HDFC Super Saver Deposit Facility provides to its customer the assistance to link their savings account with their Fixed Deposits. In this way, a customer can withdraw money from his FD through his savings account without terminating the entire FD. Through this account the customers will also be allowed to access the sweep-in and overdraft facilities.
The deposits are applicable to:
|Type of Account
Minimum- The minimum amount of money required to invest in this account is 25,000 Rs.
Maximum- The bank has not proclaimed the maximum amount for this FD.
Sweep-in Facility- The sweep-in feature permits the customers to complete transactions during conditions of insufficient balance in their accounts. The required amount is transacted from the FD. (Example: If a customer issues a 2000 Rs. cheque but has 500 Rs. in his savings account, then bank will withdraw 1500 Rs. from the FD and complete the transaction.)
Overdraft Facility- This facility will allow customers to withdraw money from FD through their savings account.
|Limit of Withdrawal
|The customers are allowed to withdraw up to 75% of the deposited amount.
Minimum interest rate earned per annum: 3.5%
Maximum interest rate earned per annum: 7.9%
Minimum period of deposit: 6 months and one day.
Maximum period of deposit: 10 years
|If the earned interest crosses 10,000 Rupees, then the tax will be subtracted at source. The customer is advised to submit 15H or 15G forms and inform the bank if they cannot pay the taxes
The interest rate valid to these FDs is similar to the regular term deposits; they are as follows:
|Rates of Interest
|Above 6 months up to 9 months and 15 days
|7.25 % p. a.
|From 9 months and 16 days up to 1 year
|7.50 % p. a.
|For one Year
|7.90 % p. a.
|Above 1 year up to 5 years
|7.65 % p. a.
|Above 5 Years up to 8 Years
|7.75 % p. a.
|Above 8 Years up to 10 Years
|7.50 % p. a.
In case, the account holder of these fixed deposits, is a senior citizen, then he/she is credited an interest rate that is 0.5% higher. It is important to note that the rate of interest keep changing with time so it is highly advisable to have them examined properly before financing in a fixed deposit.