FAQs

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Common questions for all Deposits

All Deposits

Do I need to pay any penalty on premature closure of Fixed Deposits?

As per the Terms & Conditions of Fixed Deposit Accounts of the bank, the penalty on premature closure of Fixed Deposits, including sweep-in and partial closures, has been fixed by the Bank at the rate of 1% of the fixed deposit interest rate. This is applicable with effect from 24th January, 2011.

Where can I get Fixed Deposit advice from?

You can now download Fixed Deposit advice through Netbanking in pdf format.

With effect from July 13th, 2009 we’ve started sending Fixed Deposit advice over e-mail for Fixed Deposits booked through NetBanking. Physical advice has been discontinued for Fixed Deposits booked through NetBanking.

An electronic mail advice is sent to you on your registered e-mail ID within 2-3 working days from the date of booking. You will need to enter the primary Customer Identification Number as a password to open the attachment.

If you are registered for e-mail statements, Fixed Deposit advice will be sent to your e-mail ID registered with the Bank. This is applicable for all Fixed Deposit booked / renewed through any mode whether Branch, PhoneBanking or NetBanking. Physical advice is discontinued.

In case you do not receive the advice on your e-mail, we request you to check your Spam / Junk folder.

Why is the principal amount and the fixed deposit maturity amount of my Fixed Deposit the same?

When your Fixed Deposit is booked with the quarterly / monthly interest pay out option, the maturity amount is the same as the principal amount. The interest amount will be credited to your account at quarterly / monthly intervals.

Does HDFC Bank offer preferential rate of interest on Fixed Deposits for Senior Citizens?

We offer preferential rate of interest on Fixed Deposits for Senior Citizens. If you are a senior citizen, all you need to do is register as one by calling any Branch with proof of your Date of Birth. Once registered as a Senior Citizen, you are eligible for preferential rates of interest on Fixed Deposits opened through NetBanking as well.

Where can I register for HDFC Bank’s NetBanking facility?

In case you are not registered for the NetBanking facility, we request you to visit the following URL. Click here for how to register:

How can I book a Fixed Deposit through NetBanking?

You can book Fixed Deposits through NetBanking provided:

  • You have registered for the facility with necessary online financial transaction rights
  • Your PAN number is updated under your Customer Identification Number in Bank's records

I have made a Fixed Deposit with HDFC Bank. I want to update my PAN details in the account, how should I update my new PAN details?

Customer's can now update PAN details through net banking, if they are registered for the same Or by submitting the request along with a copy of the PAN at the nearest branch.

What is the time taken to realize outstation cheques?

The indicative time taken for the realization of outstation cheques is given below:

Whom should I approach for any other service related to HDFC Bank Fixed Deposits?

For any other service related to Fixed Deposits (Supersaver or Sweep-In Facility, addition of Nominee, Change in Maturity Instructions, Premature Encashment etc.) you may approach the nearest HDFC Bank Branch with the Fixed Deposit advice and the request Form duly signed by all account holders.

How can I avail exemption from TDS on interest earned on Fixed Deposits?

To avail exemption from TDS on interest earned on Fixed Deposits, please submit a completed Form 15H (for Senior citizens) or Form 15G (for Regular customers) at any nearest HDFC Bank Branch (Form available on the website).

How can I prematurely liquidate my Fixed Deposits?

We request you to submit your Fixed Deposit advice, duly discharged by all account holders, at the nearest branch for premature liquidation of your fixed deposit. In the absence of your Fixed Deposit advice, you need to submit the attached Fixed Deposit Liquidation form.

  • Visit a branch or call us You may visit the following URL to access information for the complete address and contact details of our Branches as well as our PhoneBanking numbers.
  • NetBanking Alternatively, you can liquidate your Fixed Deposits through NetBanking. This facility is available to Fixed Deposits held under "Sole Owner (SOW)" relationship only.
    The following are the steps required to liquidate your Fixed Deposit online:
    • Access your NetBanking account with your Customer ID and IPIN (NetBanking Password)
    • Select the “Liquidate Fixed Deposit " option under the Fixed Deposit menu from the Menu bar located on the left hand side of the web page
    • Select the Fixed Deposit account number from the Drop-down lists
    • Once complete, click on "Continue" and "Confirm" the details entered
    • A new web page, confirming the Liquidating Fixed Deposit will be displayed.
    • This facility is available on NetBanking only to customers having Account and Fixed Deposit in Sole Name
  • Further, kindly note that:
    • Fixed deposits booked through branch can also be liquidated on NetBanking provided the FD is held with Sole Owner Relationship
    • Fixed Deposits in the name of Non-individuals are not allowed for liquidation through NetBanking.
  • Additional Information - As per current policy of the bank on premature liquidation, the interest rate applicable for premature closure of deposits (all amounts) will be the lower of:
    • The base rate for the original/contracted tenure for which the deposit has been booked OR
    • The base rate applicable for the tenure for which the deposit has been in force with the Bank.

