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Branch Name: Indore
Address: Ug 1 & 2 14 / 3 South Tukoganj Trade House Indore-452001 Madhya Pradesh India
Tel. 0731-6160616
Fax. 0172-2646229
5 Year Tax Saving Fixed Deposit
Features and Benefits
Tenure - 5 years (lock in period)
In the case of joint holder deposit, the deduction from income under section 80C of the Act shall
be available only to the first holder of the deposit.
Rate of interest – As per prevailing 5 yr. deposit rate
Monthly or Quarterly interest pay-out options Minimum Amount – Rs. 100
Multiples of Rs. 100
Maximum amount – Rs. 1 Lakh (in a FY)
Who is eligible?
Resident individuals
Hindu Undivided Families
Fixed Deposit Interest Rates Are you interested in opening a Fixed Deposit with HDFC Bank?
Here are a few things to know about Interest Rates: Your interest will be calculated on a quarterly basis. The interest for re-investment is calculated
every quarter, and the Principal is increased to include interest earned during the previous
quarter. Tax at source is deducted as per the Income Tax regulations prevalent from time to time.
Something else to note – Tax at Source will be deducted according to Income Tax Regulations prevalent from time to time.
Rate of interest will be applicable as per prevailing 5 yr. deposit rate.
Interest Rates
When you open a fixed deposit with HDFC Bank
Your interest is calculated on a quarterly basis for deposits of 6 months and above
For those deposits with a tenure of below 6 months, your interest is calculated at maturity as
Simple Interest. The period of Fixed Deposit is calculated in number of days.
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Interest for re-investment is calculated every quarter, and the Principal is increased to include
interest earned during the previous quarter. Tax at source is deducted as per the Income Tax regulations prevalent from time to time.
Note: "As per the Terms & Conditions of Fixed Deposit Accounts of the bank, the penalty on premature closure of Fixed Deposits including sweep-in and partial closures has been fixed bythe Bank at the rate of 1%." This is applicable with effect from 24th January 2011
Interest rates are subject to change from time to time. Applicable interest rates will be given as
on the date / time of receipt of the funds by the bank. When booking FD through NetBanking please note the actual interest rate being applied on the "Confirm" screen. This screen appears
before you confirm your request for opening a new FD. In order to see the latest information, we
request you to clear your browsers cache to see the updated interest rates.
DOMESTIC TERM DEPOSITS
Deposits below 1 Cr
Period Interest Rate (per
annum) **Senior Cizen Rates
(per annum) Efecve From 7 - 14 days 3.50% 4.00% May 12, 2011
15 - 29 days 4.00% 4.50% May 12, 2011
30 - 45 days 5.00% 5.50% May 12, 2011
46 - 60 days 7.50% 8.00% December 15,
2012
61 - 90 days 7.50% 8.00% December 15,
2012
91 Days to less than 6
months 1 day
7.50% 8.00% December 15,
2012
6 months 1 day - 6
months 15 days
8.00% 8.50% December 15,
2012
6 months 16 days 8.00% 8.50% December 15,
2012
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6 months 17 days - 9
months 15 days
8.00% 8.50% December 15,
2012
9 months 16 days 8.00% 8.50% December 15,
2012
9 months 17 days - 1
year
8.00% 8.50% December 15,
2012
1 year 1 day - 1 year 15
days
8.75% 9.25% September 12,
2012
1 year 16 days 8.75% 9.25% September 12,
2012
1 year 17 days - 2 years 8.75% 9.25% September 12,
2012
2 years 1 day - 2 years
15 days
8.75% 9.25% September 12,
2012
2 years 16 days 8.75% 9.25% September 12,
2012
2 years 17 days - 3
years
8.75% 9.25% September 12,
2012
3 years 1 day - 5 years 8.75% 9.25% September 12,
2012
5 years 1 day - 8 years 8.25% 8.75% Dec 10, 2010
8 Year 1 Day - 10 Years 8.25% 8.75% Dec 10, 2010
Interest rates are subject to change from time to time. Applicable interest rates will be given as
on the date of receipt of the funds by the bank. When booking FD through Net Banking pleasenote the actual interest rate being applied on the "Confirm" screen. This screen appears before
you confirm your request for opening a new FD.
