Undivided Families (HUFs)
- Sole proprietorship firms
- Partnership firms
- Limited companies
- Trust accounts
Minors can hold FDs jointly with an adult (parent or legal guardian).
NRIs can only open NRE, NRO or FCNR deposits.
Documents required to invest in HDFC Bank FD
The following are the documents required to apply for a fixed deposit with HDFC Bank.
- Recent passport size photographs
- In the case of an individual
- PAN Card
- Aadhar Card
- Passport
- Driving licence
- Voter’s ID
In the case of a Partnership Firm
- Incorporating certificate
- Partnership deed
- Authorized signatories ID proofs and signatures
In the case of a Hindu Undivided Family (HUF)
- Self-attested PAN Card
- HUF declaration deed
- HUF bank statements
Frequently Asked Questions
What is the minimum amount to open an FD in HDFC?
The minimum amount to open a fixed deposit in HDFC is Rs 5,000
Is it safe to open FD online HDFC?
Yes, HDFC fixed deposits are a safe investment option that offers guaranteed and fixed returns. You can opt for regular payouts or choose to reinvest the interest back into the scheme and withdraw a lump sum (principal amount + interest) at the end of the fixed deposit tenure. Furthermore, deposits up to Rs 5,00,000 are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC).
What is the interest of 1 lakh FD in HDFC?
For a five year tenure, the interest rate for HDFC fixed deposit is 7%. Let’s say you invest Rs 1,00,000 at 7% for a five year tenure in HDFC bank. The interest gets compounded yearly, and the interest you earn on your deposit would be Rs 40,255. Thus, at the end of the investment tenure (5 years), the maturity amount of your fixed deposit scheme would be Rs 1,40,255
What is the highest interest rate for HDFC FD?
HDFC bank offers the highest interest rate of 7.20% (for regular depositors) on fixed deposits with a tenure of 4 Years 7 Months and 55 months. For senior citizen depositors, the highest FD rate in HDFC is 7.75% for the tenure ranging between 5 Years 1 day – 10 Years.
How to open an FD if you don’t have an account?
If you do not currently have a savings account with HDFC and are interested in opening a fixed deposit in the bank, you will need to provide documents such as photo identification, proof of address, etc. You must complete the Know Your Customer (KYC) process and submit these documents, along with a duly filled and signed application form.
How many FD accounts can be opened?
You can open as many fixed deposits as you want with HDFC. HDFC doesn’t restrict the number of deposits you can open with them.
Is a PAN card necessary to open an FD with HDFC?
PAN is mandatory for fixed deposits greater than or equal to Rs 50,000.
Is there a premature withdrawal facility available on HDFC fixed deposits?
Yes, HDFC allows premature withdrawals on its FD schemes. However, the premature withdrawal facility attracts a penalty of 1%.
Does HDFC provide a loan against FD?
Yes, you can avail a loan against your HDFC fixed deposit. The bank gives loans equivalent to 90% of the deposited amount. The fixed deposit serves as collateral for the loan. Interest rates for these loans are typically 1-2% higher than HDFC Bank’s fixed deposit interest rates.
You can take home loans, business loans, education loans, etc., against your HDFC fixed deposits.
Are there any charges for opening an HDFC FD?
There are no charges for opening a fixed deposit scheme with HDFC.
Can I change the tenure of HDFC bank FD?
No. Once booked, you cannot change the tenure of your HDFC bank FD. You can either close the existing FD and start a new one with your preferred tenure.
Can I add more funds to my current HDFC bank FD account?
Once you open a fixed deposit with HDFC, you cannot add more funds to it. If you wish to invest an additional amount, you can always open another (a new) fixed deposit with HDFC.