HDFC Dream Deposit – multiply your savings with small investments
HDFC Dream Deposit is A flexible way to multiply your savings with small investments. Bank deposits serve different purposes for different people. Some people cannot save regularly; they deposit money in the bank only when they have extra income. The purpose of deposit then is to keep money safe for future needs. Some may want to deposit money in a bank for as long as possible to earn interest or to accumulate savings with interest so as to buy a flat, or to meet hospital expenses in old age, etc. Some, mostly businessmen, deposit all their income from sales in a bank account and pay all business expenses out of the deposits.
With HDFC Bank Dream Deposit, you can:
- Name your deposit according to the dream you are saving up for
- Enjoy a complete online experience
- Anytime top- up option available on the same account
- Flexibility to deposit money on availability of funds
- Top-up facility up to 3 times a month
- Maximum Top-up value per month is twice the monthly instalment amount
- Interest rate will be as per extant Deposit Rates
- No need to worry if SI date is missed
- Instalment can be deposited online post SI date if funds are available in account
- No SI Failure Charge
- Interest will be paid from the date of instalment/Top-up amount paid
- Premature liquidation option is available
- No penalty on premature withdrawal
- Minimum Interest earning period is one month
- All Resident Individuals
- TDS on RD accounts (if applicable) will be recovered on RD interest if Savings/Current accounts linked to RD are not maintained, effective 4th Feb’2018
Payment of interest on Dream Deposits
- TDS will be deducted when interest payable or reinvested on RD and FD per customer across all branches, exceed Rs.10000 in a financial year
- The interest rates for Dream deposits will be the same as the rate applicable for a simple Fixed Deposit.
- With effect from Oct 24, 2015, the following changes would be applicable to all Dream Deposits. Interest on a Dream Deposit will be calculated from the date the instalment is paid The method of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding. TDS on RD is applicable as per Finance Act 2015. TDS on RD will be recovered from the linked CASA.
Payment of Installment
- The installment amount once fixed cannot be altered at any later date.
- In case of more than one installment being overdue at the time of payment , upto 6 installments can be recovered from the linked account if sufficient balance is available.
- If more than one installment is overdue at the time of payment, the paid installment, if sufficient to cover only that one installment will be appropriated towards the first or earliest installment overdue.
- Partial payment of installments will not be permitted.
- HDFC Bank Millennia Credit Card
Lock in Period
- The Dream Deposit account has a minimum lock-in period of one month.
- In the case of premature closure within a month, no interest shall be paid to the depositor and only his principal amount shall be returned.
- Interest is paid only on maturity.
- The Deposit shall be due for repayment and shall mature on completion of the contracted tenure, even if there are installments still to be paid.
- The maturity amount mentioned on the Dream deposit confirmation advice is subject to the payment of all installments on time
- In case of any delay in the payment of scheduled installments, the maturity amount shall change
- If frequent defaults (non-payments) are observed in monthly installments, and six installments fall in arrears, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.
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