HDFC Bank, one of India’s leading private sector banks, has introduced the Embassy Fixed Deposit (FD) scheme, a new investment option for its customers. The scheme is designed to provide a fixed return with a guaranteed interest rate, making it an attractive option for those looking for a low-risk investment.
Eligibility:
The Embassy Fixed Deposit is open to individual customers of HDFC Bank, including minors above 18 years of age, who have a savings or current account with the bank. The scheme is also available to HUFs, Partnership Firms, and Companies that have a current or savings account with HDFC Bank.
Interest Rates:
The interest rates for the Embassy Fixed Deposit vary depending on the tenor (duration) of the deposit. The rates range from 2.50% to 5.50% per annum. Here are some examples:
- 7 days to 14 days: 2.50% per annum
- 15 days to 1 year: 3.00% per annum
- 1 year to 2 years: 3.50% per annum
- 2 years to 3 years: 4.00% per annum
- 3 years to 5 years: 4.50% per annum
- 5 years to 10 years: 5.50% per annum
Key Features:
- Low-risk investment option with guaranteed returns
- High-yielding interest rates compared to other savings instruments
- Flexibility to choose from various tenors
- Can be opened in a single name or jointly
- Interest can be paid quarterly, yearly, or compounded
- Premature withdrawal allowed with a penalty
Documents Required:
To open an Embassy Fixed Deposit, customers need to submit the following documents:
- Proof of address (like a utility bill, lease agreement, or a copy of the electricity bill)
- Proof of identity (like a passport, driver’s license, or a PAN card)
- A cancelled cheque or a cheque book leaf
- Other documents as required by the bank
Overall, HDFC Bank’s Embassy Fixed Deposit offers a low-risk investment option for customers looking for a guaranteed return. With a range of interest rates and tenors to choose from, it is an attractive option for individuals, HUFs, and companies looking to park their surplus funds.