HDFC Double Money & Money Multiplier Review

HDFC Deposit

HDFC is leading finance company engage in providing loan facility for purchase or construction of house. Recently HDFC has launched HDFC deposit called as HDFC Double Money & Money Multiplier Plan. Let’s checkout features & details of HDFC Double Money & Money Multiplier.

Investments in double money will double your money in 95 month (7 Year 9 months). Suppose you invest 100000 Rs/ – in this scheme you will get 200000 Rs/- on maturity. TDS will deducted on actual one can submit form 15G/15H to avoid tax deduction.

Investment in Money multiplier will multiply your money 1.5 times or 1.75 times. Refer to following table for more information.

HDFC Double Money Plan

Double Money Plan

HDFC Money Multiplier

Money Multiplier Plan

Loan

 Loan against deposit is available after 3 months from the date of deposit upto 75% of the deposit amount, subject to the other terms and conditions framed by HDFC. Interest on such loans will be 2% above the deposit rate.

 Premature Withdrawal

 Request for premature withdrawal may be permitted but not allowed before completion of 3 months from the date of deposit. In case of request for premature withdrawal after the expiry of three months up to six month no interest shall be paid. After 6 month withdrawal shall attract 2% less interest.

 Conclusion:-

 Interest rate offer by HDFC Double money & Money multiplier is more or less same as that of FD available in market.

 This plan is projected as double money or Money multiplier but from our prospective it is Fix deposit only. Even if you invest in Fix deposit from SBI it will also double in nearly same time as interest rate offer by SBI is 9%.

 It is like “Old wine in New bottle”

Article by Raviraj

Raviraj is the man behind moneyexcel.com. He is graduate in finance, engaged in blogging since 6 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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