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HDFC RD Interest Rates

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Being one of the largest private sector lenders in India, HDFC Bank is well-known for offering competitive interest rates on a broad range of financial products. When it comes to a recurring deposit account, HDFC RD Interest Rates is available to its customers with a host of benefits. The customers can open an HDFC recurring deposit account for a minimum term of 6 months to a maximum of 120 months. An HDFC recurring deposit account allows the customers to earn interest on the principal amount at the maturity of the term. The deposits are made on a monthly basis through a standing instruction from the savings account to the HDFC recurring deposit account. Based on the term of the deposit, customer’s age, and other factors, the customers can earn an interest of 6.25% up to a maximum of 7.00%.

HDFC Recurring Deposit Interest Rates

Tenure Regular RD Interest Rates Senior Citizen RD Interest Rates
6 Months 6.25% 6.75%
9 Months 6.75% 7.25%
12 Months 7.25% 7.75%
15 Months 7.25% 7.75%
24 Months 7.25% 7.75%
27 Months 7.10% 7.60%
36 Months 7.10% 7.60%
39 Months 7.10% 7.60%
48 Months 7.10% 7.60%
60 Months 7.10% 7.60%
90 Months 6.00% 6.50%
120 Months 6.00% 6.50%

*The above interest rates are for investments less than Rs.1 crore in p.a.

Important Information to Note for HDFC Recurring Deposit Scheme

Some of the important details regarding an HDFC recurring deposit account are mentioned in the table below:

Minimum Amount to be Deposited Rs.1,000
Tenure 6 months to 120 months
Additional Interest rate for Senior Citizen 0.50%
What is the Maximum Interest Rate Offered by the Bank and for What Tenure? For all term periods between 12 to 24 months, the rate of interest offered is 7.25% which is the maximum for a regular citizen.
TDS The tax to be deducted from the amount earned as interest from HDFC RD account depends on the tax slab to which the applicant belongs.
HDFC Recurring Deposit Interest Rates

Eligibility Criteria for HDFC Recurring Deposit Scheme

The following individuals or entities are eligible for opening an HDFC recurring deposit account:

  • Any individual who is a resident.
  • HUF or Hindu Undivided Family.
  • Public and private limited organisations.
  • Societies and trusts.

Documents Required for HDFC Recurring Deposit

The documents required for opening an HDFC recurring deposit account are:

  • The form through which the applicant can apply for an HDFC recurring deposit account.
  • An identity proof of the applicant. The documents that can be accepted as ID proof are copy of passport, PAN card, Aadhar card, Voter ID, Driving licence, Ration card, Government ID card, Senior citizen card.
  • An address proof of the applicant. The documents that can be accepted as address proof are copy of passport, Aadhar card, electricity bill, phone bill, bank statement with cheque.
  • Passport size photographs of the person applying for a recurring deposit account.

How to Apply for Recurring Deposit in HDFC Bank?

The HDFC Netbanking users can open Recurring Deposit by following these simple steps:

  • Sign in to your account
  • Locate Recurring Deposit menu on the left side of the screen
  • Click on Open Recurring Deposit
  • Choose the amount of deposit
  • Choose the deposit term
  • Use the drop-down options to complete the details
  • Click on Continue to review the details and confirm to complete
  • Your RD account details will be displayed on the screen and added to your Netbanking section
  • The RD advice will be sent your mailing address within 3 - 4 working days.

How to Liquidate An HDFC Recurring Deposit Account?

If the account holder decides to close the RD account before the maturity, the following steps can be followed on the HDFC Netbanking section -

  • Sign in to your account
  • Click on Recurring Deposit menu listed on the left side of the screen
  • Click on Liquidate RD
  • Choose the RD account number
  • Click on Continue
  • Review the details and click on Confirm to liquidate
  • The details of the RD liquidation will be displayed on the screen

The interest payable on such account will be lower of the base rate for the original / contracted term for which the RD account has been opened. The base rate is the rate applicable to an RD account of less than 1 crore as on the date of opening the account. If the account is closed within a month, no interest is payable apart from the principal amount.

Premature Withdrawal of HDFC Recurring Deposit

When an HDFC Recurring Deposit account holder wants to withdraw money deposited in the bank account prematurely the interest rate will be applicable as follows:

  • Either the interest rate that the depositor was earning on the principal amount or the interest rate that is applicable for the period for which the money was deposited in the account, whichever is lower.
  • HDFC bank will also charge a 1% penalty fee on premature withdrawal of deposited amount in the recurring deposit account.

