• HDFC Recurring Deposit

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    Overview of HDFC Bank

    Known as Housing Development Finance Corporation Limited (HDFC) during its initial days, HDFC was one of the first to be conferred with an ‘in principle’ approval from Reserve Bank of India (RBI), in the year 1994, to set up a bank in the private sector. It started operating as a Scheduled Commercial Bank in January 1995.

    HDFC Bank currently boasts of a network as wide as 3659 branches and 11,633 ATMs in 2287 towns and cities across India. The quick, personalized and transparent service has made it a very popular, trusted and loved bank amongst its customers. HDFC Bank has grown rapidly over the past nine years and garnered the appreciation of both national and international organizations.

    Recurring Deposit from HDFC Bank

    So, you just acquired the habit of saving but don’t have a lump sum amount at your disposal for a fixed deposit? Well, if you had to count your blessings, Recurring Deposit should definitely feature on that list. For the ones with a regular income, RD should be a way of life! It is a term deposit which allows you to deposit a fixed amount every month (in your RD account). The icing on the cake being, you earn interest rates applicable to Fixed Deposits.

    HDFC Bank offers a wide array of services, tailor-made to suit the varied needs of every customer. Recurring Deposit is one of them. The bank offers highly flexible RD options to its customers, at competitive interest rates. You get to enjoy the interest rates of a regular fixed deposit for investing a much smaller amount, every month. A Recurring Deposit account with HDFC also lets you enjoy additional benefits like grace facility of 5 days, TDS (Tax Deductible at Source) not being applicable on the interest rate, as per the current income tax rules.

    Types of Recurring Deposits by HDFC Bank

    • Regular Recurring Deposit
    • NRE Recurring Deposit

    Features and Benefits of Regular Recurring Deposit

    The features of a regular Recurring Deposit, offered by HDFC Bank, are –

    • The investment amount can vary from an amount as small as Rs. 1000 up to Rs. 14,99,900 per month.
    • The tenure ranges from a minimum of 6 months to a maximum of 10 years.
    • For an NRI customer, the minimum RD tenure is 12 months.
    • You get to enjoy the interest rates of regular Fixed Deposits by investing a much smaller amount every month.
    • The interest earned on your Recurring Deposit is TDS free.
    • If you pay the monthly RD instalment within 5 days of the instalment due date, you will not be charged any penalty by the bank. These 5 days fall within the grace period facility provided by the bank.
    • Once the instalment amount has been fixed, it cannot be altered.
    • 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.
    • Payment of a single instalment cannot be divided in parts.
    • The minimum lock-in period of an RD is one month.
    • If you decide to close your RD prematurely within a period of a month, you will not be eligible to get the interest amount. Only the principal amount will be returned.
    • Interest on RD is paid only on maturity of the same.
    • Irrespective of overdue instalments, an RD will mature and shall be due for repayment on the completion of the stipulated tenure.
    • If the scheduled payment of instalments is delayed, the maturity amount shall vary, as it will be subject to penal charges
    • Penal charges are calculated on a 30/360 days basis.
    • In case of frequent failure to pay the monthly instalments, the bank has every right to close the RD account. The interest rates applicable on such closed accounts will be at the discretion of the bank.

    Features and Benefits of NRE Recurring Deposit

    • The investment amount can vary from an amount as small as Rs. 1000 up to Rs. 14,99,900 per month.
    • The tenure varies from a minimum of 12 months to a maximum of 10 years.
    • Interest rates are equal to the one applicable for NRE Fixed Deposits.
    • The interest and principal is tax free (only in India).
    • If the monthly RD instalment is paid within 5 days of the stipulated instalment date, you are not subject to paying any penalty.
    • The minimum lock-in period of NRE RD is one year.
    • No interest shall be paid to the depositor if he/she closes his RD account within a year. However, the principal amount shall be returned to him/her.
    • The interest on NRE RD is compounded quarterly (subject to applicable interest rates).

    Interest Rates offered by HDFC Bank on Recurring Deposits

    HDFC Bank offers RD accounts to its customers at competitive rates of interest. It varies from a minimum of 8% to a maximum of 8.50% depending on the term of your deposit. The minimum term being 6 months and the maximum being 120 months. Senior citizens are eligible to enjoy an additional interest rate of 0.50% over the existing interest rates.

    Nomination for Recurring Deposits

    If an RD account is opened on a single person’s name, then either a new nominee can be added or the nominee who has already been added to the base savings account can be selected. In case of an RD in a joint name, the chosen nominee should be the same as the one in base savings account. HDFC Net Banking nomination facility can be used in both the aforementioned cases.

