HDFC Fd
DEPOSIT CAN BE PLACED BY
Resident Individual, Minor through guardian & Hindu Undivided Family.
MODE OF ACCEPTANCE
a) Through an account payee cheque favouring “HDFC Ltd”; or
b) Remittance of funds through RTGS, NEFT or fund transfer into HDFC’s bank account on any working
day (other than Saturday). In case the deposit amount is Rs. 25 lacs or more, the depositor must intimate HDFC latest by 12.30 pm on the day of remittance so that interest shall accrue from that date; else interest shall accrue from the next working day.
Bank Account details for remittance of funds: Beneficiary Name: HDFC LTD.
Account No.: HDFCFD+Depositor’s PAN (i.e. if PAN of the depositor is ABCDE1234Z then account number should be mentioned as HDFCFDABCDE1234Z)
IFSC Code: HDFC0000060
Bank Name & Branch: HDFC Bank Ltd, Fort Branch, Mumbai
INTEREST
Interest will be payable on the deposit from the date of realisation of cheque or fund transfer to HDFC’s
bank account. Interest on deposits placed under Monthly Income Plan, Non-Cumulative Option and
Annual Income Plan shall be paid on fixed dates as given below :
| Monthly Income Plan (MIP) | Last day of each month |
| Non-Cumulative – Quarterly Option | June 30, September 30, December 31 and March 31 |
| Non-Cumulative – Half Yearly Option | September 30 and March 31 |
| Annual Income Plan (AIP) | March 31 |
Cumulative Interest Option: Interest will be compounded annually and accrued on 31st March of every year after deducting the tax, wherever applicable. The principal along with interest will be paid on maturity once the discharged deposit receipt is received by us.
Interest amount (net of TDS – where applicable) will be paid through ECS at all centres where ECS facility is available. Where ECS facility is not available, interest cheque will be paid through “Account payee” cheque drawn in favour of the first named depositor along with his bank account details furnished. In case of MIP, post-dated interest cheques for every financial year will be issued in advance.
In case of MIP and Non-Cumulative deposits, if the first interest due date falls within a week from the deposit date, then the interest for the first broken period will be paid in the next interest cycle.
Interest on MIP under Variable Rate Deposit will be paid through ECS only. Interest will accrue after the maturity date only if the deposit is renewed.
ELECTRONIC CLEARING SERVICE (ECS)
This facility is provided to depositors whereby the interest will be credited directly to the depositors’bank account. The depositor would receive a credit entry “ECS HDFC” in his pass book/bank statement. Intimation of interest credited would be sent on an annual basis.
PREMATURE WITHDRAWAL
Request for premature withdrawal may be permitted at the sole discretion of the corporation only and cannot be claimed as a matter of right by the depositor, subject to the Housing Finance Companies (NHB) Directions, 2010 as applicable from time to time.
Premature withdrawal will not be allowed before completion of 3 months from the date of deposit. In case of request for premature withdrawal after the expiry of three months, the rates given in the following table shall apply.
| Months completed from the date of deposit | Rate of Interest Payable |
|---|---|
| After 3 Months but before 6 Months | The Maximum interest payable shall be 4% per annum for individual deposited, and no interest in case of other category of depositors. |
| After 6 Months but before the date of maturity | The interest payable shall be 1% lower than the interest rate applicable for the period for which the deposit has run or if no rate has been specified for that period, then 2% lower than the minimum rate at which the public deposits are accepted by HDFC. In respect of variable rate deposit, the interest rate applicable for the period for which deposit has run would be considered as applicable on the respective interest reset dates. |
RENEWAL AND REPAYMENT OF DEPOSIT
For renewal or repayment of deposit, the duly discharged deposit receipt must be surrendered to HDFC atleast a week before the date of maturity. In case of renewal, the prescribed application form signed by all depositors is also required to be submitted simultaneously.
If the date of maturity falls on any day on which HDFC’s office remains closed, repayment will be made on the next working day. Repayment of deposit will be made by “Accout Payee” cheque drawn favouring the first depositor or by crediting the amount directly to first depositor’s bank account through NEFT/ RTGS, based on request from the depositor.
