HDFC Bank Fixed Deposit Returns Calculator: Step-by-step guide

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HDFC Bank FD Calculator: Fixed Deposits (FDs) are one of the safest and most popular investment instruments that allow investors to earn interest on their investment regularly on a predetermined basis. Investments in FDs can be made for various time frames, ranging from a minimum of seven days to ten years. Banks offer different interest rates on FDs depending on the maturity period.

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Before making an investment in FDs, it’s very important to understand the nitty-gritty of the FDs. It helps to make a wise decision so you won’t make mistakes and choose what bests for you.

HDFC Bank offers a 7.25% interest rate to regular citizens for FDs maturing between 18 months to less than 21 months. Senior citizens are offered an additional 0.50% interest rate, effectively making it 7.75%.

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Here’s how to calculate FD returns using the HDFC calculator:

1. Go to this link: HDFC FD Calculator
2. Enter the amount you wish to deposit and select the type of deposit. You can choose from reinvestment, quarterly payout, monthly payout, and short-term.
3. Select the time frame for your fixed deposit, including months and days.
4. Indicate whether you are a senior citizen or not.
5. Select the start date for the fixed deposit in the calculator.

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Things to keep in mind while investing in FDs:

• The bank will deduct Tax Deducted at Source (TDS) if your FD interest income is more than Rs 10,000 in a year. If you fall under the no income tax bracket, you will need to submit Form 15H or 15G to avoid TDS.
• The bank provides a nomination facility to FD holders in case of unexpected demise during the FD tenure. In such a case, your nominee will receive the FD amount.
• With FD investments, you may also choose the frequency at which interest is paid out. Most banks offer monthly, quarterly, half-yearly, annual and full tenure interest payout options. To achieve your investment goal, carefully consider the interest payout frequency while seeking for FD investing advice.
• You can close your FDs prematurely; however, you will need to pay a penalty for premature closure.