HDFC has been able to mobilise deposits from over 10 lac depositors. Outstanding deposits grew from Rs. 1,458 crores in March 1994 to Rs 19,359 crores in March 2009. Much of this success can be attributed to its strong brand image, superior services, security and above all, the significant contribution made by HDFC's deposit agents.
HDFC has been awarded “AAA” rating for its deposits from both CRISIL and ICRA for the
FOURTEENTH consecutive year , representing highest safety as regards timely payment of principal and interest.
Benefits of an HDFC Individual Deposit:
Highest Safety:
'FAAA' and 'MAAA' rating affirmed for the Fourteenth consecutive year by CRISIL and ICRA respectively.
Tax Benefits:
TDS: No tax deduction at source on interest from deposits upto Rs. 5,000/- per branch in a Financial Year.
Attractive Returns:
HDFC deposits are Available throughout the year and offer Attractive, Assured returns to investors. Interest rates offered are higher than that offered by most of the commercial banks.
Quick Loan Facility:
Loan against deposit is available after 3 months from the date of deposit upto 75% of the deposit amount subject to the other terms and conditions framed by HDFC. Interest on such loans will be 2% above the deposit rate.
*This facility is not available for Easyway Savings and deposits from minors.
Nomination Facility:
Individual depositors, singly or jointly, can nominate under this facility. In case the deposit is placed in the name of a minor the nomination can be made only by a person lawfully entitled to act on behalf of the minor. Power of attorney holder or any person acting in representative capacity as holder of an office or otherwise cannot nominate. The nominee shall have the right to receive the amount due in respect of deposit on death of all the depositors and payment by HDFC to the nominee shall constitute full discharge to HDFC of its liability in respect of the deposit.
Demand Draft Facility:
Outstation depositors can send demand drafts after deducting demand draft charges. This facility is not available to investors under Easyway Savings. This facility is applicable for places where HDFC does not have an office.
High Service Standards:
Depositors are offered across the counter services for new deposits, renewals, repayments and loan against deposit facility. Further, all enquiries through email, post, telephone and in person are attended to immediately.
Electronic Clearing Service:
This facility is provided to depsoitor's in select centres whereby the interest will be credited directly to the depositors' bank account. The depositor would receive a credit entry "ECS HDFC" in his passbook/bank statement. Intimation of interest credited would be sent on an annual basis. Your bank will not levy any charge for this facility as per present RBI guidelines.
Presently this facility is being offered by us at the following centers -
ECS Centres : Ahmedabad, Bangalore, Bhubaneshwar, Kolkata, Chandigarh, Chennai, Hyderabad, Jaipur, Kanpur, Lucknow, Mumbai, Nagpur, Nasik, New Delhi, Pune and Vadodara.
Interest Rates:
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Rates Effective from 8th March 2010 |
Base Scheme Rates |
Tenure
| Ticket slab
| Monthly
| Qtrly
| Half Yrly
| Annual
| Cumulative*
|
12 – 23 mths
| < = Rs.1 cr
| 6.70%
| 6.75%
| 6.85%
| -
| 7.00%
|
24 - 35 mths
| < = Rs.1 cr
| 6.95%
| 7.00%
| 7.10%
| 7.25%
| 7.25%
|
36 - 59 mths
| < = Rs.1 cr
| 7.30%
| 7.35%
| 7.45%
| 7.60%
| 7.60%
|
60 - 84 mths
| < = Rs.1 cr
| 7.95%
| 8.00%
| 8.10%
| 8.25%
| 8.25%
|
Minimum Amounts
| < = Rs.1 cr
| 40,000
| 20,000
| 20,000
| 20,000
| 20,000
|
0.25% additional for senior citizen (Upto 59 months) |
*For Cumulative Option, interest is compounded annually |
Special Scheme Rates |
Tenure
| Ticket slab
| Monthly
| Qtrly
| Half Yrly
| Annual
| Cumulative*
|
15 mths
| < = Rs.1 cr
| 6.80%
| 6.85%
| 6.95%
| -
| 7.10%
|
30 mths
| < = Rs.1 cr
| 7.30%
| 7.35%
| 7.45%
| 7.60%
| 7.60%
|
45 mths
| < = Rs.1 cr
| 7.40%
| 7.45%
| 7.55%
| 7.70%
| 7.70%
|
Minimum Amounts
| < = Rs.1 cr
| 40,000
| 20,000
| 20,000
| 20,000
| 20,000
|
0.25% additional for senior citizen (Upto 59 months) |
*For Cumulative Option, interest is compounded annually |
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Deduction of Income Tax at Source (TDS) |
There is no tax deduction at source on interest paid/credited upto Rs. 5000/- per branch in a Financial Year.
Income tax will be deducted at source under Section 194A of the Income Tax Act, 1961 at the rates in force. If the depositor is not liable to pay income tax and the interest to be paid/credited in a financial year does not exceed the maximum amount exempt from tax, depositor may submit a declaration in Form No. 15G so that income tax is not deducted at source. Senior Citizen may submit the declaration in Form No. 15H. Where income tax is deducted at source from the monthly interest, a consolidated TDS certificate may be issued for the financial year.
Sub-section 5A of Section 139A of the Income Tax Act, 1961 requires every person receiving any sum or income from which tax has been deducted to intimate his Permanent Account Number(PAN) to the person responsible for deducting such tax. Further, sub-section 5B of Section 139A requires the person deducting such tax to indicate the PAN on the TDS certificate. Please mention your PAN in the application form. However, in case you have applied for PAN or PAN is not applicable in your case, please tick the appropriate box in the application form.
For NRI's income tax at source will be deducted as applicable to Non-Resident Indians. |
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