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** Only Senior Citizens / Retired Personnel (60 years and above) who are Resident Indians are
eligible. The special rates are applicable only for INR deposits.
*** The FD rate applicable for a monthly interest option will be a discounted rate over thestandard FD Rate. Please contact the nearest Branch for further information.
**** For interest rates on Fixed Deposits for Rs.1 Cr and above, please contact your nearest
HDFC Bank branch or your Relationship Manager.
Effective 01st Dec'06, the interest rate applicable for premature closure of deposits (all amounts)will be lower of: The base rate for the original/contracted tenure for which the deposit has been
booked OR the base rate applicable for the tenure for which the deposit has been in force with
the Bank.
The base rate is the rate applicable to deposits of less than Rs.1 Cr as on the date of booking the
deposit. For deposits > 5 Crs, the base rate is the rate applicable for 5 Cr deposits as on the date
of booking the deposit. For such premature withdrawals, including sweep-ins and partialwithdrawals, the Bank will levy a penalty of 1%, on the applicable rate.
The Fixed Deposit Advice will be dispatched to your recorded mailing address within 3-4
working days of account opening.
Tax Deductions For Re-investment Fixed Deposits
The following will be applicable for a 5 Year Tax Saving Fixed Deposit :
TDS will be deducted when interest payable or reinvested per customer, per branch, exceeds Rs
10,000 in a financial year.
A consolidated Annual TDS Certificate will be mailed to you after the end of the financial year,
including details of all TDS deductions during the year. I.e. Aug 09, applicable TDS rates forResident Individual &HUF is 10%
If you are exempt from paying tax, you need to present Form 15G/H when you open a fixed
.Deposit and subsequently at the beginning of the following financial year. At the end of thefinancial year, the TDS will be deducted on the basis of interest accrued on the Fixed Deposit (s)
even if this interest has not been credited
Important Notice
As per section 206AA introduced by Finance (No. 2) Act, 2009 wef 01.04.2010, every person
who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20%(as against 10% which is existing TDS rate) in case of Domesticdeposits and 30.90% in case of NRO deposits
Please further Note that in the absence of PAN, as per CBDT circular no:03/11, TDS certificatewill not be issued, form 15G/H and other exemption certificates will be invalid even if submitted
and penal TDS will be applicable.
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Will the bank issue a TDS certificate?
You will receive a consolidated TDS Certificate in Form 16A, for TDS deducted during a
financial year, in the month of April of the following financial year.
As a 5 Year Tax Saving Fixed Deposit holder, How do I apply for an exemptionon TDS?
If your total interest income for the year does not fall within the overall taxable limits, you
should let us know. You can do this by submitting a form as per the provisions of the Income
Tax Act.
A few things to note:
You can get the 15AA form from the Assessing Officer of the Income Tax department.
Even with the 15H/15AA form, the tax that has already been deducted by way of TDS during the
year prior will not be refunded. However, you will get a certificate, which can be used whilefiling your tax return.
15H/15AA Forms are valid only for the financial year in which they are issued.
A fresh 15G/H form needs to be completed for each deposit that is placed with the Bank, and itshould be completed within the first week of the financial year.
Does any change or enhancement in my deposit portfolio affect TDS liability?
Yes. If the change or enhancement in your deposit portfolio earns a cumulative interest along
with that of the earlier portfolio greater than Rs. 10,000/- you will be liable for TDS on yourcurrent portfolio.
Note: If interest on the current portfolio is not sufficient to cover TDS, it will be recovered from
the principal.
When am I liable for TDS (Tax Deduction at Source)?
You become liable for TDS (Tax Deduction at Source) if the aggregate interest that you’re likely
to earn for all your deposits is greater than Rs. 10 000 in a financial year.
Remember, Tax liability for TDS purposes is determined at the branch level, and deposits held
by minors are also subject to TDS.
Can I open a joint account with a non-senior citizen for 5 Year Tax Saving
Fixed Deposit?
Yes you can open deposit with non-senior citizen.