Everyone today realises how important are savings. People save up money so that they can take trips with their family, to buy their dream house or car or some just for emergency cases. But often we forget that we splurge our savings more than necessary. If this happens to you often then you should check out a scheme called Fixed Deposits. In this, you have to put up a sum of money as an investment with an interest rate. At the end of the tenure decided you get an amount along with added interest rate. The best bank to issue a Fixed deposit is HDFC bank. The bank offers great benefits and features with a low-interest rate and a flexible tenure. In this article, we discuss how you can calculate the interest rate on Fixed deposits at HDFC bank using the HDFC bank fixed deposit calculator.
How to calculate interest in HDFC Fixed deposit?
If you want to check the amount you may receive at the end of your tenure or even tenure itself, you should check the FD calculator that is present on the HDFCs official website. The FD calculator helps you calculate interest on fixed deposit in HDFC bank. You can also figure out what tenure and the principal amount you are comfortable with. You just have to enter your Principal amount, tenure and rate of interest along with the type of FD you have chosen.
Features of Fixed Deposit – HDFC
The features are:
HDFC bank has been largely known for its comfortable schemes. The bank promises to return your assets at the end of your tenure. The bank offers a return on the amount quarterly, monthly or as per the bank’s choice. Current HDFC is offering a rate up to 5.60%. The rate of interest in FDs is much higher than in a regular saving account.
Insured by the government
Even if something happens to the bank, the government is ready to back it up no matter what. The Debit insurance and Credit guarantee offer up to 5 lakhs. The bank has a AAA rating and thus makes it an eligible option for you to choose from.
Loans against FD
Making a loan against FDs is a great option. HDFC has this feature where they allow you to take up a loan against FDs. It offers up to 90% of your FD account for your loan. They also charge a low rate of interest and they do not above 3%. For the scheme, the bank has no processing fee.
HDFC works according to what you feel comfortable with. They offer flexible tenure so that you can figure out which tenure suits you the best. The bank often offers a tenure anywhere between 7 days to 10 years. The HDFC FD rates depend on tenure.
Types of Fixed Deposit – HDFC
The different types are:
Regular fixed deposit
In a regular fixed deposit the bank, can deposit a good amount and end up with a great result. You can create an FD via the online website of the bank. If you end up taking a loan against such an FD scheme, then you are entitled to at least 90% of your investment. It gives you a high return amount you have invested. This loan type is eligible to you if you are an Indian resident, sole partnership or several other private companies.
5 years of tax saving
In this loan scheme, the investment is particularly only for tax exemption, under section 80C. In this, you can compound your interest rate quarterly or monthly. You can apply for it through the official website of HDFC. If you have a joint account then the tax exemption will be taken from the first holder. To be eligible to apply for such a loan you need to be an Indian resident and should be 18 or above.
Here in this scheme, you can partially withdraw a certain amount of money from your FD. You can take out the money quarterly or monthly. You can not withdraw prematurely or sweep into the facility. If you have a tenure of more than 6 months, then your interest is calculated every quarter. This kind of deposit is only when the amount is 5 crores or more than that.
Overdraft against deposits
HDFC bank has this great feature of overdraft over the deposits. This is beneficial if you need financial help but do not want to break your FD. You can get up to 90% of our FD amount. You would have to pay the interest upon withdrawal. It is possible to link both current and savings to this. If you require tenure a sum of 25 thousand with a minimum tenure of 6 months 1 day.
Foreign currency non-resident deposit
In this, you can get an FD on currencies aside from the Indian one. This helps you if you want to invest in foreign currencies. The bank also allows you to make an overdraft over the NRO current or saving facility. Whether you are a foreigner or an Indian resident, you can still apply for this loan type.
Fixed deposits are a safe and secured investment. It helps you prepare better for the future financially. HDFC Bank is a great bank if you want to take an FD since it provides great features and benefits. The rate of interest starts at 2.50% and can go up to 5.60% along with a tenure ranging from 7 days to 10 years. With HDFC bank fixed deposit calculator online, you can determine the principal amount you want to invest, interest rate or even tenure you are comfortable in.