Get the Highest HDFC Recurring Deposit Interest Rates

  • HDFC recurring deposit account offers attractive rates of return depending on varying tenures. For the minimum period of 6 months, the rate of interest offered is 6.25%.
  • For the term period ranging from 12 months to 60 months, the HDFC recurring deposit account offers the highest interest rate of 7.00% for regular citizens.
  • It drops down to 6.00% for the term periods 90 and 120 months.

Short-Term HDFC RD Interest Rates

  • The short-term period for an HDFC recurring deposit account lasts from 6 months to a year.
  • The interest rate offered by the bank for a 6-month period is 6.25%, for a 9-month period is 6.40% and for a 12 month period is 6.85%.

HDFC Medium-Term and Long-Term Recurring Deposit Interest Rates

  • For medium-term deposit which ranges from more than 12 months to less than or equal to 60 months, HDFC recurring deposit scheme offers an interest rate of 7.00% for a regular citizen.
  • For a long-term deposit which ranges from more than 5 years to less than or equal to 10 years, HDFC recurring deposit scheme offers an interest rate of 6.00% for a regular citizen.

Senior Citizen HDFC RD Rates

  • The senior citizen rates offered by HDFC recurring deposit account is 0.50% greater than the rate for a regular citizen.
  • The senior citizen rate of interest offered by HDFC recurring deposit scheme for a short-term period is 6.75% for a 6-month period, 6.90% for a 9-month period, and 7.35% for a 12-month period.
  • The senior citizen rate of interest offered by HDFC recurring deposit scheme for a medium-term period is 7.50%.
  • The senior citizen rate of interest offered by HDFC recurring deposit scheme for a long-term period is 6.50%.

HDFC RD Rates for NRI

  • The NRI rates offered by HDFC recurring deposit account starts from a term period of 12 months. The rate of return offered for the same tenure is 6.85%.
  • The NRI rates offered by HDFC recurring deposit account for a medium-term period is 7.00%.
  • The NRI rates offered by HDFC recurring deposit account for a long-term period is 6.00%.

Factors to Consider Before Opening an RD Account:

  • Instalments: The instalment amount is chosen by the account holder at the time of opening the RD account which cannot be changed later. HDFC Bank doesn’t accept partial payment of instalment. The bank can close an RD account if more than 6 instalments are overdue. The interest rate on these types of accounts is subject to the premature liquidation policy of the bank.
  • Lock-in Period: The RD account comes with a lock-in period of one month. If the account holder opts for a premature liquidation, he/she will only get the principal amount without any interest.
  • Maturity: At maturity of the account term, the total earned interest along with the principal amount is credited to the account holder’s funding account provided all the due instalments are cleared. The maturity amount may change due to various factors such as due instalments, premature liquidation, new tax rules, etc.
  • Tax Deducted at Source (TDS): The interest earned through an RD account is subject to TDS as per the Income Tax rules.

FAQs on HDFC Recurring Deposit

  1. How do I add nominee details?

    While creating the RD account through the HDFC Netbanking service, you will be provided with an option to select your nominee’s details. The nominee details are retrieved from the savings account which is used to fund the RD account.

  2. What are the interest payout options?

    The interest on an RD account is paid on the maturity only. There is no provision to get monthly, quarterly, etc. interest payouts.

  3. How can I change the instalment due date?

    The account holder doesn’t have the option to change the instalment due date or the tenure of the RD account.

  4. How to set the RD instalment due date?

    Depending on the date the RD account has been opened, the RD instalments will be debited on the same date for the subsequent month.

  5. What happens when the instalments are not paid.

    The maturity benefit is subject to the payments of all due instalments. If there are more than six consecutive due instalments, the bank can close the RD account under the premature withdrawal policy.

  6. Can I earn additional interest for paying more than one instalment at once?

    No, though you can choose to make a payment for more than one instalment at a time, you won’t be entitled to additional interest.

  7. Does the RD account come with an overdraft facility?

    Currently, there is no overdraft facility for an RD account.

  8. Is it possible to liquidate an RD account before maturity?

    Yes, premature withdrawal is allowed based on the terms and conditions of the RD account.

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News About HDFC Recurring Deposit Interest Rates

  • Yes Bank and HDFC Bank cut savings account interest rate after SBI

    HDFC Bank, one of India’s largest private-sector lenders, also joins the list of banks that have recently announced a cut in savings account interest rates. The bank cuts savings account interest rate by 0.5% to 3.5% from 4% for deposits less than Rs 50 lakh. HDFC maintains an unchanged savings account interest rate for deposits exceeding Rs 50 lakh. The new rates shall be applicable to both resident and non-resident customers of the bank with effect from August 19, 2017.

