If you are a Non-Resident Indian or Person of Indian Origin residing outside India and holding a PIO card, HDFC accepts your deposits in accordance with the regulations governing the acceptance of deposits from NRIs. You can choose from a wide range of deposit products with maturities ranging from 12 to 36 months at competitive rates of interest and with different features to suit investment needs of individuals. Senior citizens who are 60 years or older are offered an additional interest of 0.25% p.a. on all deposit products.

Monthly Income Plan

  • Provides you with regular monthly income.
  • Monthly interest is directly credited to your bank account through ECS.
  • Ideal for retired people, housewives and senior citizens
  • Available in Fixed and Variable Interest Rates.
Click here to view Interest Rates

Non-Cumulative Interest Plan (Quarterly and Half-yearly)

  • Provides you with regular periodic interest income, either on a quarterly or a half-yearly basis.
  • Interest will be directly credited to your bank account through ECS.
  • Ideal to plan the fund requirements at the end of each quarter/half-year.
  • Available in Fixed and Variable Interest Rates.
Click here to view Interest Rates

Annual Income Plan

  • Provides you with regular yearly interest income.
  • Interest will be directly credited to your bank account through ECS.
  • Ideal option to maximize returns and plan for annual cash outflows.
  • Available in Fixed and Variable Interest Rates.
Click here to view Interest Rates

Cumulative Option

  • Provides you with a lump sum at the end of the deposit tenure.
  • Ideal option to accumulate funds for future requirements and maximize returns.
  • Ideal for parents planning for their child’s higher education/marriage.
  • Available in Fixed and Variable Interest Rates.
Click here to view Interest Rates

Features

ECS Facility

Interest on your deposits will be credited directly to your account through Electronic Clearing Service wherever this facility is available.

Interest Payment Details

You will be paid Interest on the deposit from the date of realisation of the cheque or RTGS 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) The last day of every month
Non-Cumulative : Quarterly Option June 30, September 30, December 31 & 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 on 31st March of every year after deducting the tax, wherever applicable. The principal along with the 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. Interest on Monthly Income Plan under Variable Rate Deposit will be credited to the depositor's bank account on the last day of the month, through ECS only. Interest will accrue after the maturity date only if the deposit is renewed.

Interest reset date for Variable Rate Deposits

Rate of interest (RoI) will be reset at the beginning of each interest period. RoI prevailing on the first day of the interest period will be applicable for the entire interest period.

Tax Deduction at Source

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 the Government of India and government of other countries (country of residence of the respective NRI), the rate of tax deducted at source will be applied as per the DTAA. The NRI has to give the declaration every financial year in two respects, viz., that he is a resident of a foreign country and he is not resident in India during the relevant Financial Year, failing which TDS will be deducted at normal rates. Where income tax is deducted at source on the monthly interest, a consolidated TDS certificate maybe issued for the financial year. Sub-section 5A to 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 to section 139A requires the person deducting such tax to indicate the PAN on the TDS certificate. Please mention your PAN in the application form.

Premature Withdrawal

Your request for premature withdrawal may be granted at the sole discretion of HDFC and cannot be claimed as a matter of right, subject to the Housing Finance Companies (NHB) Directions, 2010, as applicable from time to time.

Premature withdrawal will not be allowed before completion of three 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 deposit  Rate of Interest Payable
After 3 months but before 6 months The maximum interest payable shall be 4% per annum for individual depositor, and no interest in case of other category of depositors
After 6 months but before the date of maturity The interest payable shall be one percent lower than the interest rate applicable to a public deposit for the period for which the deposit has run or if no rate has been specified for that period, then two percent lower than the minimum rate at which the public deposits are accepted by HDFC.
Renewal and Repayment of Deposit

For renewal or repayment of deposit, you must surrender the duly discharged deposit receipt to HDFC at least 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. When the date of maturity falls on any day on which HDFC's office remains closed the repayment will be made on the next working day. Repayment of deposit will be made by Account Payee cheque drawn favouring the first depositor or by crediting the amount directly to the first depositor's bank account through NEFT/RTGS, based on the 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, the 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 liability in respect of the deposit. Nominee's name will be printed on the Fixed Deposit receipt, unless mentioned otherwise.

Know your Customer (KYC) Compliance

In terms of the Prevention of Money Laundering Act, 2002, the rules notified thereunder and KYC Guidelines issued by the National Housing Bank (NHB), you are required to comply with the KYC requirements by submitting the following documents.Power of Attorney holder or any person acting in representation capacity as holder of an office or otherwise, is also required to comply with KYC guidelines:

  • The latest photograph
  • A certified copy of the proof of identity
  • A certified copy of the proof of address
  • A copy of passport of depositors
  • A copy of PAN card of depositors

All photocopies have to be attested by your Banker/Notary/Indian Embassy official/Yourself (Self attestation). All photocopies have to be signed by the applicant in full as "True Copies".

Double Taxation Avoidance Agreement (DTAA)

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), the rate of tax deducted at source will be applied as per the DTAA. The NRI has to give the declaration each financial year in two respects, viz., that he is a resident of a foreign country and he is not the resident of India, during the relevant financial year, failing which TDS will be deducted at normal rates.

Withholding Tax Rates (Tax rates applicable in India under ADT Agreement)
Country Tax % Country Tax %
Armenia 10% Namibia 10%
Australia 15% Nepal 15%
Austria 10% Netherlands 10%
Bangladesh 10% New Zealand 10%
Belarus 10% Norway 15%
Belgium 15% Oman 10%
Botswana 10% Philippines 15%
Brazil 15% Poland 15%
Bulgaria 15% Portuguese Republic 10%
Canada 15% Quatar 10%
China 10% Romania 15%
Cyprus 10% Russian Federation 10%
Czeck Republic 10% Saudi Arabia 10%
Denmark 15% Serbia 10%
Germany 10% Solvenia 10%
Finland 10% Singapore 15%
France 10% South Africa 10%
Greece 20% Spain 15%
Hungary 10% Srilanka 10%
Iceland 10% Sudan 10%
Indonesia 10% Swedan 10%
Ireland 10% Swiss 10%
Israel 10% Syria 10%
Italy 15% Tanzania 12.50%
Japan 15% Thailand 20%
Jordon 10% Trinidad and Tobago 10%
Kazakistan 10% Turkey 15%
Kenya 15% Turkmenistan 10%
Korea 15% Uganda 10%
Kuwait  10% Ukraine 10%
Kyrgyz Republic 10% United Arab Emirates 12.50%
Libyan Arab Jamahiriya 20% United Arab Republic (Egypt) 20%
Malaysia 10% United Kingdom 15%
Malta 10% United States 15%
Mangolia 15% Uzbekistan 15%
Mauritius 20% Vietnam 10%
Morocco 10% Zambia 10%