    If you wish 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

    A Recurring Deposit account enables you to save money with an advantage of interest that be earned on the investment. When you create an RD account, you get to choose the tenure of the account and the investment amount considering the fact that your saving account will automatically be debited for the installments. While creating the RD account, the saving account will be set for an auto debit for the entire period and you won’t be able to make changes to it.

    You are expected to make the payments within the due time, if the payments are not made within the due date, the interest payment on your investment will be reduced as per the terms. If you fail to make the payments for certain months, the bank will hold the right to close the RD account. You are allowed to pay more than the installment amount, however, your account won’t be eligible for additional interest for the extra amount deposited towards the account. 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

    HDFC Bank Recurring Deposit (RD) account can be liquidated by either contacting the branch directly or through NetBanking. The latter is comparatively an easier process and doesn't require more than couple of minutes. Before you proceed with the steps, you need to consider that you won't be eligible for the complete interest amount. Since your account has been liquidated prematurely, you will receive the principal amount and a partial interest amount depending on the terms. You can login to NetBanking 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.

    Frequently asked questions

    1. Is TDS applicable on Recurring Deposits?

      No, as per the existing income tax rules TDS is not applicable on Recurring Deposits.

    2. What is the minimum deposit amount to open an RD account?

      You can open a RD account with a nominal amount of Rs. 1000.

    3. What is the maximum deposit amount for an RD account?

      It is Rs. 14,99,900/-

    4. Is nomination facility available on RD accounts?

      Yes, nomination facility is available on RD accounts.

    5. Are partial payments applicable on Recurring Deposits?

      No, you can’t make partial payments on recurring deposits.

    6. What is procedure to liquidate an RD account prematurely?

      To prematurely liquidate your RD account, you have to submit your RD advice or written instruction (signed by all account holders) at the nearest branch. If you hold an RD under ‘Sole Owner Name’, the deposit can be liquidated via net banking.

    7. Can I open a RD account in joint names?

      Yes, you can open a RD account in joint names.

    8. Can a minor be the first applicant of a HDFC Bank Recurring Deposit account?

      Yes, a minor can be the first applicant of a HDFC Bank Recurring Deposit account.

    9. What is the tenure for HDFC Bank Recurring Deposit (RD)?

      The minimum tenure for HDFC Bank Recurring Deposit is 6 months and the maximum tenure is 10 years. After 6 months, you can select a period in multiples of 3 months.

    10. Are depositors allowed to change the installment due date and tenure of their HDFC Bank Recurring Deposit account?

      No, depositors are not allowed to change the installment due date and tenure of their HDFC Bank Recurring Deposit account. They can choose to open a new RD account.

    11. Are depositors allowed to select their installment date?

      Installment date is dependent on the date of opening the Recurring Deposit account.

    12. Can I make partial withdrawals from my HDFC Bank Recurring Deposit account?

      No, you cannot make partial withdrawals from your HDFC Bank Recurring Deposit account.

    13. Does HDFC Bank provide overdraft facility for Recurring Deposits?

      No, HDFC Bank does not provide overdraft facility for Recurring Deposits.

    Know the Current Recurring Deposit Rates:

    Perfect Fixed Deposit Deals for you

    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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    HDFC Bank RD Reviews

