HDFC FD Rates for Senior Citizens

HDFC Bank provides a fixed deposit account facility for senior citizens with additional interest rates of up to 0.50% over and above the standard interest rates.

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In addition, a 0.25% higher interest rate is offered to senior citizens who invest an amount less than INR 5 crore for five years. 

Interest rate

For the FD investments < Rs. 2 crores: 3.00% to 6.25% per annum 

For the FD investments <= Rs. 2 crores to < Rs. 5 crores: 3.00% to 5.15% per annum

HDFC FD rates for senior citizens

The additional interest rate of 0.50% applies to the senior citizens for the HDFC Bank FD account.

 For HDFC Senior Citizen Care FD, 0.75% (0.50% + 0.25%) over the standard FD rates. (For the FD investments for a minimum of 5 years 1 day onwards).

The tenor of the fixed deposit 

7 days to 10 years

Investment in the FD account for senior citizens

Minimum Rs.5000 to maximum < Rs.5 crores.

HDFC FD Rates for Senior Citizens

HDFC FD Rates for Senior Citizens are given below:

HDFC FD Rates for Senior Citizens for the FD amount >= Rs. 2 crores to < Rs. 5 crores. (w.e.f. 21st May 2021)

S. No.

Tenure 

Interest rates

1.

7 days to 14 days

3.00% per annum

2.

15 days to 29 days

3.00% per annum

3.

30 days to 45 days

3.25% per annum

4.

46 days to 60 days

3.25% per annum

5.

61 days to 90 days

3.50% per annum

6.

91 days to 6 months

3.50% per annum

7.

6 months 1 day to 9 months

4.00% per annum

8.

9 months 1 day to less than 1 year

4.15% per annum

9.

1 year 

4.25% per annum

10.

1 year 1 day to 2 years

4.25% per annum

11.

2 years 1 day to 3 years

4.90% per annum

12.

3 years 1 day to 5 years

4.90% per annum

13.

5 years 1 day to 10 years

5.15% per annum 

*The above-mentioned HDFC Bank Senior Citizen FD interest rates are subjected to change from time to time according to the market conditions and the sole discretion of the HDFC Bank.

HDFC FD Rates for Senior Citizens for the FD amount less than Rs. 2 crores. (w.e.f. 21st May 2021)

S. No.

Tenure lab 

Interest rates

1.

7 days to 14 days

3.00% per annum

2.

15 days to 29 days

3.00% per annum

3.

30 days to 45 days

3.50% per annum

4.

46 days to 60 days

3.50% per annum

5.

61 days to 90 days

3.50% per annum

6.

91 days to 6 months

4.00% per annum

7.

6 months 1 day to 9 months

4.90% per annum

8.

9 months 1 day to less than 1 year

4.90% per annum

9.

1 year 

5.40% per annum

10.

1 year 1 day to 2 years

5.40% per annum

11.

2 years 1 day to 3 years

5.65% per annum

12.

3 years 1 day to 5 years

5.80% per annum

13.

5 years 1 day to 10 years

6.25% per annum 

*The above-mentioned HDFC Bank Senior Citizen FD interest rates are subjected to change from time to time according to the market conditions and the sole discretion of the HDFC Bank.

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Features of HDFC FD for Senior Citizens

Features of HDFC FD Rates for Senior Citizens are given below:

  • Additional interest rates of 0.50% apply to senior citizens' FDs above the standard interest rates.
  • The minimum FD tenure of HDFC Bank for senior citizens is 7 days.
  • The maximum FD tenure of HDFC Bank for senior citizens is 10 years.
  • A senior citizen can open an HDFC FD deposit with a minimum amount of Rs.5000.
  • HDFC Bank computes the FD interest rates based on the actual number of days in a year.
  • Premature withdrawal is available to all FD amounts. For premature withdrawals before five years, the final interest rates applicable will be 1.00% below the specified rate for the FD tenure. 
  • For premature withdrawals post five years, the final interest rates applicable will be 1.25% below the specified FD rate for the fixed tenure. 

The HDFC Bank FD rates for senior citizens are calculated as:

  • For the FD tenure <= 6 months, simple interest is calculated
  • Interest is calculated every quarter for the FD tenure > 6 months, with the quarterly pay-out option.
  • For the FD tenure > 6 months with the monthly pay-out option, interest is paid monthly by calculating the interest rate every quarter. This monthly interest payment is made by offering a discount rate over the specified interest rate.
  • For the FD tenure > 6 months, with the interest reinvestment option, accrued interest is calculated every quarter, added to the base amount in the subsequent quarter (interest is calculated on a total amount).

Benefits of HDFC FD for Senior Citizens

Benefits of HDFC FD account for senior citizens are given below:

  • For Senior Citizen Care FD, the additional interest rate applies to new FD renewals by the senior citizens during the above specified FD tenure. 
  • Additional interest of 0.75% per annum will be applicable for the FD investments for a minimum of 5 years and 1 day onwards under Senior Citizen Care FD.
  • A loan facility is available to the depositors against the FD account.
  • The depositors can avail of tax benefits. 
  • Under Senior Citizen Care FD, additional interest will also be applicable for the new and renewal of the FD account.
  • The bank allows a joint account, but the first applicant has to be a senior citizen.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Eligibility of HDFC FD for Senior Citizens

Eligibility of HDFC FD account for senior citizens are given below:

  • Senior citizens who have attained the age of 60 years.
  • Only Indian residents are eligible for opening the HDFC Bank FD account for senior citizens. NRIs/ PIOs are not eligible to open this account.
  • Retired personnel of the defense services who attained the age of 60 years and above.

Documents Required for Opening the Senior Citizen FD Account in HDFC Bank

Documents required for opening the HDFC FD account For Senior Citizens are given below:

  • Address proof
  • Age proof
  • Recent passport size photos
  • KYC documents
  • FD account opening form, which should be properly filled and signed. 

Factors that affect the HDFC FD rates for senior citizens

Factors that affect the HDFC FD rates for senior citizens are given below:

  • Tenor: HDFC FD rates for senior citizens will be high if the senior citizen FD tenor is longer. 
  • Age of the FD account holder: The age factor is the main criteria for the higher interest rate. As the age grows, the rate of interest will also be high. 
  • Deposit amount in the FD account: If the deposit amount in the FD account is high, then the rate of interest will also be high.

FAQ's

Written By: PolicyBazaar - Updated: 03 September 2021
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