In this article I will be explaining about the procedure to open fixed deposit account with HDFC bank by using the online banking. Nowadays it is not necessary meet the bankers to open a fixed deposit. If you have savings bank account and netbanking details, it is easy to create one at your desk. Here I will explain with HDFC bank account. If you have any doubts please post it in the comments section.Also subscribe to our future articleshere.
Steps to create Online Fixed Deposit Account
Step 1: L Login to Your HDFC Account
Step 2:Search For Fixed Deposit Option in your Home Page
Step 3:Select the Options and proceed to create the Fixed Deposit Account
The following are the instructions given on the HDFC Bank website:
1.As per Section 139A(5A) of the Income Tax Act every person receiving any sum of income or amount from which tax has been deducted under the provisions of the Income Tax Act shall provide his PAN number to the person responsible for deducting such tax.
2.In case the PAN number is not provided to the Bank as required the bank shall not be liable for the non availment of the credit of tax deducted at Source.
3.As per the section 114B (c) of the Income Tax Act, every person shall quote his permanent account number in all transactions pertaining to a time deposit, exceeding fifty thousand rupees, with a banking company to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of the Act);
4.Further please note that the credit for the Tax Deducted at Source as governed by Section 194A is based on the eTDS return filed by the bank by quoting of VALID PAN of deductee’s. In the absence of your PAN No. with the Bank, availment of the credit of TDS would be an hindrance, as the credit for TDS is denied by the Tax Authority where PAN No. is not mentioned in eTDS return.
5.Incase you wish to book an FD under the 5 Year Tax Saving Scheme to avail exemption u/s 80C of the Income Tax Act,1961,kindly visit your nearest HDFC Bank branch.
6.The Fixed Deposit will be opened as a regular FD, with the holding pattern, similar to the holding pattern existing in the Current/Savings account, from where the amount is being debited.
7.Instructions relating to super saver, sweep-in and nomination will need to be signed by all account holders and submitted to the branch
8.Individuals seeking exemption from TDS, have to submit a completed Form 15H at the bank branch.
9.To modify maturity instruction / break an FD/ change of nominee, you will have to approach the branch
10.The FD rate applicable for a monthly interest option will be a discounted rate over the standard FD Rate. Please contact the nearest Branch for further information.
11.In case you are a Senior Citizen (60 years and above) and would like to avail of preferential rate of interest on your deposit, please approach your branch with proof of age. Once you are registered as a Sr. Citizen with the branch you would be eligible for preferential rate of interest on all your FD bookings through the Net.
Summary
I hope this article is useful for creating the online fixed deposit account. It helps you to save lot of time on going to the bank branches and standing in the long queue. In the future article I will be writing about the online fixed deposit with other banks. Please keep reading our articles.
Subscribe to our future articles here.
November 10, 2009 at 2:54 am
The same service is available for ICICI Bank account holders. Please check the link.
http://www.icicibank.com/pfsuser/webnews/flashdemo/flashdemo.html
Please copy & paste in your browser if it does not appear clickable.
November 10, 2009 at 3:15 am
Hello Arvind,
Thank you for the information.
Thanks,
Krishna
November 17, 2009 at 4:00 am
How safe is investing in Unitech Group fixed deposits which is offering Higher interest rates upto 12% p.a?
February 4, 2010 at 2:31 am
I have worst experience about HDFC bank. It is the worst bank I have ever seen.
Be careful before investing in this bank ……
I did a investment with them till four year they took all the year payment it was young star linking with life insurance scheme for my son but on fifth year them send me half the amount what i have invested and aletter which state that it is closed
February 28, 2010 at 10:41 pm
I have a saving acount in SBI. can i open a fixed deposite acount in other bank online.
April 9, 2010 at 4:35 am
Hi Krishna,
I have one doubt.How to encash/redeem the FD . Can it be done online?
Can we print the FD receipt online?
Thanks,
Manish
October 11, 2011 at 1:07 pm
we can provide any state and branch irrespective of our bank account is associated with in STEP3?
June 2, 2012 at 9:14 pm
I have very bad experience about HDFC bank and below is my complaints which I have submitted.
http://www.consumer-court.in/complaints/hdfc-delhi-delhi-c896.html
July 1, 2012 at 4:50 am
Sir mera account SBI me hai aur mai HDFC me FD karna chahata hu kaya proces hai aur kaya karana hoga
July 1, 2012 at 5:53 am
Hello Javed,
Can you write it in English?
Thanks,
Krishna
July 31, 2012 at 10:03 pm
Hi,
If i’ll book a FD online then how would i get FD receipt?
and on maturity amount would be automatically credited to my saving account?
Thanks,
Neha.
February 1, 2013 at 1:09 pm
Yes, It will be credited to your savings account.
Thanks,
Krishna
February 1, 2013 at 9:35 am
i have made an online fd in hdfc bank in october2012.now i want to liquidate it.please tell me the procedure of online liquidation offd
February 1, 2013 at 1:08 pm
You can do that in online itself, please close the FD and the money will be credited to your savings account.
Thanks,
Krishna
March 14, 2013 at 11:21 am
Can you give the details of maturity claim / pre-mature closure of Fixed deposit claim thru online process?
Now it is not possible to speak with customer care operator due to system completely changed to IVR. Even if we contact thru mail, they ask all the details of customer care number, account number etc.,
Be think before invest in HDFC
March 14, 2013 at 2:07 pm
Hello Dhina,
Can you please contact the bank directly to get any details on their product. They will be in better position to answer your questions.
Thanks,
Krishna