Product Details
Bank Name
HDFC Bank
Eligibility
Resident individuals
Hindu Undivided Families
Interest Rate
7.00%
Tenure
Tenure – 5 Years (Lock In)
Fixed Deposit Type
Tax Saving Fixed Deposit
Five Year Tax Saving Fixed Deposit
Tax Benefits
Yes, HDFC Five Year Tax Saving Fixed Deposit (FD) does offer tax benefits. Here's how:
Tax Deduction under Section 80C: Investments in HDFC Five Year Tax Saving FD qualify for a tax deduction under Section 80C of the Income Tax Act of India.
Maximum Deduction Limit: The total deduction you can claim under Section 80C, including your FD investment, is ₹1.5 lakh per financial year.
Credit Ratings
CARE AAA (FD); Stable [Triple A (Fixed Deposit); Outlook: Stable]
Interest Payment Frequency
Can be booked with Monthly and quarterly payout
Cummulative/Non-Cummulative
Both
Features
Minimum Amount – Rs. 100 & in Multiples of Rs. 100 Maximum amount – Rs. 1.5 Lakhs (in a FY) Tenure – 5 Years (Lock In) Can be booked with Monthly and quarterly payout In the case of joint deposits, the Tax benefit under 80 c will be available only to the first holder of the deposit
Minimum Investment Amount
Minimum Amount – Rs. 100 & in Multiples of Rs. 100
Maximum amount – Rs. 1.5 Lakhs (in a FY)
Fees and Charges
Pros
Tax Benefits
Guaranteed Returns
Safe Investment
Flexible Interest Payout
Loan Against FD
Cons
Lower Interest Rates
Lock-in Period
Tax on Interest
Pros & Cons
Account Opening and Procedure
How to Open?
Branch Visit:Visit your nearest HDFC Bank branch.
Inform the representative about your intent to open a Five-Year Tax Saving FD.
Discuss your preferred deposit amount (minimum Rs.100, maximum Rs.1.5 lakh in a financial year under Section 80C) and interest payout option (monthly or quarterly).
Net Banking (if you have an HDFC Bank account):Log in to HDFC Bank Net Banking portal.
Navigate to the ‘Deposits’ section and look for ‘Tax Saving FD’ or similar options.
The online process might vary slightly, but generally, you'll choose ‘New Deposit’, pick ‘Tax Saving FD’ from the product options, and enter details like deposit amount, tenure (5 years is fixed), and interest payout preference.
Application Procedure
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