HDFC Bank Recurring Deposit Rate

HDFC Bank Recurring Deposit Schemes

An RD in HDFC Bank instils a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make fixed monthly instalments to an HDFC Bank recurring deposit scheme either by a standing instruction, ECS mandate or by regular direct remittance.

Benefits of HDFC Bank RD Account

• Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD
• Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD
• Flexible tenure – you can choose tenures which can range from a few months to several years
• The HDFC Bank RD scheme offers a higher rate of interest than a savings bank account—similar to an D—but with a smaller ongoing investment
• It is a safe, low-risk form of investment
• Secure from fluctuations
• Interest is paid only on maturity
• You can instructions to convert your RD scheme into FD at maturity
• Nomination facility

Features of HDFC Bank RD Account

• You can start the RD investment with minimum of Rs.1000 and maximum of Rs.1,49,900 and in multiples of Rs. 100 thereafter
• The RD account can be opened with the minimum tenure of 6 months and maximum of 10 years. The minimum tenure for NRI customers is 12 months.
• Tax deducted at source (TDS) is applicable when the interest income crosses Rs.10,000 in a financial year
• The instalment amount once fixed cannot be altered
• The HDFC Bank RD scheme will have minimum lock-in period of 1 month
• No interest will be paid for premature withdrawal within a month
• If there is a continuous default for over 6 instalments, the bank reserves the right to close the account and interest is payable as per the premature policy
• Preferential interest rate for senior citizens

HDFC Bank Recurring Deposit Interest Rates

HDFC Bank RD interest rate is similar to rates offered for FD accounts. You can get the best rates for an HDFC Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of HDFC Bank RD interest rates including HDFC Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in HDFC Bank, it is advisable to check with the bank directly.

HDFC Bank recurring deposit interest rates are effective from June 06, 2018 for Resident Customers

HDFC Bank Senior Citizen RD Interest Rates

Senior citizens will higher rate of interest rate on HDFC Bank RD account when compared to normal accounts. Below is the interest rate that is currently applicable on HDFC Bank RD account.

HDFC Bank recurring deposit interest rates for NRI Customers

HDFC Bank Recurring Deposit Calculator

You can make use of the HDFC Bank RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy—all you need to do is enter the amount you want to invest monthly, date of opening of RD, the tenure and due date of RD; the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit.

Using an RD calculator gives you the maturity amount and accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goal.

Who can open an RD account with HDFC Bank?

Following are the people who can open and RD account with HDFC Bank.

• All Indian residents
• Members of Hindu Undivided Families (HUF)
• Private and public limited companies
• Trusts and societies

Advantages of Opening an RD account

• Ideal for people who cannot deposit a large initial lump sum for a fixed deposit but want to deposit small amounts on a regular basis.
• An RD account can be opened with small minimum amount.
• Lump sum received at maturity, along with the accrued interest amount.
• The rate of interest is higher as compared to an ordinary saving bank account
• Interest Rate earned is generally equal to that of an FD
• Flexible tenures to suit the budget of the individual
• Recurring Deposit Interest rate is fixed so you are assured of a steady return
• Loan / overdraft facility available with some banks.
• More liquid than most investment instruments

Disadvantages of Opening an RD account

HDFC Bank RD FAQs