NOMINATION FACILITY
Only individual depositor/s, singly or jointly, can nominate a single person under this facility. In case the deposit is placed in the name of a minor, 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 the deposit and payment by HDFC to the nominee shall constitute full discharge to HDFC of its liabilty in respect of the deposit. Nominees’ name will be printed on the Deposit Receipt, unless mentioned otherwise. In case of thumb impression of the depositor/s, nomination has to be attested by two witnesses. In such cases, separate Form DA-1 may be downloaded from our website.
KNOW YOUR CUSTOMER (KYC)
In terms of the Prevention of Money Laundering Act, 2002, the rules notified thereunder and KYC Guidelines issued by the National Housing Bank (NHB), every depositor is required to comply with the KYC requirements by submitting the following documents :
a) Latest photograph b) Self-certified copy of the proof of identify c) Self-certified copy of the proof of address. In case the depositor has already submitted the above documents in his earlier deposit, then he need not submit the above documents again, but has to provide the reference of his customer number.
GENERAL
In the event of death of the first / sole depositor, repayment of deposit and payment of interest will be made to the joint depositor first in order of survivor/s / nominee on submission of death certificate without reference to the heirs and/or legal representatives of the deceased.
Any discharge given by the first-named depositor for principal and/or interest will be valid and binding on all joint depositors. Deposits with HDFC are not transferable. Applications should be complete in all respects and HDFC has a right to accept or reject any application without notice, subject to the Housing Finance Companies (NHB) Directions, 2010.
Shareholders, Home Loan customers, customers referred by staff and high value depositors may be offered an additional interest rate as decided by management from time to time. In case such deposits are generated through our authorised agents, commission on such deposits would be adjusted appropriately.
CRISIL has reaffirmed “CRISIL FAAA/Stable” rating for our Deposits Programme. Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.
ICRA has reaffirmed “MAAA” rating with Stable outlook to our Deposits Programme. This rating is the highest credit quality rating assigned by ICRA. The rated deposit programme carries the lowest credit risk.
Total amount of exposure including the non-fund based facilities, to companies in the same group or other entities or business ventures in which directors and/or the Corporation are holding substantial interest as on March 31, 2015 was ` 10,342.61 crores.
The deposits solicited by the Corporation are not insured.
HDFC has a right to change, amend, add or delete the terms and conditions without notice, subject to the Housing Finance Companies (NHB) Directions, 2010, as applicable, from time to time.
In case of any deficiency of the Corporation in servicing its deposits, the depositor may approach the National Consumers Disputes Redressal Forum, the State Level Consumers Disputes Redressal Forum or the District Level Consumers Dispute Redressal Forum for relief.
In case of non-repayment of the deposit or part thereof in accordance with the terms and conditions of the deposit, the depositor may make an application to an authorised officer of the National Housing Bank.
The financial position of the Corporation as disclosed and the representations made in the application form are true and correct and that the Corporation and its board of directors are responsible for the correctness and veracity thereof.
The deposit acceptance activities of the Corporation are regulated by the National Housing Bank. It must, however, be distinctly understood that the National Housing Bank does not undertake any responsibility for the financial soundness of the Corporation or for the correctness of any of the statements or the representations made or opinions expressed by the Corporation, and for repayment of deposit/ discharge of liabilities by the Corporation. HDFC Deposits programme is designed in accordance with NHB Regulations with the objective to channelise resources for housing.
For NRI’s application
DEDUCTION OF INCOME TAX AT SOURCE (TDS)
Income tax will be deducted at source under Section 195 of the Income Tax Act, 1961, at the rates in
force. Wherever there exists a Double Taxation Avoidance Agreement (DTAA) between Government of India and Government of other Countries (country of Residence of respective NRI), the rate of tax deducted at source will be applied as per the DTAA. NRI has to give the declaration each financial year in two respects, viz.,that he is a resident of foreign country and he is not resident in India, during the relevant Financial Year, failing which TDS will be deducted at normal rates. To claim benefit of DTAA, it is compulsory to submit Tax Residency Certificate and Form 10F.
Where income tax is deducted at source on 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.
Withholding Tax Rates (Tax rates applicable in India under ADT Agreement)
Please refer DTAA between India & Govt. of the Country of residence of respective NRI depositor or www.hdfc.com for more details.
* Surcharge of 10% is applicable on income above Rs. 1 crore
* Education cess at 2% and Secondary and Higher Education Cess at 1% will be applicable.