Housing Development Finance Corporation Domestic Term Deposit

Overview

Housing Development Finance Corporation’s domestic term deposit scheme can be an excellent choice if you’re looking for a secure and reliable investment option. With a domestic term deposit account, you can earn substantial profits on your investment with the assurance of the safety of your hard-earned money.

Housing Development Finance Corporation offers a variety of term deposit accounts, each with different interest rates and investment tenures, enabling you to select the best option that suits your investment needs. These accounts come with flexible investment options, allowing you to invest your money at your convenience and financial goals.

One of the significant benefits of HDFC’s domestic term deposit scheme is its competitive interest rates. Furthermore, it offers additional benefits such as automatic deposit renewal, an easy nomination facility, and the option of availing of a loan against your deposit. You can also receive your interest payments monthly, quarterly, or annually, as per your preference.

What is the Housing Development Finance Corporation Domestic Term Deposit?

The Housing Development Finance Corporation Domestic Term Deposit is a type of fixed deposit which allows customers to invest their money for a fixed period at a fixed interest rate. This investment option suits individuals looking for a low-risk investment with guaranteed returns.

Customers can choose to invest for a minimum of 1 year to a maximum of 10 years, depending on their investment goals. The interest rates offered by HDFC on its term deposits are generally higher than regular savings accounts and vary depending on the tenure of the deposit. However, the interest rate ranges from 5.60% p.a. to 6.80% p.a. The domestic term deposit schemes come with a lock-in period of 5 years.

Eligibility Criteria

You must meet the below-depicted eligibility requirements to secure the Housing Development Finance Corporation Domestic Term Deposit scheme:

• Must be an Indian Resident
• Non- Indians Resident
• Hindu Undivided Families (HUF)
• Registered societies, trusts and associations

Documents Required to Invest in Domestic Term Deposit Schems

To invest in Housing Development Finance Corporation domestic term deposits, customers need to provide the following documents:

Identification proof: Customers can submit any one of the following identity documents:

• PAN card
• Aadhaar card
• Voter ID card
• Driving licence
• Passport

Address proof: Customers can submit any one of the following address proof documents:

• Passport
• Aadhaar card
• Voter ID card
• Driving licence
• Bank statement
• Utility bills such as electricity, gas, telephone, etc.

Passport-size photographs: Customers must provide passport-size photographs per the bank’s guidelines.

KYC documents: Customers need to be KYC compliant as per RBI guidelines. They need to submit the following KYC documents:

• Proof of identity
• Proof of address
• PAN card details

Features & Benefits

When you invest in domestic term deposit schemes, you unlock the following features and benefits:

1. Guaranteed returns: It offers guaranteed returns on investment. Customers can lock in their funds for a fixed period at a fixed interest rate and earn guaranteed returns at maturity.
2. Flexibility: Housing Development Finance Corporation offers a wide range of term deposit accounts with varying tenures and interest rates, allowing customers to choose the one that best suits their investment needs.
3. Higher interest rates: The interest rates offered on domestic term deposits are generally higher than regular savings accounts, making them an attractive investment option for customers looking for low-risk investments with higher returns.
4. Automatic renewal: It offers automatic renewal of term deposits on maturity, making it easy for customers to continue investing without hassle.
5. Loan against deposit: Customers can avail of loans against their term deposits, ensuring they can access liquidity when required.
6. Nomination facility: Depositors get a nomination facility for term deposit accounts, ensuring that the investment passes on to the nominee in case of the account holder’s demise.
7. Online banking: Customers can easily invest in domestic term deposit schemes through online banking, making it a convenient and hassle-free investment option.

How to Apply for Housing Development Finance Corporation Domestic Term Deposit Schemes

When applying for Housing Development Finance Corporation domestic term deposits, customers can choose between online and offline modes. Here are the details of both options:

1. Online mode: Customers can easily apply for domestic term deposits through the bank’s online banking portal. The process is simple and convenient. Customers can log in to their net banking account, select the option for term deposits, and follow the steps to open a new account. They can choose the type of account, tenure, and investment amount per their requirement and complete the application process from the comfort of their home.
2. Offline mode: Customers can also apply for domestic term deposits by visiting the bank branch or through the phone banking facility. To open a new account, they must carry the necessary documents, including identity proof, address proof, and passport-size photographs. The bank executive will guide the customer through the process and help them choose the best account option based on their investment goals and risk profile.