Manage FD Auto Renewal

Steps to Enable FD Auto Renewal

Want your Fixed Deposit to continue without having to renew it manually at maturity? With HDFC Bank NetBanking, you can manage the Auto Renewal option online in a few simple steps:

  •  Log in to NetBanking: Sign in to your HDFC Bank NetBanking account using your credentials.

  •  Go to Fixed Deposits: Navigate to the Fixed Deposits section to view your existing FDs.

  •  Select your FD: Choose the Fixed Deposit for which you want to manage the Auto Renewal option.

  •  Update Auto Renewal: Select the option to enable or disable Auto Renewal, as required.

  •  Confirm your request: Authenticate the request using the OTP sent to your registered mobile number to complete the process.

Benefits of Auto Renewal of Fixed Deposits

1. Continuous Growth of Investment:

Auto renewal ensures that your investment continues to earn interest without interruption. When your FD matures, it is automatically renewed for the same tenure, helping you take advantage of compounding interest. This means your money keeps growing without any effort on your part.

2. Convenience:

Managing investments can be time-consuming. Auto renewal simplifies this process by eliminating the need to manually reinvest your funds. Once you set up auto renewal, the bank handles everything, freeing you from remembering maturity dates or initiating new deposits.

3. Avoiding Idle Funds:

When a fixed deposit matures and is not renewed, the funds typically move to your savings account, which generally offers a lower interest rate. Auto renewal prevents this scenario, ensuring that your money continues to earn a higher return.

4. Financial Discipline:

Auto renewal helps in maintaining financial discipline. Since the funds are automatically reinvested, you are less likely to withdraw and spend them. This is particularly beneficial for long-term financial planning.

Auto renewal of fixed deposits offers several advantages, including continuous growth of your investment, convenience, and financial discipline. It ensures that your money keeps working for you without the need for constant oversight. By understanding how auto renewal works and its benefits, you can make informed decisions about managing your fixed deposits effectively.

Know More About FD Auto Renewal

What is FD Auto Renewal?

FD Auto Renewal is a facility that allows your Fixed Deposit to be renewed automatically when it reaches maturity. Instead of manually placing a renewal request, the deposit can continue for the applicable tenure as per the renewal instructions selected by you. This can be useful if you want to keep your funds invested without having to track the maturity date and initiate a fresh FD each time.

No need for collateral

Benefits of FD Auto Renewal

Continues Your Deposit Automatically: 
Your Fixed Deposit can be renewed at maturity based on your selected instructions, reducing the need to initiate the process manually.

Saves Time and Effort: 
You do not have to place a fresh renewal request every time your FD matures, making it easier to manage your deposits.

Helps Avoid Missing the Maturity Date: 
With Auto Renewal enabled, you do not have to rely on remembering the maturity date to continue your deposit.

Convenient Online Management: 
You can manage the Auto Renewal option through HDFC Bank NetBanking, giving you greater convenience when managing your Fixed Deposit.

Keeps Your Savings Invested: 
If you intend to continue with an FD after maturity, Auto Renewal helps ensure that your funds remain invested according to the applicable renewal instructions.

No need for collateral

Requirements for Updating FD Auto Renewal

Before updating the Auto Renewal instructions for your Fixed Deposit, make sure you have the following in place:

  • An active Fixed Deposit with HDFC Bank 

  • Active HDFC Bank NetBanking or MobileBanking credentials 

  • Access to your registered mobile number to receive the OTP  

  • A Fixed Deposit that has not yet reached maturity 

  • Updated KYC details, such as PAN and Aadhaar, as applicable

Note: FD Auto Renewal instructions need to be set at least 2 days prior to the maturity date.

MI support 

Frequently Asked Questions

You can enable FD Auto Renewal online through HDFC Bank NetBanking. Simply log in, go to the Fixed Deposits section, select the FD you want to update and choose the Auto Renewal option. Confirm the request using the OTP sent to your registered mobile number. 

Yes. If your Fixed Deposit has not yet matured, you can update the Auto Renewal instructions through NetBanking. Select the relevant FD and change the renewal option as required.

 Once Auto Renewal is enabled, you do not have to manually renew your FD when it matures. The deposit will be renewed automatically based on the renewal instructions selected by you.

No. You can manage the Auto Renewal option conveniently through HDFC Bank NetBanking, so there is no need to visit a branch for this request.

Keep your NetBanking credentials and registered mobile number handy. You should also have an active eligible Fixed Deposit that has not yet matured and ensure that your applicable KYC details are up to date.

If you choose not to auto renew, your matured FD amount will be transferred to your linked savings account. You will then need to decide how to reinvest or use those funds. This can be a good option if you need liquidity or plan to invest in other instruments.

Yes, you can cancel the auto renewal option at any time before the FD matures. You will need to inform your bank about your decision, either through their online banking platform, by visiting a branch, or by contacting their customer service.

The interest rate for the renewed FD will be the rate applicable on the date of renewal for the chosen tenure. It may be different from the rate at the time of your original FD. It's important to check current rates and compare them with other available investment options.

Generally, auto renewal renews the FD for the same tenure and amount. If you wish to change the tenure or amount you need to visit nearest branch.

The interest earned on fixed deposits is taxable. The bank will deduct TDS (Tax Deducted at Source) if the interest income exceeds the threshold limit set by the government. Taxpayer should include FD interest income in his annual tax returns filing even for the FD that is auto renewed as and when the interest is paid or accrued as the case may be.

HDFC Bank do not charge any fees for auto renewing fixed deposits. However, it is advisable to check with your bank for any specific terms and conditions or charges that may apply.

How to Enable or Disable Auto Renewal for Fixed Deposit?

Manage FD Auto Renewal