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HDFC Ltd is a banking service corporation and one of the biggest finance companies in India. It was established in the year 1994 in the month of August. With its headquarters in Mumbai, it is now the fifteenth largest company in the number of employees with a workforce of approximately 12000 employees at present. One of the largest private sector banks in India, it serves in the financial services industry of our country. It has a capitalization of $122.50 billion on the NSE (National Stock Exchange of India). it is owned by the Housing Development Finance Corporation. According to the data for the year 2019, there are more than 5500 branches across 2800 cities in India.
It has been contributing and playing an important role in supporting the financial services sector of India for more than 25 years.
When we talk about HDFC FD Rates, they generally range between 2.5% to 5.6% for the general scheme, 3% to 6.35% FD Rate for Seniors with a minimum deposit of 5000 INR and a maximum of 2 crores.
FIXED DEPOSIT CALCULATION IN HDFC BANK
Very firstly, the HDFC FD Interest Rates in any scheme vary and are subject to change in any given time period. When you book your FD on the web app, note the rate of interest on the screen while you confirm your amount. The term deposit is calculated as:
- The simple interest is calculated and paid on the fixed deposits when deposited for equal to or less than 6 months
- For the amount deposited for more than 6 months, the simple interest is calculated on a quarterly basis
- There is a reinvestment option for a tenure period that is more than 6 months and in which the cumulative interest for a quarter is added to the principle amount in fine quarters and then the final interest is calculated on the final amount
HDFC BANK INTEREST RATES AS OF MARCH 2022
The below-mentioned rates are as early as 5th March 2022
- For a tenure period of 7 days to 29 days, a normal citizen will get a 2.5% FD rate and for a senior citizen the FD rate offered will be 3%
- For a tenure of 30 days to 2 months and 29 days, 3% is offered to normal citizens and for senior citizens, it is 3.5%
- For a tenure of 2 months 30 days to a time period of 5 months 29 days, a normal citizen will be offered 3.5%, and a senior citizen, 4%
- Similarly, a normal citizen will get a 4.4% interest rate if the money is deposited for a tenure of 5 months 30 days to 11 months 28 days. For the same, a senior citizen will get 4.9%
- For a tenure of more than 1 year, a normal citizen gets 4.9% whereas a senior citizen gets a 5.4% interest rate.
- TERMS AND CONDITIONS BY THE BANK
- The HDFC Bank FD rates are subject to change from time to time.
- The rates get additionally and automatically populated for depositors with an amount of more than 2 crores
- The bank will surely pay the interest rates as per the mentioned interest rates on the website as per the date
- The minimum tenure to receive the FD rates is 7 days
- The user should abide by the terms and conditions of the FD accounts of the bank.
- If the amount is to be withdrawn before the expected date, the interest rate is subject to get lowered.
CONCLUSION
HDFC Bank has achieved a lot of promises and satisfactory responses and services to their customers since 1994. It has been 25 years of them serving the financial sector of our country and helping it strengthen the base. It is a private bank and thus it had gained immense support and loyalty from its customers which is impeccable.