# the base rate is the rate applicable to deposits of less than Rs.15 Lakhs as on the date of booking the deposit.

Further to the Terms & Conditions of Fixed Deposit Accounts of the Bank, the penalty on premature closure of Fixed Deposits including sweep-in and partial closures has been fixed by the Bank at the rate of 1%. This is applicable for all deposits booked on or after 24th January 2011.

Have questions specific to your product?

Regular Fixed Deposit

How to Download TDS Certificate through Online?

Please note you can now download the TDS certificate from Netbanking Accounts Module ,Go to Request section click on "TDS Inquiry". We request you to follow the below mentioned process :

How to change existing fixed deposit account tenure?

We regret to inform you that tenure selected for the fixed deposit account cannot be changed once the account is opened. In this case we suggest that you can close your existing fixed deposit account and open a new account with a desired tenure.

When do I become liable for TDS?

If the aggregate interest that you are likely to earn for all your deposits held in a branch in a customer id is greater than Rs .10,000/- in a financial year,you become Liable for TDS.

Note: Tax liability for TDS purpose is determined at branch level. Deposits held by minors are also subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor's income is included.

What is the new policy with regards to PAN to book fixed deposit with our bank?

  • Where the total value of Fixed Deposits per Customer ID per branch is <=50,000/- (including the new FD being booked), No PAN & No Form 60.
  • Where the total value of Fixed Deposits per Customer ID per branch is  >Rs.50,000/ (including the new FD being booked) ---- PAN Required Mandatorily

How is TDS deducted?

Check the deduction rates below:

Can TDS be recovered from my principle of the FD?

If the interest amount is not sufficient to recover TDS, the amount is taken from the principal of the deposit.

When does the Bank issue a TDS Certificate?

The TDS Certificate, Form 16A, for TDS deducted during a calendar quarter, will be issued in the next month of the respective quarter.

Can TDS influence the maturity of my deposit?

Yes, in case of reinvestment deposits ,the interest reinvested is post TDS recovery & hence the maturity amount for re-investment deposits would very to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.

What are the implications of booking an FD without PAN?

In the absence of PAN, following are the implications for customers:

Will changes to my deposit portfolio affect my TDS liability?

Yes. If the change or enhancement in your deposit portfolio earns a cumulative interest along with that of the earlier portfolio greater than Rs. 10,000/- you will be liable for TDS on your current portfolio.

Note :If interest on the current portfolio is not sufficient to cover TDS, it will be recovered from the principal.

When is TDS deducted for Regular Fixed Deposit?

TDS is deducted every time the Bank pays/re-invests interest during the Financial year.In addition TDS is also deducted on interest accrued(but not yet paid) at the end of financial year viz. 31st March.

What documents are required to open a senior citizen Regular Fixed Deposit?

While opening the account, the customer needs to provide proof of age establishing that he/she is a Senior Citizen. To accomplish this, either of the following can be submitted:

Can I open a joint account with a non-senior citizen for Regular Fixed Deposit?

You can, as long as the first account holder is a senior citizen.

As a Regular Fixed Deposit holder, How do I apply for an exemption on TDS?

If your total interest income for the year does not fall within the overall taxable limits, you should let us know. You can do this by submitting a form as per the provisions of the Income Tax Act.

How to prematurely liquidate the Fixed Deposit Online?

You can liquidate your Fixed Deposits through NetBanking. This facility would be available to Fixed deposits held under "Sole Owner (SOW)" relationship only.

5 Year Tax Saving Fixed Deposit

What documents are required to open a senior citizen 5 Year Tax Saving Fixed Deposit?

While opening the account, the customer needs to provide proof of age establishing that he/she is a Senior Citizen. To accomplish this, either of the following can be submitted:

Will the bank issue a TDS certificate?

You will receive a consolidated TDS Certificate in Form 16A, for TDS deducted during a financial year, in the month of April of the following financial year.

As a 5 Year Tax Saving Fixed Deposit holder, How do I apply for an exemption on TDS?

If your total interest income for the year does not fall within the overall taxable limits, you should let us know. You can do this by submitting a form as per the provisions of the Income Tax Act.

