| Started On | 1850 |
| Head Quarters | New York, USA |
| CRISIL Rating | NA |
| CEO | Michael Roberts |
| Listed on exchange as | HSBC Holding Plc |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
The short-term deposit ranges from 7 Days to 364 Days. The interest rates offered are 2.25% to 3.25% for general customers and 2.75% to 3.75% for senior citizens.
The medium-term deposit ranges from 365 days to 60 months. The interest rates offered are 3.15% to 4.00 for general customers and 3.65% to 4.50% for senior citizens.
| Name | Tenure | Interest rate |
|---|
An HSBC Bank FD account can be opened through online and offline modes-
1) Online Method
2) Offline Method
For opening an HSBC Bank FD account via offline mode, one has to visit the nearest HSBC Bank branch. Fill out the HSBC Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by HSBC Bank.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in HSBC Bank –
The following documents have to be furnished for opening an HSBC Bank FD –
HSBC Bank FD is not eligible for tax deductions under Section 80C. Therefore, the interest income is taxable according to the income tax slab rates. Also, HSBC Bank will deduct a 10% TDS if the interest income surpasses Rs. 40,000. For senior citizens, the TDS limit is Rs. 50,000 p.a.
Also, the 10% TDS rate will only apply when the investors disclose their PAN Card details. If someone does not disclose the PAN Card details, the 20% TDS will be levied.
HSBC Bank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan. The rate of interest for the loan will be according to the terms and conditions of HSBC Bank.
HSBC Bank permits premature withdrawal of Fixed Deposit. The bank will levy a penalty of 1% on the contracted interest rate.
Can an account holder modify the term of an existing HSBC Bank fixed deposit account?
Account-holders cannot modify the term of an existing HSBC Bank fixed deposit account.
What are the eligibility requirements for an HSBC Fixed Deposit?
The following are the qualifying requirements for an HSBC Fixed Deposit account:
Individuals residing in the country, HUFs, NRIs, and businesses, and including minors.
Is there a penalty for withdrawing from an HSBC Fixed Deposit early?
Yes, HSBC Bank imposes a 1 percent premature withdrawal penalty if the account user withdraws a portion or all of the HSBC fixed deposit sum before maturity.
Can an account holder open an HSBC fixed deposit online using net banking/mobile banking if he or she does not already have an account with HSBC Bank?
No, you must already have an account with HSBC Bank to use internet banking and create an FD account.
What is the HSBC Fixed Deposit Account's minimum deposit amount?
The HSBC Fixed Deposit requires a minimum deposit of Rs. 10,000.
What tax benefits does the FD offer?
If the interest on your fixed deposit exceeds Rs 40,000 (Rs.50,000 for senior people) throughout the fiscal year, the bank deducts 10% tax at the source. Because of the COVID-19 pandemic, this rate has been decreased to 7.5 percent.
What are the documents required for HSBC Bank FD Scheme?
The documents needed are: