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The fixed deposit offered by HSBC Bank is a great way to save money. The interest rates offered on the deposits are quite lucrative and the tenure options too look good.
Fixed Deposit of FD refers to an investment avenue which is generally offered by banks and Post Office. In case of FD, people need to deposit a considerable amount as a one-time payment for a fixed time frame. Here, people get back their investment amount at the end of the tenure. However, people cannot break the FD during the tenure and if they try to break they need to pay some charges to the bank. The FD Income earns interest on the investment. This interest income earned is taxable in the hands of investors.
The following table indicates the interest rates for HSBC domestic term deposit schemes:
Term | For General Public (Below INR 20 M*) | For Senior Citizens |
---|---|---|
7 Days | 2.85% | 3.35% |
8 Days | 2.85% | 3.35% |
9 to 14 Days | 3.00% | 3.50% |
15 to 29 Days | 3.00% | 3.50% |
30 to 59 Days | 3.40% | 3.90% |
60 to 89 Days | 3.60% | 4.10% |
90 to 93 Days | 3.80% | 4.30% |
94 Days | 3.80% | 4.30% |
95 to 179 Days | 4.00% | 4.50% |
180 Days | 4.50% | 5.00% |
181 to 269 Days | 3.25% | 3.75% |
270 Days to 364 Days | 3.70% | 4.20% |
365 Days | 4.00% | 4.50% |
366 Days to 399 Days | 4.00% | 4.50% |
400 Days | 3.25% | 3.75% |
401 Days to less than 18 months | 6.25% | 6.75% |
18 months to 599 days | 4.10% | 4.60% |
600 days | 3.75% | 4.25% |
601 to 699 days | 3.30% | 3.80% |
700 days | 3.75% | 4.25% |
701 days to 730 days | 4.25% | 4.75% |
731 Days | 4.25% | 4.75% |
732 days to less than 36 months | 7.25% | 7.75% |
36 months to less than 37 months | 7.00% | 7.50% |
37 months to less than 48 months | 6.00% | 6.50% |
48 months to 60 months | 6.00% | 6.50% |
The interest rates are subject to change as per the discretion of the bank.
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HSBC bank allows premature withdrawals of fixed deposit, however, a predetermined penalty will be levied in such a case- 1 percent penalty rate is applicable on premature withdrawal. The depositor earns 1 percent lesser rate compared to the existing interest rate decided during scheme selection.
Investors who are thinking of parking their money for the short term, you can also consider liquid Mutual Funds. Liquid Funds are an ideal alternative to FDs as they invest in low-risk debt and money market securities.
Here are some features of liquid funds you should know:
Fund NAV Net Assets (Cr) 1 MO (%) 3 MO (%) 6 MO (%) 1 YR (%) 3 YR (%) 5 YR (%) 2023 (%) Indiabulls Liquid Fund Growth ₹2,425.98
↑ 0.53 ₹516 0.6 1.7 3.6 7.4 6.1 5.1 6.8 Principal Cash Management Fund Growth ₹2,214.18
↑ 0.43 ₹6,783 0.6 1.7 3.5 7.3 6.3 5.2 7 PGIM India Insta Cash Fund Growth ₹326.597
↑ 0.06 ₹555 0.6 1.7 3.5 7.3 6.3 5.3 7 JM Liquid Fund Growth ₹68.5098
↑ 0.01 ₹3,240 0.6 1.7 3.5 7.3 6.2 5.2 7 Axis Liquid Fund Growth ₹2,792.95
↑ 0.55 ₹34,316 0.6 1.7 3.5 7.4 6.3 5.3 7.1 Invesco India Liquid Fund Growth ₹3,448.89
↑ 0.71 ₹14,805 0.6 1.8 3.5 7.4 6.3 5.3 7 ICICI Prudential Liquid Fund Growth ₹371.524
↑ 0.08 ₹51,423 0.6 1.7 3.5 7.4 6.3 5.3 7 Aditya Birla Sun Life Liquid Fund Growth ₹404.325
↑ 0.08 ₹48,377 0.6 1.7 3.5 7.4 6.3 5.3 7.1 Nippon India Liquid Fund Growth ₹6,124.52
↑ 1.22 ₹35,408 0.6 1.7 3.5 7.4 6.2 5.3 7 Tata Liquid Fund Growth ₹3,951.84
↑ 0.82 ₹23,832 0.6 1.7 3.5 7.3 6.2 5.3 7 Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 2 Dec 24