HDFC offers attractive interest rates on recurring deposits starting from 5.65% to 7% per annum. Senior citizens get an additional 0.5% on all tenures. You can open a recurring deposit account with HDFC Bank for a monthly investment starting from Rs.1,000 to Rs.14,99,900 with tenures ranging between 6 months to 10 years.
HDFC Recurring Deposit Interest Rates
Listed below are the interest rates offered by the lender on recurring deposits as of 16 Dec 2019
|Tenure||Interest Rate for General Citizens (p.a.)||Interest rate for Senior Citizens (p.a.)|
HDFC NRI Recurring Deposits
The lender allows NRIs to open NRE Recurring Deposits with them. The minimum investment tenure when it comes to NRE RDs is 1 year while the maximum tenure is 10 years. The interest rates offered by the bank as of 30 August 2019 are listed in the table below:
|Tenure||Interest Rates for NRIs p.a.|
Highest RD Interest Rate (Resident Indians and Senior Citizens)
If you are a resident Indian and open an RD account with HDFC Bank, you can earn interest as high as 7.10% p.a. The lender offers that interest for the tenures of 2 years 3 months and 3 years. Senior citizens are offered 7.60% p.a. for those tenures.
Highest RD Interest Rate (NRIs)
For opening an NRE recurring deposit, the highest interest paid by the lender is 7.10% p.a. Just like to resident Indians, the rate of return is paid for opening an RD account that has an investment tenure of 2 year 3 months and 3 years respectively.
Get the Highest HDFC Recurring Deposit Interest Rates
- The highest interest rate you can earn is 7.40% for a 3-year term.
- The highest interest rate that senior citizens can earn is 7.90% for 3-year tenure.
- If you’re an NRI accountholder, you can earn the highest of 7.40% for a 3-year period.
Short-Term HDFC RD Interest Rates
- The short-term period for an HDFC recurring deposit account is between 6 months and a year.
- The interest rate offered by the bank for 6 months is 6.25%, for a 9-month period is 6.75% and for 12 months is 7.30%.
HDFC Medium-Term and Long-Term RD Interest Rates
- For medium-term deposit ranges from more than 12 months (1 year) to less than or equal to 60 months (5 years).
- The interest rates range from 7.25% to 7.40% for regular citizens and NRIs and 7.75% to 7.90% for senior citizens.
Types of HDFC Recurring Deposit Schemes
- HDFC Recurring Deposit: This RD scheme offers you rates equivalent to that of an HDFC Fixed Deposit scheme. You can open the account with an amount of Rs.1,000.
- HDFC Dream Deposit: This recurring deposit scheme gives you the flexibility to deposit money whenever it is available. No prepayment penalty charges will be imposed if you withdraw before the maturity date.
- HDFC RD schemes are also available for Non-Resident Indians (NRIs) and senior citizens.
Benefits of HDFC Recurring Deposit Schemes
- You only need a minimum amount of Rs.1,000 to open the account.
- The interest rates offered are equivalent to fixed deposit rates.
- Nomination facility is available. This means that you can nominate someone to get the maturity amount in case of your demise.
- There is no premature withdrawal penalty with the Dream Deposit plan.
- Senior citizens get additional interest rate.
- There’s a lock-in period of 1 month from the date of opening of account, during which you cannot withdraw the deposited money.
- Resident Indians
- HUF (Hindu Undivided Families)
- Trust and societies
- Private and public limited companies
How to Open an HDFC Recurring Deposit Account
- Log in to your net banking account
- Click on “Transact” located on the right-hand side of the page
- Click on “Recurring Deposit”
- Fill in the required details along with the amount and tenure
- Click “Continue” to review the details
- After verifying, confirm to open an RD account with HDFC
- How is the interest paid?
- What happens if someone defaults frequently?
- Is there any top-up facility available?
- Is there any TDS deduction applicable on the interest payable?
- If I pay more than one instalment, can I earn additional interest?
- What’s the minimum tenure for NRI customers?
The interest on an RD account is paid only upon maturity only. You won’t be getting any monthly or quarterly interest payouts.
If there are frequent defaults in monthly instalments, the bank holds the right to close the concerned RD account. In such a situation, the interest rate applicable will be as per the bank’s premature withdrawal policy.
Yes, with HDFC Dream Deposit you can enjoy a top-up facility of up to 3 times a month.
Yes, TDS will be deducted if the interest payable exceeds Rs.40,000 (Rs.50,000 for senior citizens) in a calendar year.
The bank lets you make payments of more than one instalment at a given time. However, you won’t be earning additional interest.
Unlike resident Indians, where the minimum tenure is fixed at 6 months, NRIs can open an RD with a minimum tenure of 12 months.
More you need to know about Recurring Deposit
- Recurring Deposit Interest Calculator
- Recurring Deposit
- Compare Recurring Deposit Rates of HDFC Bank with Other Banks and Institutions