Question: What Is The Interest Rate Of HDFC?

What is the interest of 1 lakh in HDFC Bank?

HDFC Bank Fixed Deposit Calculator 2020TenureRatesMaturity Amount for ₹ 1 Lakh1 year4.90% to 5.40%₹ 1,04,991 – ₹ 1,05,5101 year 1 day to 2 years5.00% to 5.50%₹ 1,05,109 – ₹ 1,11,5442 years 1 day to 3 years5.15% to 5.65%₹ 1,10,792 – ₹ 1,18,3313 years 1 day to 5 years 731 days5.30% to 5.80%₹ 1,17,128 – ₹ 1,49,6676 more rows•Oct 15, 2020.

How do you calculate the interest rate?

Simple Interest Formulas and Calculations:Calculate Total Amount Accrued (Principal + Interest), solve for A. A = P(1 + rt)Calculate Principal Amount, solve for P. P = A / (1 + rt)Calculate rate of interest in decimal, solve for r. r = (1/t)(A/P – 1)Calculate rate of interest in percent. … Calculate time, solve for t.

How many years FD will double in HDFC?

The tenure for HDFC Fixed deposit ranges from a minimum of 7 days to a maximum of 10 years. What are the current HDFC FD interest rates 2020? HDFC provides a 3.50% to 6.40% interest rate on their FD schemes depending on the tenure.

How is monthly interest calculated?

To calculate the monthly interest, simply divide the annual interest rate by 12 months. The resulting monthly interest rate is 0.417%. The total number of periods is calculated by multiplying the number of years by 12 months since the interest is compounding at a monthly rate.

What is 10% interest?

Example: Borrow $1,000 from the Bank Alex wants to borrow $1,000. The local bank says “10% Interest”. So to borrow the $1,000 for 1 year will cost: $1,000 × 10% = $100. In this case the “Interest” is $100, and the “Interest Rate” is 10% (but people often say “10% Interest” without saying “Rate”)

Which bank FD rate is high 2020?

Fixed Deposit Interest Rates 2020BanksFD Interest RatesTenureHDFC3.00% – 6.25%7 days to 10 yearsPNB Housing Finance7.20% – 8.00%12 months to 120 monthsICICI Bank3.25% – 6.25%7 days to 10 yearsAxis Bank3.50% – 6.75%7 days to 10 years3 more rows

What is the interest rate for saving account in HDFC?

4.00%HDFC Bank Savings Account Interest Rates & Minimum Balance Required Updated on 2020Types of Savings AccountInterest RateMinimum Balance RequiredFamily Savings Group Account4.00%INR 40,000Basic Savings Bank Deposit Account4.00%Not RequiredInstitutional Savings Account4.00%Not RequiredBSBDA Small Account4.00%Not Required5 more rows

Which FD is best in HDFC Bank?

Term deposits with tenures between 2 years and 3 years provide a 5.35%% rate of interest….HDFC Bank FD Rates.TenureFD RatesSenior Citizen FD Rates9 months 1 day to 364 days4.75%5.25%1 year5.25%5.75%1 year 1 day to 2 years5.25%5.75%2 years 1 day to 3 years5.35%5.85%8 more rows•Sep 3, 2020

Can I have 2 HDFC accounts?

You can add up to 5 Bank accounts at one time. Currently, these five Bank accounts have to be from HDFC Bank, Citibank, ICICI Bank, HSBC India, Standard Chartered Bank. You can add or delete accounts as and when you choose to.

Which bank is safe for FD?

To get the benefit of high rates, both SBI Bank and ICICI bank have a new FD scheme exclusively for senior citizens. The bank fixed deposits are becoming the first choice of depositors to keep their savings safe.

Which bank is best for monthly interest?

Interest rates on Monthly Income FD SchemesTop banks monthly income FD interest rates for senior citizensBankInterest rateTenure rangeUnion Bank of India4.50%181 days to less than 1 yearFederal Bank5.25%271 days to less than 1 yearKotak Mahindra Bank5.25%365 days to 389 days1 more row

How savings account interest is calculated?

Money in savings accounts will earn compound interest, where the interest is calculated based on the principal and all accumulated interest. … So in the case of savings accounts, interest is compounded, either daily, monthly, or quarterly, and you earn interest on the interest earned up to that point.

Is FD interest paid monthly?

Interest paid on a fixed deposit is paid either monthly or quarterly according to the investor’s choice. So if you invest Rs 3 lakhs in a one year fixed deposit which pays 8 per cent you can earn Rs 2,000 of interest every month or Rs 6,000 of interest every quarter.

Is 5 year FD tax free?

Only Individuals and HUFs can invest in tax saving fixed deposit(FD) scheme. … The maximum amount is of course Rs 1.5 lakh in the financial year which is the ceiling for tax saving investment under section 80C of the income tax Act. These deposits have a lock-in period of 5 years.

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 6.95%, then the number of years in which your FD will get doubled is 72/6.95= 10.36. Thus, it will take 10 years for your FD to get doubled.

Is HDFC safe bank?

1) HDFC Bank If market confidence is a measure of the soundness of a Bank, then HDFC Bank takes the cake. At over Rs 11 lakh crore market capitalisation, it tops the chart, even if its assets are just a fifth of the largest Bank in the country.

Which is better HDFC or Axis?

It also had a higher net interest margin (for the March 2012 quarter) of 4.2%, compared with 3.55% and 3.01% for Axis Bank and ICICI Bank, respectively. … Despite this, its Capital Adequacy Ratio (CAR) was a healthy 18.52%, compared to a measly 13.66% for Axis Bank and 16.5% for HDFC Bank.

Which bank has highest rate of interest?

Fixed Deposit Interest Rates by Different BanksBankTenureInterest rateICICI Bank7 days to 10 years4% to 7.25%Punjab National Bank7 days to 10 years5.70% to 6.85%HDFC Bank7 days to 10 years3.5% to 7.40%Axis Bank7 days to 10 years3.5% to 7.25%2 more rows•Oct 7, 2020

Is FD tax free?

The interest earned under an FD is taxable under “income from other sources”. The amount invested under 80C of the Income Tax Act is exempt but interest earned under such investments is taxable. … It means if the interest earned from a company deposit exceeds ₹ 5,000, the investor is liable for a TDS it.

How much amount FD interest is tax free?

2) The interest income from bank fixed deposit is fully taxable, unlike savings bank account where one gets income tax exemption on the interest earned up to Rs 10,000 in a year. In case of FDs, banks deduct tax at source (TDS) at the rate of 10 per cent if the interest income for the year is more than Rs 10,000.

Which bank is best for savings account?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit Account.