Dewan Housing Finance Corporation Limited or DHFL is a well-known Indian housing finance company with its headquarters in Mumbai and branches across the country. Besides affordable housing-oriented financial products, DHFL also offers its customers other lucrative financial products, of which a recurring deposit scheme is particularly worthy of mention.
DHFL was founded in 1984, with a vision to provide affordable housing finance to lower and middle income groups especially in the semi-urban and rural parts of India. As one of the earliest housing finance companies to be established, DHFL has been encouraging the general population to own their dream homes with affordable financing options and tailor made home loans to suit their requirements.
Based out of Mumbai, DHFL has collaborated with leading banks like Punjab & Sind Bank, Central Bank of India, United Bank of India and YES bank to offer home loans to Indian customers. DHFL provides a vast array of home loan products, insurance services and fixed deposit schemes and these can be procured from any DHFL office located across 365 locations in the country.
‘Small Savings Scheme’ is a recurring deposit plan from DHFL offering customers flexible deposit amounts and tenures to choose from. Recurring deposits help individuals to plan for a future expenditure and save the required funds for that over a period of time.
The advantage of opening a recurring deposit account is that customers can save steadily by contributing small amounts monthly and can earn a lump sum at the time of maturity of their deposits. The account holder can decide on the deposit amount and tenure of his deposit depending on his financial situation.
DHFL customers can earn substantially from their recurring deposit accounts with attractive interest rates and open an account without any hassles.
DHFL Recurring deposits can be opened with a minimum deposit amount of Rs 500/- at an interest rate of 9.50% per annum for varying deposit tenures.
Customers intending to apply for a DHFL recurring deposit account can visit any of the DHFL offices and submit the filled-in application form along with the required documents to open an account. The company also gives the option of placing requests via their web portal where an applicant has to enter a few personal details along with the selected RD scheme. A DHFL official will get in touch with the applicant for processing the RD account application further.
A recurring deposit's minimum and the maximum amount varies from bank to bank. Generally, the minimum deposit amount is Rs.100 per month, and the maximum deposit amount can go up to Rs.15,00,000 per month.
If you default on a recurring deposit payment, the bank may charge a penalty or suspend the RD account until the default is rectified. The bank may also close the RD account if the default is not rectified within a specific time period.
An individual with savings or a current account can open a recurring deposit account in the same bank. In the case of individuals under the age of 18 years, an RD account can be opened with a guardian as the joint account holder.
Some banks may allow you to make a one-time lump sum payment in addition to the regular monthly payments.
The interest rate for an RD is calculated based on the deposited amount, the tenure of the RD, and the bank's interest rate policy. The interest rate is usually higher for longer tenures.
Most banks only allow you to withdraw money from a recurring deposit after the end of the tenure. However, some banks may allow partial or complete withdrawals with certain conditions and penalties.
You can open a joint recurring deposit account with their spouse, parent, or any other individual. A joint RD account can be opened in the name of two individuals or the name of an individual and a minor.
Recurring deposits are not tax-saving. However, the interest earned on an RD is taxable as per the individual's tax slab.
Many banks give the option to open a recurring deposit online through their websites or mobile apps. You can fill out an online application form, submit the required documents, and make the initial deposit online.
Yes, you can take a loan against their recurring deposit. Most banks offer loan facilities against the deposited amount.
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