HDFC Tax Saver FD Scheme
The Hdfc Bank Tax saving tenure ranges from min to max 5 Year 1 Months 7 Days . The ROI ranges from 5.30% to 5.30 % for the general public. The lock-in period for this scheme is 5 Year
Hdfc Bank Tax saving Scheme for amount ranging from ₹ 1,000 to ₹ 1.5 L
The rate of interest for deposited amount ranging from ₹ 1,000 to ₹ 1.5 L is as below
Interest Rate for General Public (p.a.)
Interest Rates for Senior Citizens (p.a.)
|Upto 5 Year 1 Months 7 Days
Key features of Hdfc Bank Tax saving Scheme
Summary of Hdfc Bank Tax saving Scheme features :
|Mutual Fund Schemes
|Loan Against FD
Upto 5 Year 1 Months 7 Days
5.30% to 5.30 %
5.80% to 5.80 %
Rs.1,000 to Rs.1,50000
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
What is an HDFC Tax Saver FD Scheme?
Tax Saver Fixed Deposits is a specialised scheme where customers have the provision to claim any tax deductions worth up to INR 1,50,000 in a financial year. Customers can park their financial savings into an FD account and generate a decent return after maturity. Many banks give out the option for customers to choose their desired repayment frequency. There will be a minimum investment policy that differs from bank to bank.
With HDFC Bank, one of India's central commercial banks, customers get competitive and attractive interest rate options. HDFC Tax Saver scheme is ideal for investors who hail from low to middle-income households. HDFC Tax Saver FD scheme has a minimum balance requirement of INR 100. Additionally, the depositor can increase the investment by multiples of 100. Customers can invest up to INR 1,50,000 in a financial year. In this blog, read about the HDFC tax saver fixed deposit scheme and how to invest in it.
Generally, term deposit schemes are open to all without many restrictions. Some of the basic parameters investors need to adhere to start their HDFC tax saver investment journey are as follows.
- Any individual can start a tax-saving FD account.
- Groups that are Hindu Undivided Families, partnership firms, and companies can open a tax savings scheme.
- Applicants need to possess valid identification documents.
- Customers need to have a savings account with the bank in which they have decided to open a tax saving FD.
- The applicant's minimum age should be between 18 and 21 years. However, minors can also open an account jointly with their guardians.
- NRIs can also open a tax saving term deposit account.
Investors who want to open a savings account must provide their respective financial institutions with the following documents.
- Government-recognised ID proof
- Aadhaar Card
- Driving Licence
- Ration Card
- Voter ID Card
- Government-recognised address proof
- Proof of age (for senior citizens)
HDFC bank tax saver fixed deposits are ideal for investors to park their financial capital. The tax saver FD scheme also benefits its users with its lucrative features. Following are some of the key attractions:
- Assured Returns - The HDFC Tax saver term deposit is considered to be a highly secure investment option for customers. Not only is the interest rate immune to dynamic market price, but it also assures return on investment.
- Additional Interest Rates - The HDFC Domestic term deposits offer an additional interest rate of 0.25% to senior citizens. This provides them with a platform to allocate their life savings in a safe investment avenue with assured and lucrative returns.
Features & Benefits
HDFC tax saver FD investment options for customers come with an array of convenient features and benefits. These are devised to provide investors with the appropriate solutions to their financial needs. On top of tax benefits, income tax saver fixed deposits also offer the following features.
- HDFC Tax Saver FDs allow customers to open accounts singularly as well as jointly with another customer. However, in this case, the beneficiary for tax deduction will be the primary account holder.
- Tax Saving fixed deposits are open to all citizens of India, including NRIs and HUFs.
- There will be no provision for holding tax-saver FD investment as collateral for availing personal loans.
- You get the option to reinvest the returns secured from the tax saver investment.
- Generally, with the Tax saver investment FDs, there is a 5-year lock-in period. Customers will not be able to make any prior withdrawals.
- Generally, customers do not have an auto-renewal facility. However, this can change as per bank policies.
- Investors can choose their payout frequency. They can choose from a monthly payout or a quarterly payout.
- Senior citizens get a specialised interest rate when investing in this tax saving scheme.
Although the scheme offers a tax-saver account, users will still be required to pay taxes for interest received more than INR 40,000 per annum. There is a consideration for senior citizens as the threshold limit clocks at INR 50,000 per annum. If the customer fails to pay their taxes, their principal amount will be attached for the recovery. Moreover, customers have the provision to claim deductions by filling out forms 15G and form 15H from the official website of the Income Tax Department.
How to Apply for HDFC Tax Saver FD
To apply for HDFC tax saver funds, investors can follow the steps given below.
- Go to the official website of HDFC bank online.
- Navigate through the save option in the main menu to find Fixed Deposits under the Deposit option.
- Scroll down to the Five Year Tax Saving Fixed Deposit option
- Click on Apply online option.
- Get registered with the netbanking portal of HDFC bank by clicking on proceed now from the brief page.
- Already registered users can enter their customer ID and continue. You will be required to authenticate your user ID via password.
- From your dashboard, select your tenure and investment amount. Once finalised all the details, you can track the investment from your user ID in later stages.
Download HDFC Tax Saver FD Application Form
Customers can request for HDFC tax saver FD scheme by submitting an online request. They can do so with the assistance of any of the search engines. Or simply follow the link -https://leads.hdfcbank.com/common/pdf/fd.pdf
The form will incorporate details such as the following.
- Personal details
- PAN card details
- Existing account details
- Introduction details
- Fixed Deposit
- Passport-sized photographs will be required.
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What is a tax Saver fixed deposit in HDFC?
Tax Saver Fixed Deposit in HDFC is a scheme where investors can park their monetary capital with the bank for a minimum of 5 years. This amount will be added to the interest and post-maturity. The customer is repaid their computed yield. The special feature of this scheme is that customers get tax benefits mentioned under section 80C of the income tax act.
What is the difference between FD and tax saver FD?
Fixed deposit is a scheme where investors park their financial corpus with a bank that appreciates the applicable interest rate. The FD tax saver scheme is a popular investment choice for customers in India, and users get specialised tax benefits under Section 80C of the income tax act.
Is it good to invest in HDFC Tax Saver FD?
HDFC is one of the premier banks in India and is reliable in terms of the security of funds. Furthermore, they offer attractive interest rates along with excellent customer service. It is a good idea to choose HDFC bank to make your capital appreciate over time.
What is the minimum tenure for HDFC Tax Saver FD?
The minimum tenure for the HDFC tax saver fixed deposit scheme is five years. The customer will not have the provision to make any premature withdrawals or request for any premature closure.