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HDFC RD Interest Rates 2020

HDFC Bank allows customers to open a regular recurring account with them and offers attractive interest rates ranging between 4.10% p.a. to 5.50% p.a. Senior citizens get an additional interest of 0.50% on all tenures.

You can open a recurring deposit account with a minimum monthly investment of Rs.1,000. The investment tenure can range between 6 months to 10 years. For NRI customers, the minimum investment tenure is 12 months.

HDFC Recurring Deposit Interest Rates

Listed below are the interest rates offered by the lender on recurring deposits as of 10 Aug 2020

Tenure Interest Rate for General Citizens (p.a.) Interest rate for Senior Citizens (p.a.) Interest rate for NRI customers (p.a.)
6 Months 4.10% 4.60% NA
9 Months 4.50% 5.00% NA
12 Months 5.25% 5.75% 5.60%
15 Months 5.25% 5.75% 5.60%
24 Months 5.25% 5.75% 5.60%
27 Months 5.35% 5.85% 5.75%
36 Months 5.35% 5.85% 5.75%
39 Months 5.50% 6.00% 5.75%
48 Months 5.50% 6.00% 5.75%
60 Months 5.50% 6.00% 5.75%
90 Months 5.50% 6.00% 5.75%
120 Months 5.50% 6.00% 5.75%

HDFC 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 5.50% p.a. The lender offers that rate of return on tenures ranging between 2 years 3 months and 10 years. Senior citizens are offered 6.00% p.a. for those tenures. For opening an NRI recurring deposit, the highest interest paid by the lender is 5.75% p.a. Just like to resident Indians, the rate of return is paid for opening an RD account that has an investment tenure ranging between 2 year 3 months and 10 years.

Short-Term HDFC RD Interest Rates

  • The short-term period for an hdfc recurring deposit account is between 6 months and less than year.
  • The interest rate offered by the bank for the 6 months tenure is 4.10% p.a. while for the 9-month tenure it is 4.50% p.a. For senior citizens, the rate of return ranges between 4.60% p.a. and 5.00% p.a.  

HDFC Medium-Term and Long-Term RD Interest Rates

  • Medium-term tenures range between 12 months and 36 months while long-term tenures are those which are opened for a period above 36 months.   
  • The interest rates ranges from 5.25% p.a. to 5.50% p.a. for regular citizens. Senior citizens are offered in the range of 5.75% p.a. to 6.00% p.a.  

Benefits of HDFC Recurring Deposit Scheme

  • 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.
  • Senior citizens get additional interest rate.
  • There’s a lock-in period of 1 month from the date of opening of account.

HDFC Recurring Deposit Eligibility Criteria

  • Resident Indians
  • HUF (Hindu Undivided Families)
  • Trust and societies
  • Public and Private Limited Companies

How to Open an HDFC Recurring Deposit Account

You can open an HDFC RD account by visiting the bank branch, through net banking or by sending an SMS to 5676712.

To open the account through net banking, follow the steps mentioned below:

  • Log in to your Net banking account
  • Click on “Transact” located on the right-hand side of the page
  • Click on “Open 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

HDFC Recurring Deposit Rates FAQs

  1. How is the interest paid?
  2. The interest on an RD account is paid only upon maturity only. You won’t be getting any monthly or quarterly interest payouts.

  3. What happens if someone defaults frequently?
  4. 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.

  5. Is partial payment of instalments allowed?
  6. No, partial payment of instalments is not allowed. 

  7. Is there any TDS deduction applicable on the interest payable?
  8. Yes, TDS will be deducted if the interest payable exceeds Rs.40,000 (Rs.50,000 for senior citizens) in a calendar year.

  9. What’s the minimum tenure for NRI customers?
  10. Unlike resident Indians, where the minimum tenure is fixed at 6 months, NRIs can open an RD with a minimum tenure of 12 months.

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