  • Page 1 of 19 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have a recurring deposit with the HDFC bank. The interest rate is nominal. The EMI is Monthly Debited from the salary account. Opening the deposit was very easy and it was done online. Never had any issues with the service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • HDFC Bank Recurring Deposit
      "Recurring deposit with HDFC"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have a recurring deposit with HDFC bank and the rate of interest which they provide for the account was around 6.75%. I have chosen the tenure for 30 months with a monthly EMI of 1500. I can withdraw the amount after 30 months or in between. The service was very easy and simple.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • HDFC Bank Recurring Deposit
      "Recurring deposit with HDFC"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit with HDFC with a monthly EMI of 5000. The total tenure was for 2 years. The rate of interest which they were providing was 7.5%. We do withdraw the amount in between also there will not be any charges with them. The customer service and response with them is fine.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • HDFC Bank Recurring Deposit
      "Best Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have my ongoing Recurring Deposit with HDFC bank and i am investing from last 1 year, I pay an amount of Rs 1000 every month and the customer service of HDFC bank was very good, they gave all the right information and guided me well. The maturity period is after 1 year and i get a interest of 6.5% on returns.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 09, 2018
    • HDFC Bank Recurring Deposit
      "Nice experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I hold a recurring deposit with HDFC Bank and the process is good. I can open this account on the mobile application. There is a lock in period for a year and six month. The rate of interest is good and there are no hassles in the process. Overall good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2018
    • HDFC Bank Recurring Deposit
      "Good investment plan with HDFC"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have started a recurring deposit an investment plan with HDFC bank with a tenure of 1 years. The total rate of interest is which they provide for 1 year is 7%. Before completing the maturity period if i withdraw the amount, i am not sure about the withdrawal charges as i did not tried that. The customer service and response is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Bank Recurring Deposit
      "Good investment"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have started a recurring deposit an investment plan with HDFC bank with a tenure of 2 years. The total rate of interest is 7%. After two years i can withdraw the amount. The customer service and response is fine. Before completing the maturity period if i withdraw the amount, i am not sure about the withdrawal charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Bank Recurring Deposit
      "Good"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I had a Recurring Deposit in HDFC Bank and it was closed long back. I have paid 1000 rupees every month. After the maturity period I have received a minimal amount. It is useful for the saving purpose. The rate of interest was not good. I got a proper response.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 01, 2018
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had a Recurring deposit with HDFC bank and my experience was good so far, the services provided by this bank is very good when compared to other banks. I pay an amount of Rs 2000 every month which gets auto deducted from the salary account. I get a interest of 6.99% and happy with the returns.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2018
    • HDFC Bank Recurring Deposit
      "Nice experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The rate of interest is good at HDFC Bank for the recurring deposit. It is almost the same as other banks. The service online is good as I can open and close this account online without having to go to the banks. The overall process is fine and I am glad to bank with them
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 19, 2018
    • HDFC Bank Recurring Deposit
      "Hassle Free experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC recurring deposit interest rate is nominal, I opened account through online, their notification part is good. I make the monthly investment around Rs. 15000 for the tenure of 24 months. At last I got the return got credited in the account.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      First time I opened RD in HDFC, but the return was less. They offered me the interest rate around 6.5%, Then I quite in amount, I activated this service through online and once cancel it the amount got credited in a month. The service is absolutely fine but interest rate is the concern.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • HDFC Bank Recurring Deposit
      "Best one"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I was having the recurring deposit with the HDFC bank on that time. Rate of interest was around 6.9% and the customer service was good. Penalty charges were around 1% of the interest rate charges on accumulated money.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 02, 2018
    • HDFC Bank Recurring Deposit
      "nice recurring deposit"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had a Recurring deposit in Hdfc Bank. I got satisfied Interest rate in Recurring Deposit. I can monitor this Recurring Deposit Activities in my Hdfc Mobile Banking application. I can check the status of my deposit maturity status and interest certificate also.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 31, 2018
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had a Recurring Deposit with HDFC bank 3 years back, the services are very good with this bank and i did not find any issues with this bank. I pay an amount of Rs 4200 every month and the maturity period is after 5 years. Customer service was good and they responded on time. I get interest of 9% which is sufficient and i am happy with the returns.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 19, 2018
    • HDFC Bank Recurring Deposit
      "Excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring Deposit with HDFC Bank. The maturity period is one year and it was taken for my daughter. I am paying 1000 rupees per month through net banking or cash. All the facilities are good with HDFC Bank. The customer service and response was very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 04, 2018
    • HDFC Bank Recurring Deposit
      "Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have taken a Recurring Deposit with HDFC Bank long back. Everything is renewed and reimbursed with them. I have chosen this bank, it was very easy to use the net banking and the interest rate was good. I have taken this account through online and I hardly visit the branch to exchange the foreign currency.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 29, 2017
    • HDFC Bank Recurring Deposit
      "Best "
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I do have recurring deposit account with the HDFC bank and the response is fine one. I would like to say that the rate of interest is good one for me with the HDFC bank. Everything is fine one for me with the HDFC bank.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 22, 2017
    • HDFC Bank Recurring Deposit
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring deposit with HDFC bank.The minimum balance is maintain of Rs 50,000 once in a month i close and open a new account the maturity of the account is one year.They debit 2000 every month from my salaried account In case of emergency I can withdraw the amount.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 16, 2017
    • HDFC Bank Recurring Deposit
      "RD services are good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The Recurring Deposit with HDFC came in after years of relatioship with this Bank. They have good return promised and the trust over them is high. You can easily close the account whenever you want and the amount would be disbursed immediately to your account. The netbanking facility can make things happen easily.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 01, 2017
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