HDFC Bank offers various services to its customers. One of the services that you can avail from HDFC Bank is the recurring deposit facility. You can open a recurring deposit account and invest a certain amount of money for a certain tenure in order to meet your financial expenses in the future.
However, before you open an RD account, it is always important for you to determine the amount you should invest and the tenure for which you must invest. Hence, in order to determine that, HDFC Bank offers the RD Calculator option. You can use the RD calculator in order to determine the amount you must invest and the tenure. We will have a look at the steps you must follow in order to use an HDFC RD Calculator
Steps to use the HDFC RD Calculator
- Visit the official website of HDFC Bank
- On the right-hand side of the page under ‘What Are You Looking For’ section select ‘Deposits’ under ‘Product Types’ and ‘Recurring Deposits’ under ‘Product Types’
- Click on ‘Know More’. You will be directed to a new page
- On the right-hand side of the page, click on ‘Recurring Deposit Calculator’ under ‘Tools and Calculators’ section
- You will be directed to a new page which will be the Recurring Deposit Calculator page
- You will then have to enter the amount you wish to deposit followed by the tenure for which you would like to invest the said amount
- If you are a senior citizen, you will have to select ‘Yes’ otherwise you will have to tick the ‘No’ box
- You will then have to select the date from which you would like to make your recurring deposit account active
- You will be able to view the interest rate which will you will earn on the amount invested by you for the tenure chosen by you
- Click on ‘Calculate’
- You will be able to view the Maturity Amount as on the date on which your investment tenure comes to an end
- You can enter different amount and tenure to check the maturity amount and ultimately determine the amount you must invest and the tenure
HDFC RD Calculator FAQs
- How is Recurring Deposit interest calculated?
The recurring deposit interest is calculated using the compound interest formula. You will have to ensure you deposit the said amount to the account on time each month. The interest calculated will be compounded quarterly.
- What are the minimum and maximum tenures to open an RD account?
The minimum tenure to open an RD account is six months and 10 years being the maximum tenure. If you are a Non-Resident Indian (NRI) then the minimum tenure is 1 year.
- What is the minimum amount you will have to invest in an RD account on a monthly basis?
The minimum amount you will have to deposit is Rs.1,000. The maximum amount that you can deposit is Rs.1 crore and ninety-nine lakhs.
- What are the ways through which you can open an RD account?
You can open an RD account by visiting the official website of HDFC Bank and using the net banking facility. You can also download the HDFC Bank mobile app and open an RD account. If you do not wish to open an RD account online, you can visit the nearest branch of HDFC Bank along with the necessary documents. A representative from the bank will help you with the process of opening a recurring deposit account.
- Will there be any difference in the interest rates for a senior citizens?
Yes, a senior citizen will stand to gain an additional 0.50% interest rate on the amount deposited. The rate of interest will depend on the amount deposited and the tenure for which the investment is supposed to be made.
Know the Current Recurring Deposit Rates
- RD Calculator
- Post Office RD Interest Rates Comparison with Other Banks and Institutions
- Post Office Recurring Deposit Interest Rate