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  • HDFC Recurring Deposit

     4.5 / 5.0   by 325 users
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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.

      5th October 2016

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    HDFC Bank RD Reviews

  • Page 1 of 17 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      I hold recurring deposit account with HDFC bank. The lock in period is one year. I am more comfortable with the services and I had no issues with the bank for RD account. The customer service is good and I am satisfied with the bank as I hold multiple services with the bank.
      Was this review helpful? 1
      , jabalpur
      Reviewed on Jun 05, 2017
    • HDFC Bank Recurring Deposit
      "Better "
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had closed the recurring deposit account with the HDFC bank and the services offered by them was exemplary. Rate of interest is a nominal one with them and the lock in period was around one year of time. There were no penalty charges absolutely for the premature withdrawal. On top of all that, Customer service provided by HDFC Bank is really fantastic.
      Was this review helpful? 3
      , pune
      Reviewed on May 18, 2017
    • HDFC Bank Recurring Deposit
      "Conveneint saving process"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring deposit interest rate is low, I should deposit the amount of Rs.5000 every month for RD account its for the period of 15 months. Initially HDFC were providing the interest rate of 6.9% now it got less . But I am sure they will be providing assured interest rate.
      Was this review helpful? 5
      , faridabad
      Reviewed on May 15, 2017
    • HDFC Bank Recurring Deposit
      "Services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had closed the recurring deposit account with the HDFC bank and I had it for a period of one year of time. Interest rate was very minimal at that time. Net banking facilities are nice one and also its easy to track the account, also its really pretty fast to open this HDFC account.
      Was this review helpful? 3
      , mumbai
      Reviewed on May 10, 2017
    • HDFC Bank Recurring Deposit
      "Good RD"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Even my HDFC RD is good. Even for this I got a call from HDFC bank I gave my confirmation for the same. They had deducted the amount from my savings account and every month it keeps deducting from my account. I do have access to online facilities too.
      Was this review helpful? 4
      , kolkata
      Reviewed on Apr 20, 2017
    • HDFC Bank Recurring Deposit
      "Best"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the recurring deposit account with the HDFC bank and its for the tenure of one year of time. Customer service is nominal one and the account got opened immediately and it was done by their branch staffs, also I mean to add that there were no hassle.
      Was this review helpful? 6
      , madurai
      Reviewed on Apr 04, 2017
    • HDFC Bank Recurring Deposit
      "Its Good Saving"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have opened HDFC recurring deposit by visiting the branch but there is an option in netbanking. I have been paying the monthly amount of Rs.1000 its for six month, next month its going to be over, I would be getting the amount Rs. 6100 on my account.
      Was this review helpful? 5
      , kozhikode
      Reviewed on Apr 04, 2017
    • HDFC Bank Recurring Deposit
      "Grow with HDFC "
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit account with the HDFC bank and the interest rate is around 7.5% and the lock in period is around five years of time . Services are better in their branch and the account got opened by very same day. I am okay with the HDFC bank.
      Was this review helpful? 3
      , chandigarh
      Reviewed on Mar 16, 2017
    • HDFC Bank Recurring Deposit
      "Fix deposite int 8%"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Rate of interest is good and BHARAT CO-OP BANK is very co-operative bank staff is also very co-operative especially with NRI and NRE A/c holders.I have saving A/c also I need to have more rate of interest on saving A/c.Thanks very much My Best wish.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jan 23, 2017
    • HDFC Bank Recurring Deposit
      "My RD account"
      HDFC BANK
      0.5 4.0/5 "Great!"
      This RD account was set up automatically as I hold a salary account with the same bank. Any time I can go for liquidation after 6 months however they were no charges for the same. They had calculated the percentage of interest earned for 6 months and the amount was transferred to my account.
      Was this review helpful? 7
      , chennai
      Reviewed on Dec 07, 2016
    • HDFC Bank Recurring Deposit
      "My RD account"
      HDFC BANK
      0.5 4.0/5 "Great!"
      This RD account was set up automatically as I hold a salary account with the same bank. Any time I can go for liquidation after 6 months however they were no charges for the same. They had calculated the percentage of interest earned for 6 months and the amount was transferred to my account.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 07, 2016
    • HDFC Bank Recurring Deposit
      "My RD "
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Through the branch I had initiated the request for RD based on my HD. I am holding this RD for a period of one year. I am using this RD for emergency purpose and I had closed it. They took hardly a dayâ??s time to open this RD.
      Was this review helpful? 3
      , thanjavur
      Reviewed on Dec 01, 2016
    • HDFC Bank Recurring Deposit
      "HDFC RD is very convenient"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Hassle free Recurring deposit experience with HDFC, Through Netbanking there is an option to open or close the recurring deposit, We can pay from Rs.1000 to 1 Lakhs rupees and its not mandatory to pay upto to the period, Could disconnect the RD any time when we need of money.
      Was this review helpful? 2
      , mumbai
      Reviewed on Nov 21, 2016
    • HDFC Bank Recurring Deposit
      "My recurring deposit"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had opened a Recurring deposit with HDFC Bank last year December. I earn good interest rate on my RD which is 7.5%. I dont get any sort of tax benefits from them.I am supposed to pay about rs 5000. I had opted for this RD through online and I am not sure about the minimum amount which needs to be deposited.
      Was this review helpful? 12
      , mumbai
      Reviewed on Oct 25, 2016
    • HDFC Bank Recurring Deposit
      "Saveing ets easy by RD"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have changed job from one co and another and i was thinking of saving some money from my increased salary.. i read recurring deposit information on HDFC site and on the same day i decided to go for RD account. Through net banking facility i opened my RD account in just few minutes and interst rate was also good. Just go for it.
      Was this review helpful? 3
      , thane
      Reviewed on Oct 03, 2016
    • HDFC Bank Recurring Deposit
      "Very good features"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have also tried a recurring deposit financial product form HDFC bank. They have a lot of options for this deposit and I am also given the choice of payments. The rate of interest provided is good. I also closed this account as and when I needed the funds, I did not have to call the bank of visit them for the same.
      Was this review helpful? 3
      , salem
      Reviewed on Oct 01, 2016
    • HDFC Bank Recurring Deposit
      "Smooth process"
      HDFC BANK
      0.5 4.0/5 "Great!"
      The prime reason for choosing HDFC Bank is because I hold a RD with them. With net banking the transactions are very smooth. This was taken for a period of one and a half year. The day before the maturity I got the message stating that my RD is going to get matured and the next day I was able to find the amount lying in my account.
      Was this review helpful? 4
      , jaipur
      Reviewed on Sep 10, 2016
    • HDFC Bank Recurring Deposit
      "Easy options"
      HDFC BANK
      0.5 4.0/5 "Great!"
      When ever I feel to open a Recurring deposit I can go on to the portal of HDFC Bank and open it. The fund gets directly deducted from my account. It is a hassle free process. The rate of interest is good. Like wise I could do the same when ever I want to close the account too. It is that convenient.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Sep 10, 2016
    • HDFC Bank Recurring Deposit
      "Well organized process "
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      That was a feasible service offered from HDFC Bank in case of recurring deposits.The account can be opened by the customer through the online portal itself.They apply interest around 8.9% for the recurring deposit.They have not got any freezing period as well.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 30, 2016
    • HDFC Bank Recurring Deposit
      "Get safe with HDFC recurring"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had recurring deposit account with HDFC bank and the interest rate was around 8.25%. I dont believe in bulk ECS and I would like to stick with the regular depositing money, which I signed off. Minimum time period for recurring deposit account is around 6 months and the maximum is around ten years of time.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Aug 27, 2016
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