HDFC Bank FD: Up to 6.95% interest will be available on 35 month FD, know how much return will be given on ₹ 1 lakh, ₹ 3 lakh and ₹ 5 lakh

Special fixed deposit (FD) schemes of HDFC Bank, the country’s largest private sector bank, have always been the first choice for investors looking for safe investments and assured returns. For investors who want guaranteed wealth growth over a fixed period of time, away from the ups and downs of the stock market, the bank’s special FD with a tenure of 35 months has emerged as an attractive option. For this special period, the bank is offering an additional interest of 50 basis points (0.50%) to senior citizens as compared to normal citizens, so that senior citizens can get maximum interest. 6.95% per annum Compound interest benefit of up to Rs. 1000 is available, whereas for normal customers this rate is Rs. 6.45% per annum Is.

Interest on fixed deposits in banks is calculated on the basis of quarterly compounding, due to which the actual effective yield on maturity is higher than the normal interest rate. If you are also planning to invest a lump sum of ₹ 1 lakh, ₹ 3 lakh or ₹ 5 lakh in this 35 month period of HDFC Bank, then it is important to understand the complete calculation of how much interest and final fund you will get on maturity.

HDFC Bank’s fixed deposit tenure of 35 months (approximately 2 years 11 months) offers investors interest under two different slabs:

• Rates for General Citizens: 6.45% per annum (Effective yield with quarterly compounding is approximately 6.61%)

• Rates for senior citizens (60 years or more): 6.95% per annum (Effective yield with quarterly compounding is approximately 7.14%)

The biggest advantage of this tenure is that it is locked in for less than 3 years and ensures very balanced and competitive returns as compared to other shorter tenures of the bank.

The exact estimation of net interest and total fund to be received on maturity of 35 months based on Quarterly Compounding formula is given below:

(Note: The calculations have been done on quarterly compounding basis. Slight variation in the actual amount is possible depending on the exact decimal digits and TDS rules.)

If an ordinary citizen deposits ₹1,00,000 in this HDFC Bank FD, after 35 months he will get a net interest of around ₹20,535 and his total maturity value will be more than ₹1.20 lakh. At the same time, senior citizens will get interest of ₹ 22,315 at the rate of 6.95%, that is, senior citizens will get direct additional profit of about ₹ 1,780 on investment of ₹ 1 lakh.

An investment of ₹3,00,000 is a popular option for middle class investors. By keeping this amount in HDFC Bank for 35 months, ordinary investors will get guaranteed interest of ₹ 61,605 and their total fund will exceed ₹ 3.61 lakh. In case of senior citizens, this interest increases to ₹ 66,945, which will make their maturity amount approximately ₹ 3.67 lakh.

If you park a lump sum capital of ₹5,00,000 for 35 months:

• ordinary citizens in this period ₹1,02,675 Will get interest and total redemption value ₹6,02,675 Will happen.

• senior citizens This return is even more attractive for. them total ₹1,11,575 Net interest will be received and at the end of 35 months the total amount will be paid by the bank. ₹6,11,575 An amount of Rs will be paid.

There is no need to visit the bank branch to open a fixed deposit in HDFC Bank. Existing account holders can book FD online in minutes:

1. HDFC Bank MobileBanking App or NetBanking Login in.

2. go to menu bar ‘Save’ Or ‘Accounts’ under section ‘Deposits’ Select option.

3. ‘Open Fixed Deposit’ Click on and select the savings account from which the amount is to be debited.

4. Enter the deposit amount (e.g. ₹1 Lakh, ₹3 Lakh or ₹5 Lakh) and enter the period 35 months Select.

5. Choose the interest payment option—if you want the full amount on maturity ‘Cumulative (Reinvestment)’ Select option.

6. Confirm nominee details, accept terms and conditions and submit. Once confirmed, your digital FD receipt will be available for immediate download.

It is important to understand the tax rules while investing in bank FD. If the interest earned from FD in a financial year exceeds ₹40,000 for general citizens and ₹50,000 for senior citizens, the bank deducts TDS at the rate of 10% as per rules (up to 20% in case of no PAN card). If your total annual income is within the tax exemption limit, you can Form 15G (General Citizen) Or Form 15H (Senior Citizen) You can avoid TDS deduction by depositing. Apart from this, in case of emergency, the bank can impose a penalty of up to 1% on premature withdrawal of FD, so be sure to review your liquidity plan before investing.