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My passion fund

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My passion fund

More benefits than ever before

Deposit Benefits

  • Deposit money on availability of funds up to 3 times a month*.

Top-up Benefits

  • Maximum top up per month, twice the instalment amount* with minimum top up value of ₹1,000 per month.

Liquidation Benefits

  • The interest rate is as per extant deposit rates, with a premature liquidation option available.

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Additional Benefits

Wondering if you are eligible?

  • All resident individuals can opt for HDFC Bank My Passion Fund
  • Minimum instalment should be ₹1,000 & maximum ₹14,99,900 in a month
  • Minimum top up amount is ₹1,000 in a month and maximum is twice the instalment amount
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Know more about My Passion Fund

Regulatory Information

TDS UPDATE:

  • TDS on RD accounts (if applicable) will be recovered on RD interest if Savings/Current accounts linked to RD are not maintained, effective February 4, 2018. 
Regulatory Information

Additional information

Payment of interest on RD:

  • TDS deduction on interest payable or reinvested on RD and FD per customer, exceed ₹40,000, ₹50,000 for senior citizens in a financial year.
  • The interest rates for My Passion Fund will be the same as the rate applicable for a simple Fixed Deposit.

Note:  
Effective October 24, 2015, Interest on Recurring Deposits 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. 

Additional information

Payment of Instalment

  • Once set, the instalment amount cannot be changed later.  
  • Recover up to 6 instalments from the linked account if sufficient balance is available for overdue payments.
  • Payments covering only one instalment will be applied to the earliest overdue instalment.
  • No partial payment of instalments permitted.
Payment of Instalment

Lock in Period

  • The Passion Fund Account has a minimum lock-in period of one month. 
  • For premature closure within a month, only the principal amount will be returned, with no interest paid.
Lock in Period

Maturity

  • Interest paid only on maturity. 
  • The Deposit shall be due for repayment and shall mature on completion of the contracted tenure, even if there are instalments still to be paid.
  • The maturity amount on the My Passion Fund confirmation advice is subject to the payment of all instalments on time. 
  • Maturity amount shall change in case of delayed payments of instalments.
Maturity

Overdue Instalments

  • The Bank retains the authority to terminate the RD account if regular defaults (non-payments) in monthly instalments are noticed and 6 instalments are past due. 
  • The interest rate applies to these closed accounts per the bank's premature withdrawal policy.
Overdue Instalments

Fees & Charges

  • Senior citizens get an additional benefit of 0.50%.
  • For more details on other tenure rates and charges please click here to view Interest Rates.
Fees & Charges

Most Important Terms & Conditions

  • *The (Most Important Terms and Conditions) for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.
Most Important Terms & Conditions

Frequently Asked Questions

To apply for My Passion Fund, login to NetBanking > Go to Transact > Open My Passion Fund. Set your target, time frame, desired fund name, and start saving up

With My Passion Fund, you have the flexibility to deposit money on availability of funds up to 3 times a month. You can enjoy attractive interest rates, name your deposit after your passion, and make investments as small as ₹1,000 (and in multiples of ₹100 thereafter) or as large as ₹14.9 lakh per month.