What is a Special Edition Fixed Deposit?
24 July, 2024
Synopsis
New and existing bank customers can open a Special dition FD with HDFC Bank.
You can enjoy special rates on certain specific FD tenures.
You can apply for the special FD scheme online.
HDFC Bank has launched a Special Edition Fixed Deposit (FD) to help you maximise your savings. You can grow your savings in a stable and reliable manner and earn assured returns. Our Special Edition FD gives you access to special interest rates. Whether you’re an existing bank customer or not, you can open this FD online with ease. In this article, you can get more information on this Special FD scheme.
What is a Special Edition Fixed Deposit?
A Special Edition Fixed Deposit from HDFC Bank is an FD offering from the bank which comes with special FD rates. You can deposit your funds in this FD at fixed rates for a fixed period and earn assured returns. The Special Edition FD rates and tenures are as follows:
FD Tenure | Interest Rate Per Annum for Regular Citizens | Interest Rate Per Annum for Senior Citizens |
2 years, 11 months (35 months) | 7.35% | 7.85% |
4 years, 07 months (55 months) | 7.40% | 7.90% |
This offer is applicable to deposits below ₹3 Crore.
How to Open a Special Edition Fixed Deposit?
Follow these steps to open an FD:
A. For existing HDFC Bank Account holders
As an existing bank customer, you can follow these steps to open a Special Edition FD:
Go to the FD account opening page here.
Select ‘Yes’ to the ‘Do you have an HDFC Bank Savings/Salary Account?’ question.
Enter your registered mobile number and date of birth.
Enter the OTP received on the mobile number to log in.
Select the preferred tenure, enter the deposit amount and select the maturity and renewal instructions.
Continue to make the payment.
Alternatively, you can visit the bank branch to open an FD and avail of these special edition rates.
B. For non-HDFC Bank Customers
If you don’t hold an account with HDFC Bank, you can open a Direct FD with the bank. Follow these steps:
Go to the FD account opening page here.
Select ‘No’ to the ‘Do you have an HDFC Bank Savings/Salary Account?’ question.
Fill out the online application form; provide your Aadhaar-linked mobile number and Permanent Account Number (PAN) details.
Complete the video KYC process.
Book your FD by selecting your preferred tenure and maturity and renewal options.
Fund the FD using UPI (for amounts of up to ₹1 Lakh) or NEFT (for amounts of up to ₹25 Lakh)
Key Features & Benefits of Special Edition FDs
The following are the features associated with these special FDs:
High Interest Rates: Leverage our special Fixed Deposit rates to enjoy relatively greater returns.
Assured Returns: Returns for your FD are fixed, provided you do not withdraw it before maturity.
Interest Pay-out Options: Select monthly or quarterly interest pay-out options for a regular income stream.
Senior Citizen Benefits: Individuals above 60 years of age can benefit from relatively higher interest rates.
Nomination Facility Available: You can appoint a nominee to receive the deposit amount.Liquidity Options: You can avail overdraft against your FD (up to 90% of the value) before maturity. Pay back with interest only on the drawn amount, while your remaining Fixed Deposit continues to earn you interest.
FAQs
What is the tenure for this special Fixed Deposit Scheme? Is it different for senior citizens?
The special FD scheme is applicable for the following two tenures: 2 years, 11 months (35 months) and 4 years, 7 months (55 months). The tenure of this special Fixed Deposit is the same for senior citizens.
Who can open a senior citizen Fixed Deposit?
Individuals above 60 years old can open a senior citizen FD. Both existing Bank customers, as well as non-Bank customers, can open a senior citizen FD with HDFC Bank.
Do senior citizens get additional interest rates on Fixed Deposits?
Typically, senior citizens can enjoy higher interest rates than the standard rates on Fixed Deposits. With HDFC Bank, senior citizens can enjoy an additional 0.5% rate.
Is a Fixed Deposit interest taxable for senior citizens?
Per income tax rules, interest income is taxable. Tax-deducted at source (TDS) is applicable if your interest income exceeds ₹50,000 (₹40,000 for non-senior citizens).
What is the minimum deposit amount required for the special FD Scheme?
The minimum deposit amount for the special FD scheme is ₹5,000.
Click here to book your FD
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