When is TDS deducted for 5 Year Tax Saving Fixed Deposit?

TDS is deducted every time the Bank pays/re-invests interest during the Financial year. In addition TDS is also deducted on interest accrued(but not yet paid) at the end of financial year viz. 31st March.

Does any change or enhancement in my deposit portfolio affect TDS liability?

Yes. If the change or enhancement in your deposit portfolio earns a cumulative interest along with that of the earlier portfolio greater than Rs. 10,000/- you will be liable for TDS on your current portfolio.

Note: If interest on the current portfolio is not sufficient to cover TDS, it will be recovered from the principal.

Do I need to visit branch to receive my 5 Year Tax Saving Fixed Deposit proceeds on maturity?

Customer is not required to visit the branch , FD proceeds will be credited to customers account on maturity as per instructions.

When am I liable for TDS (Tax Deduction at Source)?

You become liable for TDS (Tax Deduction at Source) if the aggregate interest that you’re likely to earn for all your deposits is greater than Rs. 10 000 in a financial year.

Remember, Tax liability for TDS purposes is determined at the branch level, and deposits held by minors are also subject to TDS.

Can I open a joint account with a non-senior citizen for 5 Year Tax Saving Fixed Deposit?

Yes you can open deposit with non senior citizen.

How to apply for 5 Year Tax Saving Fixed Deposit?

We request you to visit the nearest branch and fill the fixed deposit booking account opening form to open a 5 Year Tax Saving Fixed Deposit.

Super Saver Facility

I’m part of a Trust – can I open a Super Saver Account?

Only Resident Individuals and Hindu Undivided Families are eligible to open a Super Saver Account.

Can I add on a Fixed Deposit?

You can, but it has to be in multiples of Rs 5,000. In this situation, the overdraft rate is recalculated. We will let you know the change. Separate add-on forms exist for adding the Fixed Deposit to the Super Saver Account.

Can a joint account be opened with a non-senior citizen?

Yes, as long as the first account holder is a senior citizen.

Can I have a Super Saver Facility and a Sweep-in Facility on the one Fixed Deposit?

This isn’t possible. You can only have one of these facilities on a single Fixed Deposit.

Can I have a Super Saver Facility and a Sweep-in Facility on the same Savings Account?

You can have both these facilities on the same Savings Account.

How can I apply for the Super Saver Account?

You can apply for the Super Saver Account in the following ways:

What documents are required to open a senior citizen Super Saver Facility?

While opening the account, the customer needs to provide proof of age establishing that he/she is a Senior Citizen. To accomplish this, either of the following can be submitted:

How does it work?

The Super Saver Account lets you to withdraw up to 75% of your deposit, just like the liquidity of a Savings Account. There’s no need to break your Fixed Deposit for short term requirements. You can withdraw cash through an ATM or by cheque or teller transactions.

Is the Super Saver Account a normal Savings Account?

Look at the Super Saver Account as a Premium Savings account. With this option you’re combining the benefits of a Fixed Deposit and a Savings Account.

Will TDS be charged on the gross interest earned or the net interest earned?

TDS (Tax Deducted at Source) is charged if, in a financial year, the gross interest earned on your fixed deposits held with the bank exceeds Rs. 10, 000.

If I have a joint Super Saver Account, can both account holders get an ATM/Debit card?

Both account holders can get an ATM / Debit Card, but a maximum of two cards are given for each Super Saver Account.

Can I get an overdraft facility on my fixed deposit funds?

With our Super Saver Account, you can enjoy an overdraft facility of up to 75% of your Fixed Deposit funds without breaking the Fixed Deposit or losing interest on it. However, a minimum tenure of 6 months is required to open a Super Saver Fixed Deposit/ avail of the Super Saver facility on your existing deposit.

Sweep-in Facility

On what basis the Sweep-in facility gets triggered ?

Effective 22nd Feb 2014, Sweep in of funds from your Fixed Deposit (FD) to Saving/ Current account will trigger on Last in First out basis (LIFO).

Can a Fixed Deposit be linked to two different Savings Accounts for the Sweep-in?

A Fixed Deposit can only be linked to one savings account for the Sweep-in facility.

What are the benefits?

With HDFC Bank's Sweep-in facility, you gain the high interest rates that come with a Fixed Deposit, along with the liquidity of a Savings Account.

What is the Sweep-in facility all about?

The Sweep-In facility is a cluster deposit (held in units of Re.1). We will automatically break units of term deposits held by you, if there are insufficient funds in your Sweep-In Savings/Current Account to clear a cheque.

