1. What is HDFC Fixed Deposit?

HDFC Bank Fixed Deposits offer guaranteed returns with flexible tenure options. Interest rates vary based on deposit amount and tenure, currently ranging from 3.00% to 7.20% for general customers (as of 2023).

2. How Does FD Calculator Work?

The calculator uses the compound interest formula:

Where:

• \( P \) — Principal amount (₹)
• \( R \) — Monthly interest rate (annual rate/12 as decimal)
• \( N \) — Number of compounding periods (months)
• \( A \) — Maturity amount (₹)

Explanation: Interest is compounded quarterly in most HDFC FDs, but this calculator assumes monthly compounding for more precise estimates.

3. Importance of FD Calculation

Details: Accurate FD calculations help in financial planning, comparing investment options, and understanding how different tenures affect returns.

4. Using the Calculator

Tips: Enter principal in ₹, annual interest rate in %, and tenure in months. Current HDFC rates are 3.00%-7.20% for general public (higher for senior citizens).

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum deposit for HDFC FD?
A: ₹5,000 for regular FDs, though some special schemes may have lower minimums.

Q2: Are HDFC FD interest rates fixed?
A: Yes, the rate is fixed for the entire tenure at the time of deposit.

Q3: Is TDS applicable on HDFC FDs?
A: Yes, 10% TDS is deducted if interest exceeds ₹40,000 annually (₹50,000 for senior citizens).

Q4: Can I withdraw FD prematurely?
A: Yes, but with penalty (0.5%-1% lower interest than applicable rate).

Q5: How often is interest paid?
A: You can choose monthly, quarterly, half-yearly, annual payout, or reinvestment (cumulative option).