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HDFC FD (Fixed Deposit) Calculator
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A Fixed Deposit is one of the most reliable methods to invest in a virtually risk-free tool and plan a better future. HDFC bank provides fixed deposit options that enable investors to gain significant returns upon maturity. You can earn interest on an HDFC bank FD every month, quarter, six months, or year. Knowing how much money you will be required to invest for a fixed investment tenure is imperative to reaching your short-term or long-term investment goals.
What is an HDFC Bank Fix Deposit Calculator?
The HDFC bank FD Calculator is an online tool that can calculate the maturity amount for an HDFC Bank fixed deposit. It will help the account holder determine the gains they will receive upon maturity of the FD account. The calculator uses details like deposit amount, investment horizon, applicable interest rate and frequency of interest computation.
HDFC Fixed Deposit Features
HDFC Fixed Deposits offer several benefits and advantages to its customers that make it the ideal investment option. Below are some features of HDFC fixed deposits:
- The interest rate for an HDFC fixed deposit scheme ranges from 2.5% to 5.5% per annum.
- Senior citizens are liable to receive an additional 0.50% as the interest rate.
- Any income gained from HDFC FD is taxed in accordance with Tax Deducted at Source (TDS) under the Income Tax Act of 1961.
- In case of premature withdrawal within 7 days of opening the account, the holder will not receive any interest.
- You can open or close a fixed deposit account using the HDFC net banking facility.
- The investment tenure for an HDFC FD usually ranges from 7 days to 10 years.
- You can easily link your savings or current account to your fixed deposit account.
- You can take advantage of the power of compounding interest by simply reinvesting the principal amount along with interest earned for the period.
How to use HDFC FD Calculator?
If you need assistance determining the right FD amount, you can always conveniently use the HDFC bank FD calculator. This tool can be used in simple steps to decide the ideal investment option according to your budgetary requirements. Below is the step-by-step process to use the HDFC bank Fixed Deposit Calculator:
Step 1: Visit the HDFC Bank FD calculator page.
Step 2: On the next page, select your desired investment amount, interest rate, and investment tenure.
Step 3: Choose the type of FD you want to invest in.
Step 4: Click the ‘Calculate’ button, and the maturity amount with the total interest accrued will then be displayed on the screen.
How Does an HDFC Bank FD Calculator Work?
The HDFC bank Fixed Deposit calculator works by implementing a formula to compute the maturity amount for an investment amount. The investor must enter details about the fixed deposit, such as the investment amount, tenure, and applicable interest rate. Given below is the formula used by the HDFC FD Calculator:
A= P(1+r/n)^n*t
- ‘A’ represents the fixed deposit amount upon maturity
- ‘P’ stands for the amount you invest in the FD
- ‘r’ stands for the HDFC Bank FD rates
- ‘n’ stands for the number of times the interest on an FD is calculated
- ‘t’ stands for the tenure of the fixed deposit
Let’s take a look at this formula with the help of an example:
Let’s assume that X applies for an FD of Rs 1.2 lakhs with HDFC Bank for a tenure of 8 years. The applicable interest rate is 6.5%. In this scenario the HDFC FD calculator will use the above given information in the following way:
- P = 1,20,000
- r = 6.5%
- n = 4
- t = 8 years
Thus, A = 1,20,000 (1+6.5/4)^4*8 which comes out to Rs 2,01,001.
The investor will get a maturity amount of Rs 2,01,001 after 8 years.
Benefits of Using HDFC Bank Fixed Deposit Calculator
The HDFC bank offers various types of FD accounts to its customers. Each scheme has its own features and attractive interest rates, which depend on the investment tenure. In lieu of better financial planning, the investor should always opt for a healthy mix of long-term and short-term investment options. Below are some benefits of using the HDFC Bank FD Calculator:
- Determine Your Investment Goal: An investor can use the HDFC FD calculator to calculate the final maturity amount before choosing the appropriate investment option. This aids the individual in determining the fixed deposit scheme they should invest in to gain maximum returns.
- Helps to Determine the Appropriate Tenure: This calculator helps the investors to determine how much maturity amount can be garnered concerning different tenures. Investors can decide the ideal tenure to achieve their investment goals.
- Provides Accurate Results: Manually calculating the returns and interest for your fixed deposit can be extremely complicated. Therefore, it is advisable to use the HDFC FD calculator for increased accuracy and reliability. The calculator considers several internal and external factors, investment amount, and tenure to provide efficient and quick results.
- Better Investment Planning: The HDFC bank fixed deposit calculator assists an investor in efficiently planning their future financial investments. This tool helps determine the ideal FD investment tenure to bring you closer to your long-term or short-term goals.
HDFC Bank Fix Deposit Interest Rates
Given below are the interest rates for the different kinds of HDFC bank Fixed Deposits:
Fixed Deposit Interest Rate Less Than 2 Cr
Tenor Bucket | < 2 Crore | |
Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
7 - 14 days | 2.75% | 3.25% |
15 - 29 days | 2.75% | 3.25% |
30 - 45 days | 3.25% | 3.75% |
46 - 60 days | 3.25% | 3.75% |
61 - 90 days | 3.25% | 3.75% |
91 days - 6 months | 3.75% | 4.25% |
6 mnths 1 days - 9 mnths | 4.65% | 5.15% |
9 mnths 1 day < 1 Year | 4.65% | 5.15% |
1 Year | 5.35% | 5.85% |
1 year 1 day - 2 years | 5.35% | 5.85% |
2 years 1 day - 3 years | 5.50% | 6.00% |
3 year 1 day- 5 years | 5.70% | 6.20% |
5 years 1 day - 10 years | 5.75% | 6.50%* |
Fixed Deposit Interest Rate Greater Than Or Equal To 2 Cr To Less Than 5 Cr
Tenor Bucket | >=2 Crore to < 5 Crores | |
Interest Rate (per annum) | **Senior Citizen Rates (per annum) | |
7 - 14 days | 3.25% | 3.75% |
15 - 29 days | 3.25% | 3.75% |
30 - 45 days | 3.35% | 3.85% |
46 - 60 days | 3.65% | 4.15% |
61 - 90 days | 4.25% | 4.75% |
91 days <= 6 months | 5.00% | 5.50% |
6 mnths 1 day <=9mnths | 5.25% | 5.75% |
9 mnths 1 day to < 1 Year | 5.50% | 6.00% |
1 Year to < 15 months | 5.75% | 6.25% |
15 months to < 18 months | 5.75% | 6.25% |
18 months to < 21 months | 5.75% | 6.25% |
21 months to 2 years | 5.75% | 6.25% |
2 year 1 day to 3 years | 5.75% | 6.25% |
3 year 1 day to 5 years | 5.75% | 6.25% |
5 year 1 day to 10 years | 5.75% | 6.50%* |
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Frequently Asked Questions (FAQs)
Will I have to pay a penalty in case the FD account is closed early?
A 1% penalty is levied by HDFC Bank in the case of premature closure.
Does HDFC Bank provide an additional interest rate for senior citizens?
Yes, HDFC Bank provides an additional interest rate for senior citizens.
Is it possible to open an FD account via net banking?
You can open an FD account using the net banking facility.
Can I update the PAN details in the FD account by using the net banking facility?
You can update the FD account’s PAN card details by using the net banking facility.
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