So you want to book a fixed deposit via HDFC net banking? But have few question like — how to apply online, what are the interest rate, what if I need to break FD before maturity, how much will be the penalty etc etc.
I had similar questions few months back, but couldn’t find any solution. So, I decided to do a little experiment. Before booking a large sum, I tried two small deposits -both 5000 INR each and for a period of one month. However, I break one FD after 15 days and let other one mature.
This helped me understand few things, like- when and where do you get your amount after it’s mature or cancel, how interest and penalty calculated on liquidated FD and things like that.
So if you have similar questions, follow this guide.
Apply for Fixed Deposit in HDFC online
Assuming you already have enabled online banking, login to your net banking account with your customer ID and password.
If you are new to HDFC net banking, then watch my YouTube playlist on how to login and transfer funds using HDFC online banking for first time.
Now under the account tab, you will see transact option on the right side of the screen. Click on it. This will expand the list and there you will notice another sub-option open fixed deposit under 1 cr, Click that.
Here you will see the FD form. Here, you need to enter the FD amount, duration, do you want monthly or yearly interest and finally, after the FD is matured, whether you want to auto-renew it or receive the total in your main account. Overall, is quite self-explanatory.
Once you are done filling the form, click continue.
Next you will see a summary of your fixed deposit. This includes – the rate of interest, maturity date and final amount you will get. Verify the details and click confirm to book your FD.
That’s it, the principal amount would be deducted from the source you have specified (usually your saving account) and FD will be activated.
You will also get a confirmation email which you can use as a receipt (it has FD number). Or you can also check FD status online by going to Fixed deposit summary found under inquiry option.
On the day of maturity, you will get both the principal amount and its interest, automatically deposited to your main account.
Break Fixed Deposit in HDFC online
Breaking or liquidating fixed deposit is easy. Simply login to your net banking account. Go to account > transact > liquidate fixed deposit and there you will see the list of FDs, you have booked.
Select the one you want to liquidate.
Next, it will give an overview of the penalty charges and interest rate you will get if you break your current FD. Usually, the penalty is 1 percent and you get the interest rate for the duration your FD was intact.
Click ok to proceed and that’s it. You will get the money in your account immediately, provided its bank’s working hours.
Bank often change their policy, so use this guide as an overview. Read more about HDFC interest rates and terms and condition here. And if you have any question, let me know in the comments below.