Can I have a Super saver facility and a Sweep-in facility on the same Savings Account?

It is possible to have both these facilities on the same Savings Account. It is important to note that if there are insufficient funds in your Savings Account, your overdraft limit will be exhausted before units of the Sweep-In Fixed Deposits are used prematurely.

Will both the principal and interest amount of my Fixed Deposit be considered?

Just the principle amount of your Fixed Deposit is considered.

Can I link accounts held in different account titles to the same Savings Account for the Sweep-In facility?

No. You can only link the Sweep-In facility to the accounts with the same account title. For example, a Fixed Deposit held by A-B can be linked to a Savings Account held by A-B across branches.

How can I apply for the Sweep-in facility?

To apply for the Sweep-In facility, you can login into your NetBanking account and apply online. This facility is available on NetBanking to Sole account holders (Single owners) only. Others can submit a request at nearest Branch.

Can I have both a Super Saver facility and a Sweep-In facility on the same Fixed Deposit?

No. You can only have one of the two facilities on a single Fixed Deposit.

Can my Sweep-in facility have multiple deposits?

You can definitely link more than one deposit to the Sweep-in facility. When you link more than one deposit to the facility, then the first deposit to be used will be the deposit which you opened last.

Recurring Deposit

What happens if I don’t pay an instalment?

If frequent defaults (non-payments) are observed in your payment of monthly installments, and six installments fall in arrears, the Bank reserves the right to close your RD account. The interest rate applicable on such accounts will be as per the premature withdrawal policy of the Bank.

Can my Recurring Deposit be opened in joint names?

Yes, you can open a Recurring Deposit in a joint name.

Can the first applicant for a Recurring Deposit be a minor?

The first applicant can be a minor.

Can I withdraw prematurely from my Recurring Deposit?

Premature withdrawals are allowed, but remember that no partial withdrawal is permitted.

I'm a senior citizen – are there any extra benefits?

You gain an additional 0.50% rate of interest.

How to open a Recurring Deposit?

Recurring Deposits can now be booked through NetBanking. Following are the steps for booking your Recurring Deposit online:

  • Access your NetBanking account with your Customer ID and IPIN (NetBanking Password)
  • Select "Open Recurring Deposit" option under the Recurring Deposit menu from the Menu bar located on the left hand side of the web page
  • Select the desired values from the Drop-down lists
  • Once complete, click on "Continue" and "Confirm" the details entered

What is the maximum deposit amount a Recurring Deposit account can be opened with?

The Maximum installment amount you can open a recurring Deposit account with is Rs 14,99,900/- per month.

What if certain RD installments are not paid?

If six consecutive installments are unpaid, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.

How do Recurring Deposits work?

A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.

Can I pay more than one instalment at a time?

You can, but note that there will be no interest paid on any additional amount deposited, other than the installment due.

How Interest Rate is calculated for premature withdrawal of Recurring Deposit?

If your Recurring Deposit is broken prematurely, the interest rate applicable for premature closure of deposits will be lower of

The base rate for the original / contracted tenure for which the deposit has been booked

OR

The base rate applicable for the tenure for which the deposit has been in force with the Bank

Is TDS applicable?

As per income tax rules, TDS is not applicable on Recurring Deposits.

Is an overdraft facility allowed?

Right now there is no overdraft facility for Recurring Deposits.

Can partial Payments be made on Recurring Deposits?

Partial payments are not possible.

How can I prematurely liquidate my recurring deposit?

If you wish to prematurely liquidate your Recurring Deposit. We request you to submit your Recurring Deposit advice or written instruction, duly signed by all account holders, at the branch for premature liquidation of your Recurring deposit.

Alternatively, you can liquidate your Recurring Deposits through NetBanking. This facility will be available for Recurring Deposit held under "Sole Owner (SOW)" relationship only and which are booked from Singly Owned Savings or Current Accounts.

Is there a nomination facility?

Yes, there is a nomination facility on the Recurring Deposit account.

Is there a monthly or quarterly interest pay-out option?

Interest is paid when the Recurring Deposit account is closed, and on maturity.

Can I change the tenure and installment due date, (auto debit date) of my Recurring Deposit?

No it is not possible to change the tenure and installment due date, (auto debit date). We request you to open a new Recurring Deposit with the desired due date and tenure.

For what period can I open a Recurring Deposit?

You can open a Recurring Deposit account for a minimum period of 6 months, and thereafter in multiples of 3 months up to a maximum period of 10 years.

Can I choose my instalment date?

The date of your monthly RD installment will depend on the date you opened your RD account.