DHFL Recurring Deposit (RD) 2026
Dewan Housing Finance Corporation Limited (DHFL) was an Indian housing finance company. DHFL was declared insolvent in 2019, underwent resolution proceedings under the Insolvency and Bankruptcy Code (IBC), and was acquired by Piramal Capital & Housing Finance Limited in December 2021. DHFL no longer operates as an independent entity and does not offer recurring deposit or other financial products.
The company was founded in 1984 whose main aim was to provide affordable housing finance to lower and middle-income groups, especially in semi-urban and rural India. DHFL had collaborated with leading banks like Punjab & Sind Bank, Central Bank of India, Union Bank of India (which merged with United Bank of India in April 2020) and YES Bank to offer home loans, insurance, and fixed deposit schemes through its wide network across India.
Recurring Deposit From DHFL
‘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.
Documents Required to Open an RD Account at DHFL Bank
To open an RD account with DHFL, the following information is necessary:
- Completed account opening form
- Identification documents (passport, PAN card, or Aadhaar card, for example)
- Proof of residency (a utility bill, lease, or bank account)
- Passport-sized photographs
- The initial amount of the deposit.
Features of a DHFL Recurring Deposit Scheme
The DHFL Recurring Deposit Scheme offers the following features:
- Flexible Term: Choose a period of six months to ten years
- Get great interest rates on your savings
- Loan Facility: A loan may be made using your RD account as security
- Nomination Facility: Name a beneficiary to receive the maturity amount if something goes wrong
- Automatic Renewal: When your RD account reaches maturity, it may be extended immediately.
How do you Open an RD Account in DHFL?
To apply for an RD account with DHFL, please complete these steps:
- Apply online at DHFL.com or visit a local store
- Fill out the account opening form and provide the required documents
- Please send the completed form and the initial cash amount
- After creating the account, you can give each month the specified amount and time
What is the DHFL RD Calculator?
The RD Calculator, an automatic tool provided by DHFL (Dewan Housing Finance Corporation Limited), allows people to estimate their earnings on their regular deposits. Customers can enter important criteria such as deposit amount, tenure, and interest rate to calculate maturity and interest earned at the end of the savings period.
How to use the DHFL RD calculator?
You can use the calculator by following the steps given below:
- Navigate to the DHFL website's RD Calculator
- Enter the interest rate, the time frame (in years), and the amount you plan to save
- To begin, simply press the Calculate button
- The calculator will display the expiration date, interest accrued, and weekly payments.
FAQs on DHFL Recurring Deposit
- What are the minimum and maximum deposit amounts for an RD?
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.
- What happens to the recurring deposit if I default on a payment?
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.
- Who is eligible to open a Recurring Deposit (RD) account?
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.
- Can I make partial payments in a recurring deposit?
Some banks may allow you to make a one-time lump sum payment in addition to the regular monthly payments.
- How is the interest rate on an RD calculated?
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.
- Can I withdraw money from a recurring deposit before the end of the tenure?
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.
- Can I open a joint recurring deposit account?
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.
- Are recurring deposits tax-saving instruments?
Recurring deposits are not tax-saving. However, the interest earned on an RD is taxable as per the individual's tax slab.
- Can I open a recurring deposit online?
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.
- Can I take a loan against my recurring deposit?
Yes, you can take a loan against their recurring deposit. Most banks offer loan facilities against the deposited amount.
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