Housing Development Finance Corporation FD Scheme

Overview

The Housing Development Finance Corporation (HDFC) Fixed Deposit (FD) Scheme is a fixed deposit investment option offered by HDFC Bank. The scheme provides various options for investors, with varying interest rates, tenures, and other features. Investors can choose from a range of terms ranging from 12 months to 60 months, with the option to withdraw their funds prematurely. The scheme also offers an auto-renewal option, allowing investors to renew their FDs at maturity automatically. In addition, investors can avail of tax benefits on FD investments up to Rs. 1.5 lakhs per financial year, as per the provisions of the Income Tax Act, 1961.

Eligibility Criteria for Housing Development Finance Corporation FD Scheme

The eligibility criteria for Housing Development Finance Corporation FD Scheme are as follows:

1. The applicant must be an Indian resident.
2. The applicant must be aged between 18 to 70 years.
3. The applicant must have a valid PAN Card.
4. The minimum deposit amount is Rs. 10,000.
5. The maximum deposit amount is Rs. 10,00,000.
6. The tenure of the deposit can range from 12 months to 120 months.
7. The interest rate varies based on the deposit amount and the FD tenure.

Documents Required for the Housing Development Finance Corporation FD Scheme

The applicant is required to maintain the following documents to apply for Housing Development Finance Corporation FD Scheme.

1. Identity Proof: PAN Card, Aadhar Card, Passport, Voter’s ID Card, Driving License etc.

   2. Address Proof: Aadhar Card, Passport, Voter’s ID Card, Driving License, Electricity/Telephone/Mobile Bill etc.

   3. Photographs: Recent passport-size photographs of the applicant.

   4. Bank Statements: Last six months’ bank statements of the applicant.

   5. Income Proof: Latest salary slips, latest Form 16 or ITR form.

   6. Cheque: A cheque in favour of Housing Development Finance Corporation Ltd. for the required amount.

   7. Application Form: A duly filled and signed application form.

Key Attractions of the Housing Development Finance Corporation FD Scheme.

The Housing Development Finance Corporation offers the following attractions to the depositors.

1. Safety: Housing Development Finance Corporation (HDFC) FDs offer a secure avenue to investors where they can park their deposits.
2. Attractive Interest Rates: HDFC FDs offer higher interest rates than banks.
3. Flexible Tenure: These FDs offer a flexible tenure ranging from 7 days to 10 years.
4. Early Withdrawal: Investors can withdraw from their HDFC FDs, subject to specific terms and conditions.
5. Loan Against FD: Investors can avail of loans against their HDFC FDs up to 90% of the amount deposited.
6. Tax Benefits: Investment in HDFC FDs qualifies for tax exemption under Section 80C of the Income Tax Act, 1961.
7. Nomination Facility: HDFC FDs provide the option to nominate a person who will receive the amount after the maturity of the FD.
8. Automatic Renewal: HDFC FDs come with the option of automatic renewal, allowing investors to earn interest even after the maturity of the FD.

Features & Benefits of Housing Development Finance Corporation FD Scheme

The Housing Development Finance Corporation FD scheme provides depositors with the following benefits and features.

1. Lucrative Interest Rates: A Housing Development Finance Corporation FD offers competitive interest rates, depending on the tenure of the FD.
2. Flexible Tenures: FDs from HDFC can be opened for 12 to 60 months.
3. Low Risk: HDFC FDs are ideal for risk-averse investors who prefer secure investments.
4. Liquidity: FDs are highly liquid, allowing investors to withdraw or close the account anytime.
5. Tax Benefits: FDs from HDFC offer tax benefits under Section 80C of the Income Tax Act.
6. High Returns: FDs from HDFC offer attractive returns of up to 7.75% per annum.
7. Flexibility: Investors can choose the tenure and amount of their FDs according to their needs and preferences.
8. Secure Investment: FDs from HDFC is considered a safe investment option, providing investors with peace of mind.

How to Apply for the Housing Development Finance Corporation FD Scheme?

Implement the following steps to open an FD with the Housing Development Finance Corporation.

1. Visit the official website of the Housing Development Finance Corporation (HDFC).

2. Go to the “Fixed Deposit” tab and click on it.
3. Click “Know More” and read all the details about the HDFC FD scheme.
4. Choose the type of FD that you want to invest in.
5.  Enter all your details, the amount you want to invest, and the deposit’s tenure, and click “Proceed”.
6. Review the details and click on “Confirm”.
7. You will receive an acknowledgement of your FD application and be able to track the status of your FD.
8. Once the FD is approved, you will receive an email with the details, and you can start earning interest on your investment.