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  • HDFC Recurring Deposit

     4.5 / 5.0   by 342 users
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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 18 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have most of my banking products with HDFC bank. As I'm an employee as well as I liked HDFC bank's services I decided to start a reccurring deposit for my future savings with HDFC bank itself. If we book recurring deposit through online then we will get offers some like free deal, provogue bags or watches, vouchers. Annually I pay Rs. 3000 and I get an interest of 7.75%.
      Was this review helpful? 0
      , jammu
      Reviewed on Nov 20, 2017
    • HDFC Bank Recurring Deposit
      "Secure Deposit"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a recurring deposit with HDFC bank. The total tenure for this deposit is for 60 months. They have given a rate of interest of 7.90% and now its lowered to 6.75 percentage. Monthly from my HDFC savings account they will deduct that amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 08, 2017
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have my salary account with HDFC bank so I thought of holding a Recurring deposit account with them as their services are good. Now I have been holding a Recurring deposit account with them for the past 1 year. I remember for the last 6 months I'm paying between Rs. 1000 to Rs. 2000 monthly. They give me 5.25% as interest.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 28, 2017
    • HDFC Bank Recurring Deposit
      "Good Saving"
      HDFC BANK
      0.5 4.0/5 "Great!"
      Holding Recurring deposit account with HDFC, I used to pay Rs. 3000 on every month, it has tenure of one year, But the interest rate is very low like the banks norms. I think HDFC Is providing 6% of interest for the RD account, I am using it only for the investment purpose.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 25, 2017
    • HDFC Bank Recurring Deposit
      "Very good account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC Bank is my corporate account and my salary account is with HDFC. The reason why I had chosen HDFC for the Recurring Deposit was because of the interest rate which is 6% and it is the best and we have to pay monthly 1200 . This Recurring Deposit request was placed online. I can also view my maturity instructions online
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • HDFC Bank Recurring Deposit
      "Good Saving"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      Generally invest Rs.10,000 on monthly average in my HDFC recurring deposit account. It has the tenure of two years, after maturity period I would get the amount around 30,000 and above. I am satisfied with them, online transaction is easy to make the payment.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 13, 2017
    • HDFC Bank Recurring Deposit
      "Very Good"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      I have the recurring deposit account with the HDFC bank and their interest rate is around 6.7%. Response is very good one for me and the total lock in period is around three to four years of time , also it depends on the choice.
      Was this review helpful? 0
      , patna
      Reviewed on Sep 28, 2017
    • HDFC Bank Recurring Deposit
      "Recurring deposit"
      HDFC BANK
      0.5 4.0/5 "Great!"
      Its just hold a saving account with HDFC based on which i had opened this RD. I dont see much difference in the interest rate nor i am able to save much savings it was meager. The interest rate was very much minimal not that much and all. For trial period i had opened this RD and i had preclosed it .This was taken before 6 years and RD was taken for a tenure of 3 months only.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 28, 2017
    • HDFC Bank Recurring Deposit
      "Wonderful"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I am having the recurring deposit account with the HDFC bank and the response is very good one. Interest rate is good one with the HDFC bank like and their online banking facilities are good one with them.
      Was this review helpful? 0
      , kottayam
      Reviewed on Sep 22, 2017
    • HDFC Bank Recurring Deposit
      "Its Average"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I had account issue with my saving account, hence their staff informed me to open recurring deposit with them. Therefore I opened RD before six months, every month I am making the payment of Rs.1000 it has tenure of six months. Finally I got the total amount Rs.6102 there was no benefit.
      Was this review helpful? 0
      , kollam
      Reviewed on Sep 21, 2017
    • HDFC Bank Recurring Deposit
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have got a Recurring deposit with HDFC bank . I have got the RD account for 10 months but I have closed within 5months itself. I have close the RD account because of my emergency need. The rate of interest is nominal with HDFC RD account . I didn't got much difference in the amount when I closed RD account , I am satisfied with eh RD account from HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2017
    • HDFC Bank Recurring Deposit
      "Reccure the deposit"
      HDFC BANK
      0.5 4.0/5 "Great!"
      With HDFC bank i hold a Recurring deposit. As my salary account is with HDFC they directly deduct the recurring deposit amount. The amount which is deducting is 1000 rs. After one year we can withdraw that amount with a rate of interest 12 percentage.
      Was this review helpful? 0
      , krishnagiri
      Reviewed on Sep 18, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good. There is an option here, where one can transfer the funds on a monthly basis. Interest rate is one and the same as FD. I had given auto debit options where the funds would be transferred from my account to this RD. I dont get any tax benefit here and its a short term RD.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 12, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good, the reason for choosing HDFC RD was because I hold an account with the same bank. I heard of this bank RD has got good benefits. It was taken for a limited duration . We earn an interest of rs 500 it was for a short duration of time which is 15 months and I earn an interest of 15% approximately for RD.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2017
    • HDFC Bank Recurring Deposit
      "My RD"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring Deposit is very good. I am holding this RD for a very short term period it was hardly for a period of 6 months. The amount is up to me to decide and I can deposit any amount starting from rs500 and I am not sure about the maximum limit and when it comes to closure it was auto closure and this request was initiated at the branch..
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 14, 2017
    • HDFC Bank Recurring Deposit
      "Banking services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I also have a recurring deposit with HDFC Bank. It was a easy process to get this account. I could do it online and the services are good. The interest rate is also to my satisfaction. I do not have hassles in closing the account too. The response is top always.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Aug 12, 2017
    • HDFC Bank Recurring Deposit
      "Good RD account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am holding a RD With HDFC and it is really good . At the time of liquidation the funds would get transferred to my account automatically. through online i had placed a request for this RDI EVERY MONTH they would deduct around 2500 per month and its my choice when it comes to the amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 10, 2017
    • 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? 3
      , 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
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