How do FD renewals for FD backed cards work?(HDFC)

[MrAtlasBlack97]

Okay so I have already done an FD of X amount with HDFC Bank. 21 months 6.6 pct FD.

I want Bizblack desperately but will settle for BizPower because currently I get nothing for the significant tax payments I have every year.

Getting offered FD backed BizPower on the website. This is my backup. Have requested bank people to try for BizBlack they said will confirm in 10 days or so if I can get it. My ITR is 50L+ but I'm not a business person. I am self employed but no business income. It's all income from other sources. So will have to see if I get BizBlack.

But suppose BizBlack gets rejected. My option will be to get the 21 months 6.6% FD backed BizPower credit card. But I have one huge question:

SUPPOSE IT'S 21 MONTHS LATER. IT'S GONNA GET RENEWED IN 1 OR 2 DAYS. BUT LET'S SAY AT THAT TIME, HDFC IS OFFERING 7 PCT FOR 15 MONTHS TENURE. WILL I BE ABLE TO SELECT HOW THE RENEWAL GETS DONE? LIKE THE TENURE?

Keep in mind I WANT TO CONTINUE THE FD. I have significant index fund exposure too. This amount is specifically for FD.

Also... suppose I get this FD backed BizPower and I use it like a Boss God. Spending lakhs in taxes and repaying before the bill gets generated. Could it get upgraded to BizBlack(the card which I want more than most people want most things)???

 

[MrAtlasBlack97]

The FD backed BizPower will have 8L limit and I will spend like 1L in Tax every month

 

[Aeon-Nocturne]

I think you can only get an FD credit card if the FD is set to auto-renew, and you won't be able to withdraw or close it without closing the card. I have been using the Kotak FD credit card for years. The tenure is set for 1 year, and the FD and interest get renewed automatically. If you want to make any changes to the FD, you have to close the old FD and create a new FD and link your card to that one. I don't think upgrades, etc., will work on FD credit cards. It's better to just email hdfc credit card team.

 

[Wealth is my birth right!]

Okay so I have already done an FD of X amount with HDFC Bank. 21 months 6.6 pct FD.

I want Bizblack desperately but will settle for BizPower because currently I get nothing for the significant tax payments I have every year.

Getting offered FD backed BizPower on the website. This is my backup. Have requested bank people to try for BizBlack they said will confirm in 10 days or so if I can get it. My ITR is 50L+ but I'm not a business person. I am self employed but no business income. It's all income from other sources. So will have to see if I get BizBlack.

But suppose BizBlack gets rejected. My option will be to get the 21 months 6.6% FD backed BizPower credit card. But I have one huge question:

SUPPOSE IT'S 21 MONTHS LATER. IT'S GONNA GET RENEWED IN 1 OR 2 DAYS. BUT LET'S SAY AT THAT TIME, HDFC IS OFFERING 7 PCT FOR 15 MONTHS TENURE. WILL I BE ABLE TO SELECT HOW THE RENEWAL GETS DONE? LIKE THE TENURE?

Keep in mind I WANT TO CONTINUE THE FD. I have significant index fund exposure too. This amount is specifically for FD.

Also... suppose I get this FD backed BizPower and I use it like a Boss God. Spending lakhs in taxes and repaying before the bill gets generated. Could it get upgraded to BizBlack(the card which I want more than most people want most things)???

If any fd gives secured card then lien marked under perpetual i mean auto renewal
Upgrades on spend yes my RM said 7.5lac spend in last 6 months they can approve
So get fd for 8.5l so that 80% limit get
I mean limit should be 7.5l in card

 

[Half Human]

Okay so I have already done an FD of X amount with HDFC Bank. 21 months 6.6 pct FD.

I want Bizblack desperately but will settle for BizPower because currently I get nothing for the significant tax payments I have every year.

Getting offered FD backed BizPower on the website. This is my backup. Have requested bank people to try for BizBlack they said will confirm in 10 days or so if I can get it. My ITR is 50L+ but I'm not a business person. I am self employed but no business income. It's all income from other sources. So will have to see if I get BizBlack.

But suppose BizBlack gets rejected. My option will be to get the 21 months 6.6% FD backed BizPower credit card. But I have one huge question:

SUPPOSE IT'S 21 MONTHS LATER. IT'S GONNA GET RENEWED IN 1 OR 2 DAYS. BUT LET'S SAY AT THAT TIME, HDFC IS OFFERING 7 PCT FOR 15 MONTHS TENURE. WILL I BE ABLE TO SELECT HOW THE RENEWAL GETS DONE? LIKE THE TENURE?

Keep in mind I WANT TO CONTINUE THE FD. I have significant index fund exposure too. This amount is specifically for FD.

Also... suppose I get this FD backed BizPower and I use it like a Boss God. Spending lakhs in taxes and repaying before the bill gets generated. Could it get upgraded to BizBlack(the card which I want more than most people want most things)???

When renewing, you need to get in touch with customer service over mail to get the desired tenure to maximize interest. Mostly the default cannot be changed. In that case, the only realistic scenario would be to cancel the card, remove the lien, close the FD and do another FD. This is what is the routine for IDFC WOW. HDFC also, I presume it is the same.

 

[HumorSimpson]

Does this work for salaried too ?

 

[Wealth is my birth right!]

Does this work for salaried too ?

ITR should show other income apart from salary
30l ITR it can be mix of salary and income from other sources

 

[HumorSimpson]

ITR should show other income apart from salary
30l ITR it can be mix of salary and income from other sources

can this other income be rsus ?

 

[Wealth is my birth right!]

can this other income be rsus ?

Well
ITR computational if they ask then only it will show what income it is if just 1 pager then it will go through
Btw RSU it’s differential between market price and allotted value right how it’s shown in itr