    Yes Bank, a private-sector lender, has reduced savings account interest rate by 1% to 5% for deposits not exceeding Rs 1 lakh. The bank retains an unchanged savings account interest rate, i.e., 6% on deposits exceeding Rs 1 lakh but less than Rs 1 crore. For deposits exceeding 1 crore, the rate has been reduced to 6.25% from 6.5%.

    29 August 2017

  • HDFC Bank Revised Their Savings Account Interest Rates To 3.5% p.a

    Following State Bank of India’s decision of reducing their interest rates on savings accounts, HDFC Bank as well reduced their rates. Previously, Bank of Baroda, Yes Bank, Karnataka Bank, and Axis Bank had also reduced their interest rates on savings bank account.

    HDFC Bank reduced their interest rate by 0.5% and brought it down to 3.5% p.a on savings bank account. If you have a recurring deposit with this bank, please check the revised interest rate.

    Also, the bank has not changed their interest rate for deposits which are more than Rs.50 lakh.

    18 August 2017

  • Bulk Deposit Rate Cut By HDFC Bank: Down By 125 BPS to 5%

    Interest rates on deposits with maturity dates over a year away and with a value of over Rs.5 crore have been slashed by HDFC Bank by 125 bps (basis points). This will take effect on Friday, and the new interest rate will stand at 5% for such deposits.

    Following suit with a number of banks that have reduced deposit rates post demonetization, HDFC has narrowed the differential between its bulk deposit rate with that of the State Bank if India, to 75 bps (previously 200 bps).

    Most banks have slashed their effective interest rates on deposits owing to the massive influx of funds following the de-recognition of Rs.500 and Rs.1,000 value currency notes. The total value of deposits (released by RBI) between the 10th of November and the 10th of December, 2016 was reported to be Rs.12.44 lakh crore.

    9 January, 2017

  • 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.

