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Total Interest :
₹49,919
Maturity Amount :
₹1,19,80,558
Invested Amount :
₹69,80,558
Invested Amount
Total Interest
Do you want to save big even while investing only small amounts every month? Then, HDFC recurring deposits are a great choice. Monthly investment amounts fall within a wide range of Rs. 1000 to Rs. 1,99,99,900. So, go on and invest in HDFC recurring deposits and benefit from the power of compounding. To know what the maturity amount from an HDFC RD is before investing in it, use an HDFC RD calculator. The calculator on the CreditMantri website can be used with ease and will give instantaneous and accurate results.
How to Use the HDFC RD Calculator on CreditMantri?
Here is the step-by-step guide for using our HDFC RD interest calculator
- Step 1 : Enter the monthly recurring investment amount
- Step 2 : Enter the rate of interest and the time duration
- Step 3 : The maturity amount, total interest earned, and the total amount deposited are displayed.
HDFC RD Interest Rates 2024
Here are the HDFC recurring deposit interest rates
for various tenures in 2024.Deposit amount less than 2 crores.
| Tenure | RD rates for general citizens (p.a.) | RD rates for senior citizens (p.a.) |
|---|---|---|
| 6 months | 4.50% | 5.00% |
| 9 months | 5.75% | 6.25% |
| 12 months | 6.60% | 7.10% |
| 15 months | 7.10% | 7.60% |
| 24 months | 7.00% | 7.50% |
| 27 months | 7.00% | 7.50% |
| 36 months | 7.00% | 7.50% |
| 39 months | 7.00% | 7.50% |
| 48 months | 7.00% | 7.50% |
| 60 months | 7.00% | 7.50% |
| 90 months | 7.00% | 7.75% |
| 120 months | 7.00% | 7.75% |
Disclaimer : The interest rates given above are as of April when this page was written and are subject to change. For exact information, refer to HDFC Bank’s website or contact the bank.
Features and Benefits of HDFC Recurring Deposits
-
With an HDFC recurring deposit, you can invest as small as Rs. 1000 or as large as Rs. 1,99,99,900 monthly.
-
The minimum tenure of HDFC recurring deposits is 6 months (Thereafter, in multiples of 3 months) and the maximum tenure is up to 10 years.
-
The minimum tenure of the RD is 12 months for NRI customers.
-
You can get interest rates equal to that of regular fixed deposits for a much smaller investment per month.
-
The monthly installment amount for an RD cannot be changed at any time during the period.
-
Partial payment of installments will not be permitted.
-
For overdue payments, only up to 6 installments can be recovered from the linked account if enough balance is available.
-
If there is any delay in the payment of installments, the maturity amount is liable for change.
-
If the bank observes repeated non-payments in installments, the bank has the right to close the recurring deposit account. The interest rate levied on such closed accounts will be according to the bank’s premature withdrawal policy.
How is the HDFC RD Maturity Amount and Interest Rate Computed?
The HDFC recurring deposit calculator uses the formula:
M = R [(1+i)^n - 1] / 1 - (1+i)^(-1/3)
Here,
M = Maturity amount
R = Monthly payable RD installment
N = Tenure in years
I = RD interest rate
Let us take an example. Suppose a person invests Rs. 1000 for 10 years at a quarterly RD interest rate of 15%, then the maturity amount is
M = 1000 [(1 + 15)^40 - 1] / 1 - (1 + 15)^(-1/3)
= Rs. 2,75,520
The invested amounts = Rs. 1,20,000
The total interest earned at the end of the deposit’s tenure = Rs. 1,55,520
Which equates to M = Rs. 2,06,552
HDFC RD Calculator FAQs
1) What are the methods through which you can open an RD account?
You can open an RD account by going to the official website of HDFC Bank and using the netbanking facility. You can also download the HDFC Bank mobile app to open an RD account. You can open an RD account offline by visiting the nearest bank branch of HDFC Bank. A representative from the bank will aid you with the process of opening a recurring deposit account. Make sure that you have all the essential documents in place.
2) What is the minimum amount to begin an RD account?
The minimum amount with which you can start an RD account varies across financial institutions. Some institutions allow a deposit amount as low as Rs. 500. You can then deposit the same amount every month throughout the tenure. Similarly, there is no limit on the maximum amount you are required to deposit.
Disclaimer : This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source before taking any choices or actions.