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HDFC Recurring Deposit

HDFC Bank offers recurring deposit under two schemes – Regular Recurring Deposit and NRE Recurring Deposit. You can get an interest rate ranging from 6.25% to 7.40% on the deposited amount. Senior citizens can get an 0.50% additional interest rate on the deposit. HDFC recurring deposit also lets you enjoy additional benefits like grace facility of 5 days, no TDS (Tax Deductible at Source) on the interest rate, and so on.

Regular Recurring Deposit

Key Highlights

Minimum Deposit Amount Min: Rs.1,000 per month (for any higher amount, deposit in multiples of Rs.100)
Max: 14,99,900 per month
Tenure Min: 6 months (thereafter in multiples of 3 months)
Max: 10 years
Interest Rate Min: 6.25%
Max: 7.40%
Additional Rate for Senior Citizens 0.50%
Eligibility Resident individuals, HUF, private and public companies, trust and societies
Premature Withdrawal 1% penalty of deposited amount
Nomination Facility Available
TDS on RD Applicable

Note: The interest rates are effective from 6 March 2019

Features and Benefits of Regular Recurring Deposit

  • 5 days grace period facility provided by the HDFC bank for RD.
  • Interest is paid of maturity.
  • You cannot alter the instalment amount once it has been fixed.
  • Payment of a single instalment cannot be divided in parts.
  • The minimum lock-in period of an RD is one month.
  • No interest will be offered in case of closing the RD within a period of a month.
  • In case there are more than two months of instalments overdue, and you pay enough to cover just one instalment, it will be directed towards the first/earliest month of overdue.
  • The RD will mature irrespective of overdue instalments.
  • Bank can close the RD account in case you frequently fail to pay the monthly instalments.

NRE Recurring Deposit

Minimum Deposit Amount Min: Rs.1,000 per month (for any higher amount, deposit in multiples of Rs.100)
Max: 14,99,900 per month
Tenure Min: 1 year
Max: 10 years
Interest Rate Min: 6.50%
Max: 7.40%
Additional Rate for Senior Citizens Not Available
Eligibility Non Resident Indian (NRI)
Premature Withdrawal 1% penalty of deposited amount
Nomination Facility Available
TDS on RD Applicable

Features and Benefits of NRE Recurring Deposit

  • Interest rates are same as NRE Fixed Deposits.
  • The interest and principal are tax free (only in India).
  • No penalty if the monthly RD instalment is paid within 5 days of the stipulated instalment date.
  • The minimum lock-in period of NRE RD is one year.
  • No interest will be offered in case of closing the RD within a period of a year.
  • The interest on NRE RD is compounded quarterly (subject to applicable interest rates).

How to Open an RD Account in HDFC

You can open a recurring deposit account with HDFC in two ways:

  • By visiting the branch
  • Through net banking

If you are an existing HDFC account holder, use your net banking username and password to log in to your online account and open an e-RD right away. If you are not an HDFC account holder, you will have to open an account first. After your account is active, you can log in to net banking and open an e-RD.

Nomination for Recurring Deposits

  • If you have opened an RD account in a single person’s name, you can either assign a new nominee or an existing nominee who has already been added to the base savings account.
  • In case of an RD in a joint name, the chosen nominee should be the same as the one in base savings account.
  • You can use HDFC Net Banking nomination facility in both the cases.
  • If you want to add a completely new nominee, you need to visit the nearest HDFC branch, as HDFC Net Banking does not provide the facility of adding a ‘new’ nominee for RD.

How to Pay Installments for a Recurring Deposit (RD) Account with HDFC Bank

  • When you create an RD account, you get to choose the tenure of the account and the investment amount.
  • You will need to set your saving account for an auto debit for the entire period.
  • Monthly payments should be made within the due time or else, the interest payment on your investment will be reduced as per the terms.
  • If you do not have sufficient funds for the installment, HDFC Bank will provide you with a grace period of 5 days.

HDFC Bank Recurring Deposit Withdrawal Before Maturity

  • You can liquidate your HDFC Bank Recurring Deposit (RD) account by either visiting the branch directly or via net banking.
  • In case of a premature withdrawal, you won't be eligible for the complete interest amount.
  • You will receive the principal amount and a partial interest amount depending on the terms.

Login to HDFC net nanking with your Customer ID and IPIN and follow the instructions mentioned below to liquidate your RD account:

  • Click on 'Accounts' tab
  • Click on 'Transact' on the left side of the menu
  • Choose 'Liquidate RD'
  • Select the RD account that you wish to liquidate
  • Verify the details
  • Confirm to liquidate

You will see a confirmation page with the liquidation details. Once you liquidate your RD Account, the funds will reflect on your Savings Account.

FAQ

  1. Can I change the installment due date and tenure of their HDFC Bank Recurring Deposit account?
  2. No. You cannot change the installment due date and tenure of your HDFC Bank Recurring Deposit account.

  3. Can I select my installment date?
  4. Installment date is dependent on the date of opening the Recurring Deposit account.

  5. Can I make partial withdrawals from my HDFC Bank Recurring Deposit account?
  6. No, you cannot make partial withdrawals from your HDFC Bank Recurring Deposit account.

  7. Does HDFC Bank provide overdraft facility for Recurring Deposits?
  8. No, HDFC Bank does not provide overdraft facility for Recurring Deposits.

  9. Are partial payments applicable on Recurring Deposits?
  10. No, you can’t make partial payments on recurring deposits.

Know the Current Recurring Deposit Rates:

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News about HDFC Recurring Deposit

  • HDFC’s SLI Aims to Cover All 30 Districts of Odisha

    In a move to empower the underprivileged female sections of the rural population, HDFC aims to shell out Rs. 500 crores in Odisha under Sustainable Livelihood Initiative (SLI) scheme. This amount is three times higher than the disbursements made last year. By reaching out to the unbanked and underbanked sections of the society, SLI scheme so far has empowered more than 2.5 crore people in the country. According to HDFC Bank Sr Executive Vice President and Business Head of SLI, Manohara Raj, the initiative aims to include all the 30 districts of Odisha and cover 3 lakh beneficiaries by the end of this financial year. Fixed Deposits, Micro Recurring Deposits, Financial Literacy etc. are some of the services offered under the SLI scheme of HDFC.

    5 October 2016

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