Senior citizens can get nearly 8% interest on Fixed Deposits of select tenors offered by HDFC, the housing finance company. While HDFC is one of the leading providers of housing finance in India, it also runs a fixed deposit program for regular as well as senior citizen customers. The FDs offered by HDFC are rated AAA by CRISIL and ICRA and provide assured returns. This article looks at the interest rates on HDFC Fixed Deposits.

HDFC offers various fixed deposit plans, namely Monthly Income Plan, Quarterly Option, Half-Yearly Option, Annual Income Plan and Cumulative Option. For the cumulative option, interest is compounded annually, as per information on the HDFC website.

Also, HDFC provides an additional 0.5% interest to senior citizens on deposits of 12-60 months and 0.75% extra on deposits of 61-120 months.

Interest rates for deposits below Rs 2 crore

As per information on the HDFC website, the following are the interest rates on fixed deposits below Rs 2 crore (effective June 21, 2023).

12-14 months: 6.77% under Cumulative Option.

15-17 months: 7.29% interest under annual income plan for regular customers, 7.79% for senior citizens; 7.29% under Cumulative Option for regular customers and 7.79% for senior citizens.

18-34 months: 7.19% interest under annual income plan for regular customers, 7.69% for senior citizens; 7.19% under Cumulative Option for regular customers and 7.69% for senior citizens.

35 months: 7.40% interest under annual income plan for regular customers, 7.90% for senior citizens; 7.40% under Cumulative Option for regular customers and 7.90% for senior citizens.

Also Read: Senior Citizen Fixed Deposit calculator: Interest on Rs 1 lakh FD – SBI vs HDFC Bank vs Post Office

36-54 months: 7.19% interest under annual income plan for regular customers, 7.69% for senior citizens; 7.19% under Cumulative Option for regular customers and 7.69% for senior citizens.

55 months: 7.45% interest under annual income plan for regular customers, 7.95% for senior citizens; 7.45% under Cumulative Option for regular customers and 7.95% for senior citizens.

56-120 months: 7.19% interest under the annual income plan for regular customers. For deposits of 56-60 months, senior citizens can get 7.69% interest. For deposits of 61-120 months under the Annual Income Plan, senior citizens can get 7.94% interest. The interest rate for the Cumulative Option is the same as Annual Income Plan.

Customers can deposit up to Rs 25 crore or more in HDFC Fixed Deposit. However, interest rates for such deposits may vary. You should check the HDFC website for the latest interest rates for deposits above Rs 2 crore.

Note: The Fixed Deposits offered by HDFC are different from the HDFC Bank’s FD. The latter comes with a Rs 5 lakh guarantee under RBI’s DICGC rules. The same doesn’t apply to HDFC fixed deposits. Also, currently HDFC Bank is offering up to 7.75% interest on FDs to senior citizens.