    9 November, 2016

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HDFC RD Rates Reviews

Page 1 of 15 1 2 3 4 5
  • HDFC Bank Recurring Deposit
    "Good"
    HDFC BANK
    0.5 4.5/5 "Excellent!"
    I have invested my money with HDFC BANK. I can manage the recurring deposit account online. I have compared with the different bank but the rate of interest is more or less same. I never contacted the customer service. The locking period is one year.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Jul 20, 2019
  • HDFC Bank
    HDFC Bank Recurring Deposit
    "Flexible recurring deposit"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    I am having recurring deposit with Hdfc bank, they are providing standard interest rate but now its dragging down. I can deposit from Rs. 500 to 1 lakh, I have opt for one year of tenure, the online facility is very good even I have option to close through netbanking.
    Was this review helpful? 1
    , thane
    Reviewed on Jul 03, 2019
  • HDFC Bank Recurring Deposit
    "Good online feature"
    HDFC BANK
    0.5 4.0/5 "Great!"
    My bank is offering 7.8% of interest for the recurring deposit that is for one year, customer can deposit maximum of Rs.2 lakhs. They have one year of duration, they used to resolve my RD queries on time and I get statement as well. The interest rate can be improved. The HDFC online facility is very good to open and close the RD account.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 02, 2019
  • HDFC Bank Recurring Deposit
    "Comfortable RD"
    HDFC BANK
    0.5 4.0/5 "Great!"
    HDFC norms is pretty good, I can do everything through online they give all the information, I can deposit minimum of Rs. 1000 and I have maximum tenure of five years. They are providing 6.3% to 7% of interest based on the tenure, the customer support is also helpful.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 30, 2019
  • HDFC Bank Recurring Deposit
    "Good RD"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    When i apply the salary account, they have provided me a RD account. Once the salary is credited, they will deduct the recurring deposit amount of Rs. 1000. I did not aware of the interest rate and there is no lockin period. I never interacted with the customer care service so far. They are not sending the notification when they deduct the amount from my account.
    Was this review helpful? 3
    , bangalore
    Reviewed on Jun 11, 2019
  • HDFC Bank Recurring Deposit
    "Very much userfriendly"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Long back from HDFC bank I have opened recurring deposit, I have opt for three months of tenure period, but I taken the money in four months. The interest rate is nominal as per RBI guideline, I done the process through online. Therefore everything was great.
    Was this review helpful? 2
    , new delhi
    Reviewed on Jun 07, 2019
  • HDFC Bank Recurring Deposit
    "Its Good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Two years back I had a recurring deposit in HDFC Bank, the process was very easy because I opened and closed through online. They are very genuine in terms of interest , there is no charges applicable for the pre matured, I can liquidate the fund after certain amount,
    Was this review helpful? 0
    , chennai
    Reviewed on May 26, 2019
  • HDFC Bank Recurring Deposit
    "Very lesser interest rates"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    In HDFC , I was invested my money in Recurring deposit only for the shorter duration of Six months . One of executive has given this idea to invest my money in RD for better returns . But they have lesser interest rate and I am not completely satisfied with this RD . After six months I have closed this RD .
    Was this review helpful? 4
    , hyderabad
    Reviewed on May 10, 2019
  • HDFC Bank Recurring Deposit
    "Best"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Recently I opened a Recurring Deposit with HDFC because of the interest rate, they are good in the market. The customer service is user friendly and done a good support. I am doing monthly investment and it will be automatically debited from my account.
    Was this review helpful? 4
    , hyderabad
    Reviewed on May 10, 2019
  • HDFC Bank Recurring Deposit
    "GOOD"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I am using the recurring deposit with the HDFC BANK where i am using it since from last two years. It is easy to open the account in the recurring deposit. The application process was easy to bet the account. The Interest is based on the amount that we deposit. The customer service is good.
    Was this review helpful? 1
    , bangalore
    Reviewed on Apr 27, 2019
  • HDFC Bank Recurring Deposit
    "Good benefits"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I bank with HDFC Bank for a recurring deposit too. The process to open this account was easy and convenient. I can do it online. The interest they provide on the savings is also good. There are no charges related to the account. Overall it has been good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 26, 2019
  • HDFC Bank Recurring Deposit
    "Excellent service"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I had recurring deposit in HDFC bank, I activated this account directly through bank, they use to give good interest rate up to 8.74% which was good, they give good interest rate i can use their service without any hassle, their overall service is good.
    Was this review helpful? 1
    , kolkata
    Reviewed on Apr 25, 2019
  • HDFC Bank Recurring Deposit
    "Good Experience"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    I had recurring deposit in HDFC, I invested around Rs. 5000 through online. I activated the account through online and also I got the matured benefits automatically because they credited to my account. I got the better interest from end without any hassles.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Apr 23, 2019
  • HDFC Bank Recurring Deposit
    "Convenient and safe investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am happy with HDFC recurring deposit , I was opened through online, monthly I invested Rs. 5000 per month at last I got the money around Rs. 45,000 I got better profit. The support team is helpful and the interest rate is also genuine for the customer satisfaction.
    Was this review helpful? 1
    , haldwani
    Reviewed on Apr 15, 2019
  • HDFC Bank Recurring Deposit
    "Its Good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have one Recurring deposit with HDFC, Monthly I invest the money around Rs.1000 it has the tenure of one year, if I want I can prolong the duration. The interest rate is good hence I opened the account. I can track my RD details through HDFC netbanking its very convenient.
    Was this review helpful? 1
    , kochi
    Reviewed on Apr 15, 2019
  • HDFC Bank Recurring Deposit
    "Trust worthy"
    HDFC BANK
    0.5 4.5/5 "Excellent!"
    I opened HDFC recurring deposit through online banking , the rate of interest is standard as per the RBI guideline. I can access the account any time by netbanking.It has the tenure of one year, even I have option to prolong the tenure period of my RD.
    Was this review helpful? 1
    , kolkata
    Reviewed on Mar 30, 2019
  • HDFC Bank Recurring Deposit
    "Satisfactory"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I bank with HDFC Bank for a recurring deposit too. The process to open this account was easy and convenient. I can do it online. The interest they provide on the savings is also good. There are no charges related to the account. Overall it has been good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 29, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have recurring deposit with HDFC account, I went to the bank and opened the account , within 5 days it got activated. I used to get reminder messasge for monthly RD. Minimum I can deposit from Rs.500 to 1 lakh, the current interest with HDFC around 7.5% its really good.
    Was this review helpful? 1
    , pune
    Reviewed on Mar 17, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have activated HDFC recurring deposit through online banking within 3 days of time, monthly I deposit Rs. 1000 it has the term of 12 years, the rate of interest is around 8.2%, the support is very good for the recurring queries, there is no charges for the prematures withdrawal.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Mar 11, 2019
  • HDFC Bank Recurring Deposit
    "Good for saving"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    Every month I used deposit Rs. 5000 for one year of HDFC recurring deposit, the current interest is around 5 to 6% for recurring investment, I have option to take liquidity through online. The customer support is good on my queries regarding RD.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 07, 2019
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