HDFC 5 Year FD Tax Saving Scheme

A fixed deposit (FD) is one of the most popular financial instruments used by investors seeking safe interest returns. Known as time deposit/ term deposit/ bonds in different locations, it will have a fixed period of gaining maturity. The ideal interest rates vary between 4% and 7.50%. The tenure of the deposit usually ranges from a few days to 10 years. Taxation benefits will be offered for the fixed deposit schemes. Typically considered safer than post office schemes, they are covered by DICGC.

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This article makes a brief attempt at covering the fixed deposit scheme offered by the HDFC. If you are looking for an FD with HDFC for a term of five years, then this plan is for you. Here, the interest rates, eligibility, benefits, procedure and formalities will also be discussed.

Eligibility for Opening HDFC FD Account

The eligibility criteria for opening an HDFC fixed deposit for 5 years are as follows:

  • A resident of India

  • An undivided Hindu family

  • A sole proprietorship firm

  • A partnership firm

  • A limited company

  • A trust account

If you are an Indian citizen possessing any one of the latter conditions, then you are eligible.

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Documents Required for Opening HDFC FD

The documents required to open an HDFC bank fixed deposit are as follows:

  • One recent photograph of the depositor

  • KYC documents that verify the identity and the address proof

The following proofs are required for an individual or company:

  • Aadhaar Card

  • Voter’s ID

  • PAN Card

  • Passport

  • Driving License

For partnership deposits, the required documents are as follows:

  • Partnership Deed

  • Certificate of Incorporation

  • Authorized Signatories ID proofs

  • Authorized Signatories Signatures

For taking a fixed deposit as part of an undivided Hindu family, the documents required are as follows:

  • Pan Card (Self-attested)

  • HUF Declaration Deed

  • HUF’s Bank Statement

In all these cases, you will have to think about the deposit term of 5 years and calculate the interest rates accordingly.

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Benefits of HDFC Fixed Deposit

The major benefits of investing in HDFC fixed schemes are as follows:

  • Financial security- The financial security offered in fixed deposits is excellent. You won’t have to worry about losing your invested capital as FDs are safe from market fluctuations.

  • Ease and feasibility- The ease and flexibility of opening the fixed deposits are very high. Attractive interest rates and a high return on investment might appeal to you. However, certain terms and conditions may apply to the deposit scheme. 

  • Increased interest rates for senior citizens- This is perhaps the best benefit of having an HDFC fixed deposit. The regular interest rate for a five-year fixed deposit scheme is 5.30%. For senior citizens, an addition of 0.5% is done, making it 5.80%. Another 0.25% rise may happen based on periodical offers.

  • Nomination facility through net banking- In a fixed deposit scheme, you have the option to use net banking for making nominations for the scheme. Usage of an online process like net banking makes it an even easier process. All choices supporting the investment decision can be managed using online facilities.

  • Monthly/quarterly interest payouts available- You have the option to select the type of interest payout. It could be monthly or quarterly. TDS will also be calculated based on this. A final clarification can be made on this subject once you make the investment decision with HDFC.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

How to Invest in an HDFC Fixed Deposit?

You can invest in the HDFC bank fixed deposit scheme for 5 years and opt for corresponding interest rates. You can also choose to invest via online or offline modes at your convenience. If you are booking an FD offline, you can visit your nearest HDFC branch or an authorized dealer. You may speak with the representatives and complete the deposit process as required.

If it is an online process, then this is how you can invest:

  • Login to the HDFC online portal using the required credentials.

  • Provide details as asked for verification.

  • Pick your account which you wish to connect with the deposit scheme.

  • Now, create the FD using your mobile phone number and OTP received.

  • Re-confirm your application, and the process is finished.

If you are looking for a five-year tax-saving fixed deposit, you have to respect the lock-in period. The charges of this scheme can be determined from the HDFC bank website. Rates of interest here will be applicable as per the prevailing interest rates for FD. The amount valuation is in multiples of Rs 100. The minimum value is Rs 100 whereas the maximum is Rs 1.5 lakhs.

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FAQs

  • Is there an option to earn compound interest in this scheme?

    Yes, you can earn potential compound interest for the fixed deposit scheme. This depends on your reinvestment plans. If you re-invest along with the interest received on the term of maturity, then you may earn compounded interest for the second term.
  • Is there an option to earn compound interest in this scheme?

    Yes, you can earn potential compound interest for the fixed deposit scheme. This depends on your reinvestment plans. If you re-invest along with the interest received on the term of maturity, then you may earn compounded interest for the second term.
  • How is the tax benefit calculated in the case of a joint account?

    For joint accounts, the tax benefits are only available to the first holder of the deposit.
  • Can I link my fixed deposit to other accounts?

    Yes, HDFC offers a Super Saver facility where two of your accounts may work together. You can also combine your FD account with a savings or a current account to enjoy optimum utilization of funds.
  • Are there any other channels to book the FD amount?

    You have the option to open an FD through SMS. The main condition here is that you should be using HDFC’s SMS banking function.
  • Is the final amount I receive upon maturity of the deposit sufficient?

    This is a question of your financial goals and needs. Rest assured, you will receive the total FD amount plus the promised interest rate. How you make use of the amount in hand is dependent on you. It’s always advisable to opt for re-investment if no payment necessities are present.
  • How is the tax benefit calculated in the case of a joint account?

    For joint accounts, the tax benefits are only available to the first holder of the deposit.
  • Can I link my fixed deposit to other accounts?

    Yes, HDFC offers a Super Saver facility where two of your accounts may work together. You can also combine your FD account with a savings or a current account to enjoy optimum utilization of funds.
  • Are there any other channels to book the FD amount?

    You have the option to open an FD through SMS. The main condition here is that you should be using HDFC’s SMS banking function.
  • Is the final amount I receive upon maturity of the deposit sufficient?

    This is a question of your financial goals and needs. Rest assured, you will receive the total FD amount plus the promised interest rate. How you make use of the amount in hand is dependent on you. It’s always advisable to opt for re-investment if no payment necessities are present.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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