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.
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.
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