HDFC Bank FD rates 2023: will get more benefits; 4.14 lakh income from interest in 5 years on ₹ 10 lakh deposit, calculation

 

HDFC Bank FD rates 2023: In HDFC Bank, customers can get FD from 7 days to 10 years. The revised interest rates of the bank are applicable from 21 February 2023. Let us understand here how much regular customers and senior citizens will benefit in 5 years on a lump sum deposit of 10 lakhs at the new rates.

HDFC Bank FD rates 2023: Private sector HDFC Bank has changed the interest rates of Fixed Deposit (FD). Now up to 7.10 per cent interest will be available in the bank for FDs of less than Rs 2 crore. At the same time, the interest rates for senior citizens are up to 7.75 percent. Customers can get FD from 7 days to 10 years in HDFC Bank. The revised interest rates of the bank are applicable from 21 February 2023. Let us understand here how much regular customers and senior citizens will benefit in 5 years on a lump sum deposit of 10 lakhs at the new rates.

HDFC Bank FD Calculator 2023

On HDFC Bank's 5-year FD, its regular customers are getting 7% interest per annum. If a customer makes an FD of Rs 10 lakh, then he will get Rs 14,14,778 on maturity. That is, there will be a fixed income of Rs 4,14,778 from interest.

Similarly, senior citizens are getting 7.50 per cent interest per annum on 5-year FDs. If a customer makes an FD of Rs 10 lakh, then he will get around 14.50 lakh (Rs 14,49,948) on maturity. In this, there will be a fixed income of 4.5 lakhs from interest.

HDFC Bank offers 'Senior Citizen Care FD' for its senior citizens. In this, 25 basis points more interest will be available on deposits ranging from 5 years 1 day to 10 years. In this way, senior citizens can earn an annual interest of 7.75 percent. This scheme is till 31 March 2023.

HDFC Bank Interest Rates 2023

Tenure Regular Customer Senior Citizen

7 - 29 days 3% 3.5%

30 - 45 days 3.5% 4%

45 days to 6 months 4.5% 5%

  6 months 1 day to 9 months 5.75% 6.25%

  9 months 1 day to 1 year 6% 6.5%

1 year to 15 months 6.6% 7.1%

15 months to 18 months 7.10% 7.60%

18 months to 5 years 7% 7.50%

5 years 1 day to 10 years 7% 7.75%

(These interest rates are effective from February 21, 2023.)

Tax saving on 5 year FD

Deduction can be claimed under section 80C on FD of 5 years. However, the interest earned on FD is taxable. In this, tax can be saved on investment up to a maximum of Rs 1.5 lakh in a financial year. It has a lock in period of 5 years. This period can extend up to 10 years.