Regular Fixed Deposit

• Easy investment with attractive interest rates, flexibility, high returns and security.
• Higher rate of interest on Fixed Deposit for Senior Citizen.
• Convenience of booking deposit through NetBanking.

The following will be applicable for a Regular Fixed Deposit

• TDS will be deducted when interest payable or reinvested on RD and FD per customer across all branches, exceeds Rs.50,000/- (Rs. 1,00,000/- for senior citizens) in a financial year.

• 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.

W.e.f Aug 09, applicable TDS rates(if applicable)  are as follows:

w.e.f 14th May 2020 till 31st March 2021, TDS rate is reduced from 10% to 7.5% on resident deposits.

As per section 206AA introduced by finance (No.2) Act, 2009 wef 01.4.2010, every person who receives income on which TDS is deductible shall furnish his pan, failing which TDS shall be deducted at the rate of 20% as against the existing TDS rate.

• TDS rate is applicable from time to time as per the IT Act, 1961 and IT rules. Today, TDS is recovered when interest payable or reinvested on FD & RD per customer, across all Branch, exceeds Rs 50,000/- (Rs. 1,00,000/- for senior citizen) in a Financial Year.
  Further, TDS is recovered at the end of the financial year on Interest accruals if applicable.
  
  The maximum interest not charged to tax during the financial year where form 15 G/H is submitted is as below:
  
  
• If customer wishes to have TDS recovered from CASA, same can be availed by filling separate declaration at branch. If interest Amount/Balance in CASA is insufficient to recover TDS, a hold will be marked on FD towards applicable TDS amount. The TDS will be recovered on next interest payout, partial FD closure, premature closure or when sufficient funds are available in CASA. 
• For renewed deposits, the new deposit amount consists of the original deposit amount plus Interest
  Less TDS, if any, less compounding effect on TDS. For reinvestment deposit, the interest reinvested is post TDS recovery and "hence the maturity amount for reinvestment deposits would vary to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity
• As Per Section 139A(5A) of IT Act, every person receiving any sum of income or amount from which tax has been deducted under the provisions of IT Act shall provide his PAN to the person responsible for deducting such tax. In case PAN is not provided as required, the bank shall not be liable for the non availment of the credit of Tax deducted at Source
  and non-issuance of TDS certificate.
• If your PAN is not updated with the Bank or is incorrect; please visit your nearest branch to submit your PAN details. 
• No deductions of Tax shall be made from the taxable interest in the case of an individual resident in India, if such individual furnishes to the Bank, a declaration in writing in the prescribed Format (Form 15G / Form 15H as applicable) to the effect that the tax on his estimated total income for the year in which such interest income is to be included in computing his total income will be Nil. This is
  subject to PAN availability on Bank records. 
• If aggregated value of all outstanding FDs/RDs booked in same customer id during the Financial Year exceeds INR 5 Lakhs limit (*) then PAN/Form 60 is mandatory.
• In absence of PAN/Form 60: (a) FD/RD will not be renewed on maturity and maturity proceeds will be credited to your linked account or a Demand Draft will be sent to your mailing address as updated in Bank's records.(b) Maturity instructions to convert RD proceeds to FD will not be acted upon and RD proceeds will be credited to your linked account on maturity.

The maximum interest not charged to tax during the financial year where form 15 G/H is submitted is as below:
i) Upto 4, 00,000/- for residents of India below the age of 60 years or a person (not being a company or firm).
ii) Upto 12,00,000/- for senior citizen residents of India above the age of 60 years any time during the FY
iii) Form 15G/ H to be submitted by customer in duplicate to the bank, for submitting one copy for Bank record and second copy to be returned to customer with Branch seal as an acknowledgment. A fresh Form 15G /H needs to be submitted at the start of every new Financial Year. In case form 15G/H is submitted post interest payout/credit, waiver shall be effective from the day next to the interest payout /credit immediately preceding the date of submission of form 15G/H.
iv) Form 15G/H needs to be submitted for every fixed Deposits booked with bank for Tax exemption.
v) The bank shall not be liable for any consequences arising due to delay or non-submission of Form 15G/H
vi) To enable us to serve you better kindly submit the Form 15G/H latest by April 1st of the new financial year.

Note: The above guidelines are subject to change as per Income Tax regulations /directives of Finance Ministry Govt of India prevalent from time to time.

Fixed Deposits booked with monthly or quarterly interest payout option, TDS recovery will by default happen from linked current / savings account. Please visit nearest branch / contact RM for further clarification.

Fixed deposits (FDs) are a popular and secure investment option, offering higher interest rates compared to regular savings accounts. One feature that many banks offer is the auto renewal of fixed deposits. In this article, we'll explore the benefits of auto renewal and address some common questions to help you understand why it might be a good option for managing your investments. Know More

Frequently Asked Questions

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

If you are booking a Fixed Deposit on NetBanking 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 NetBanking 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 NetBanking instantly.

For existing joint holding Fixed Deposits, Customers can download the filled Nomination form from NetBanking, take signatures from all holders, and submit it at nearest HDFC bank branch, for updating in our systems.

When I run short on my savings account, my FD steps in

• You have the potential to earn compound interest (This arises when interest is added to the principal.) by reinvesting your principal amount along with the interest earned during the period.

You can also benefit from

• Our Super Saver facility (Like two accounts working together, with the Super Saver Facility, you can choose between a Savings Account and a Current Account to link to your Fixed Deposits and enjoy the rewards of an overdraft facility to supplement your household or business requirements.) for optimum utilisation of the funds in your Savings / Current account. It's like two Accounts working in tandem to give you better returns. With the Super Saver Facility (Like two accounts working together, with the Super Saver Facility, you can choose between a Savings Account and a Current Account to link to your Fixed Deposits and enjoy the rewards of an overdraft facility to supplement your household or business requirements.), you can choose between a Savings Account and a Current Account to link to your Fixed Deposits and enjoy the rewards of an overdraft facility to supplement your household or business requirements.
• Our Sweep-in facility. With this facility you can have funds transferred to your Savings / Current account from your Fixed Deposit if the balance in your Savings/Current Account falls below a certain limit. This limit can be decided by you.