|Period||Interest Rate (per annum)||Senior Citizen Rates (per annum)||Interest Rates p.a. for NRIs|
Get the Highest Interest Rates on HDFC Bank Recurring Deposit
HDFC Bank offers its customers a very good investment opportunity through its recurring deposit scheme. Opting for this scheme enables people to earn interest rates which are equal to that of Fixed Deposits by investing a small amount every month in their recurring deposit account. People can invest a minimum of Rs.100 and maximum 14, 99,900 monthly for a period of 6 months (after 6 months in multiples of 3 months) to maximum 10 years.
HDFC Bank Short-Term RD Interest Rates
HDFC Bank provides its depositors the option of opening a recurring deposit account for a short term period. Here, people can deposit money into their account for a period between 6 months and 9 months,the interest rate is 6.50% and 6.75%. For the period of 1 years to 2 years, the earning interest rate is 7.25%.
HDFC Bank Medium and Long Term RD Interest Rates
Depositors can also open a medium and long term recurring deposit account with HDFC bank and earn attractive rates of interest. The medium term deposit can be made for a period that exceeds 2 years 3 months and up to 5 years while the long term deposit can be made for a period of more than 5 years and up to 10 years.
For medium term deposits, the rate of interest offered by HDFC Bank is 7.25% per annum and for long term deposits, the rate of interest is 7.25% per annum.
HDFC Bank Senior Citizen RD Interest Rates
HDFC Bank provides higher rates of interest on recurring deposits to senior citizens. For a recurring deposit within a short term period, senior citizens can earn an interest rate ranging from 7.00 percent to 7.25 percent per annum. For medium term period, the interest rate is 7.75% per annum and for a long term period, the interest rate 7.75% per annum.
HDFC Bank NRI Recurring Deposit Interest Rates
Non- Residential Indians or NRIs can also open a recurring deposit account with HDFC Bank. If they invest money for a short- term period, the interest rate earned by them ranges from 0 percent to 7.25 percent per annum. If they opt for a medium- term period, the interest rate earned by them is 7.25 percent per annum and if the investment is made for a long- term period the interest rate earned by them is 7.25% per annum.
More you need to know about Recurring Deposit
- HDFC Recurring Deposit
- Recurring Deposit
- Compare Recurring Deposit Rates of HDFC Bank with Other Banks and Institutions
Read More Articles On RD
Know how to Link Your KYC Dcuments to HDFC Bank Account
News About HDFC Recurring Deposit Interest Rates
HDFC Bank Reduces Interest Rate for Deposits
In news which is likely to impact the savings of thousands of customers, HDFC Bank reduced its interest rate on fixed deposits. The new interest offered by the bank stands at 7% for a one-year term, a cut of 25 basis points. Rates for other tenures have also been reduced, with HDFC now offering 7% interest on two and three-year terms as well. This move could have a huge impact on its customers, for other private banks offer much higher rates, with ICICI and Axis Bank offering 7.25% compared to 7%. A major reason why HDFC chose to reduce rates was to ensure that their margins did not suffer following the RBI rate cut.
The rate cut issued by RBI has reduced the cost of loans, which means that banks will have to resort to other means to maintain parity. The current rate cut has meant that the actual interest is just 0.59% after tax deduction, which could lead to customers opting for other investments.
9th November, 2016
HDFC Updates Recurring Deposit Interest Rates
Through their Recurring Deposit Schemes, HDFC Bank offers a great investment opportunity for all their account holders. With tenures ranging from 6 months to 120 months, HDFC Bank offers exciting interest rates for general citizens, NRIs and senior citizens. Tenures of 6 months is offered to general and senior citizens at 6.50% and 7% per annum respectively. For tenures ranging from 12 months to 60 months, the interest rate is fixed at 7.50% p.a for general citizens, 8% per annum for senior citizens and 7.50% p.a for NRIs. For deposit periods ranging from 90 months to 120 months, the interest rate for general account holders, senior citizens and NRIs stands at 7.25%, 7.75% and 7.25% per annum respectively.
1st July 2016