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HDFC Deposits | BGN Financial Consultants

HDFC Deposits

Depositors can choose from a wide range of deposit products with maturities ranging from 12 to 60 months at competitive rates of interest and with different features to suit the investment needs of individuals. Senior citizens who are 60 years and above are offered an additional 0.25% p.a. on all deposit products.

Welcome to HDFC Deposits!

With consistent performance for over three decades, HDFC Ltd. has earned its credibility from over 14 lakh depositors.

You can benefit from Fixed Deposits-

  • Highest Safety – AAA rating from both CRISIL and ICRA for 18 consecutive years
  • Attractive & Assured Returns
  • Impeccable services through a network of over 322 offices across the country
  • A wide range of deposits products to choose from
  • Prompt Doorstep Assistance through our Key Partner network
  • Quick Loan against Deposit facility

Individuals – Resident Indians
Depositors can choose from a wide range of deposit products with maturities ranging from 12 to 60 months at competitive rates of interest and with different features to suit the investment needs of individuals. Senior citizens who are 60 years and above are offered an additional 0.25% p.a. on all deposit products.

Monthly Income Plan
Provides you with regular monthly income
Monthly interest is directly credited to your bank account through ECS
Ideal for retired people, housewives and senior citizens
Available in Fixed & Variable Interest Rates

Non-cumulative Options
Provides you with regular periodic interest income, either on a quarterly or a half-yearly basis
Available in Fixed & Variable Interest Rates
Ideal to plan the fund requirements at the end of each quarter/half-year
Interest will be directly credited to your bank account through ECS

Annual Income Plan
Provides you with regular yearly interest income
Ideal option to maximize returns and plan for annual cash outflows
Available in Fixed & Variable Interest Rates
Interest will be directly credited to your bank account through ECS

Cumulative Options
Provides you with a lump sum at the end of the deposit tenure
Ideal for parents to plan for their child’s higher education/marriage
Ideal option to accumulate funds for future requirements and maximize returns
Available in Fixed & Variable Interest Rates

Features
Quick Loan Facility
Loan against deposit is available after three months from the date of deposit and up to 75% of the deposit amount, subject to the other terms and conditions framed by HDFC. Interest on such loans will be 2% above the deposit rate.
ECS Facility
Interest on deposit products will be credited directly to the depositor’s account through Electronic Clearing Service wherever this facility is available.
Interest Payment Details
Interest will be payable on the deposit from the date of realisation of the cheque or RTGS transfer to HDFC’s bank account. Interest on deposits placed under Monthly Income Plan, Non-Cumulative Option and Annual Income Plan shall be paid on fixed dates as given below:
Monthly Income Plan (MIP) The last day of every month
Non-Cumulative : Quarterly Option June 30, September 30, December 31 &
March 31
Non-Cumulative : Half Yearly Option September 30 and March 31
Annual Income Plan (AIP) March 31
Cumulative Interest Option: Interest will be compounded annually on 31st March of every year after deducting the tax, wherever applicable. The principal along with the interest will be paid on maturity once the discharged deposit receipt is received by us. Interest amount (net of TDS – where applicable) will be paid through ECS at all centres where ECS facility is available. Where ECS facility is not available, interest cheque will be paid through Account Payee cheque drawn in favour of the first – named depositor along with his bank account details furnished. In case of MIP, post-dated interest cheques for every financial year will be issued in advance. Interest on Monthly Income Plan under Variable Rate Deposit will be credited to the depositor’s bank account on the last day of the month, through ECS only. Interest will accrue after the maturity date only if the deposit is renewed.
Interest reset date for Variable Rate DepositsRate of interest (RoI) will be reset at the beginning of each interest period. RoI prevailing on the first day of the interest period will be applicable for the entire interest period.
DEDUCTION OF INCOME TAX AT SOURCE (TDS)No tax deduction at source on interest paid/credited up to Rs.5000 per branch in a financial year. Income tax will be deducted at source under Section 194A of the Income Tax Act, 1961, at the rates in force. If the depositor is not liable to pay income tax and the interest to be paid/credited in a financial year does not exceed the maximum amount which is not chargeable to income tax, the depositor may submit a declaration in Form No. 15G so that income tax is not deducted at source. In such cases, PAN (Permanent Account Number) must be quoted in Form 15G, else the form is invalid. Senior citizens (60 years and above) may submit a declaration in Form No. 15H. Section 139A(5A) of the Income Tax Act, 1961, requires every person receiving any sum or income from which tax has been deducted to intimate his PAN to the person responsible for deducting such tax. Further, 139A(5B) requires the person deducting such tax to indicate the PAN on the TDS certificate. Please mention your PAN in the application form if the annual interest exceeds 5000 per branch. In case PAN is not mentioned, the rate of TDS would be 20% as against 10% for cases where PAN is provided.
PREMATURE WITHDRAWALRequest for premature withdrawal maybe permitted at the sole discretion of the Corporation only and cannot be claimed as a matter of right by the depositor, subject to the Housing Finance Companies (NHB) Directions, 2001, as applicable from time to time.Premature withdrawal will not be allowed before completion of three months from the date of deposit. In case of request for premature withdrawal after the expiry of three months, the rates given in the following table shall apply.
Months completed from the date deposit Rate of Interest Payable
After 3 months but before 6 months No Interest
After 6 months but before the date of maturity The interest payable shall be 2% lower than the interest rate applicable for the period for which the deposit has run or if no rate has been specified for that period, then 3% lower than the minimum rate at which the public deposits are accepted by HDFC. In respect of variable rate deposit, the interest rate applicable for the period for which deposit has run would be considered as applicable on the respective interest reset dates.
RENEWAL AND REPAYMENT OF DEPOSITFor renewal or repayment of deposit, the duly discharged deposit receipt must be surrendered to HDFC at least a week before the date of maturity. In case of renewal, the prescribed application form signed by all depositors is also required to be submitted simultaneously. When the date of maturity falls on any day on which HDFC’s office remains closed the repayment will be made on the next working day. Repayment of deposit will be made by Account Payee cheque drawn favouring the first depositor or by crediting the amount directly to the first depositor’s bank account through NEFT/RTGS, based on the request from the depositor.
NOMINATION FACILITYOnly individual depositor/s, singly or jointly, can nominate a single person under this facility. In case the deposit is placed in the name of a minor, the nomination can be made only by a person lawfully entitled to act on behalf of the minor. Power of attorney holder or any person acting in representative capacity as holder of an office or otherwise cannot nominate. The nominee shall have the right to receive the amount due in respect of the deposit and payment by HDFC to the nominee shall constitute full discharge to HDFC of its liability in respect of the deposit. Nominee’s name will be printed on the Fixed Deposit receipt, unless mentioned otherwise.
KNOW YOUR CUSTOMER (KYC) COMPLIANCEIn terms of the Prevention of Money Laundering Act, 2002, the rules notified thereunder and KYC Guidelines issued by the National Housing Bank (NHB), every depositor is required to comply with the KYC requirements by submitting the following documents:a) The latest photograph
b) A Certified copy of the proof of identify
c) A Certified copy of the proof of address

In case the depositor has already submitted the above documents in his earlier deposit, then he need not submit the above documents again, but has to provide the reference of his customer number or deposit number.