HDFC recurring deposits are an easy option for customers who wish to save regularly. Customers can start with Rs. 1,000 per month and build up their savings for the future. HDFC RD is open for Indian residents at attractive interest rates.
Read on to check the latest HDFC Bank RD rates. Also, you can check the important details about HDFC Bank RD. These include eligibility criteria, application procedure, prime features, and more.
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HDFC Bank RD Rates 2022
|Tenure||Interest Rates (% p.a.)||Effective From|
|Regular Citizens||Senior Citizens|
|6 months||4.50||5.00||Oct 26, 2022|
|9 months||5.25||5.75||Oct 26, 2022|
|12 months||6.10||6.60||Oct 26, 2022|
|15 months||6.40||6.90||Nov 8, 2022|
|24 months||6.50||7.00||Nov 8, 2022|
|27 months||6.50||7.00||Nov 8, 2022|
|36 months||6.50||7.00||Nov 8, 2022|
|39 months||6.50||7.00||Nov 8, 2022|
|48 months||6.50||7.00||Nov 8, 2022|
|60 months||6.50||7.00||Nov 8, 2022|
|90 months||6.25||7.00||Nov 8, 2022|
|120 months||6.25||7.00||Nov 8, 2022|
Interest rates are as of 16 November 2022
HDFC Bank RD – Features & Benefits
HDFC Bank RD scheme is available with the following features to help customers make budgetary monthly deposits and earn high interest:
|Tenure||6 – 120 months|
|Deposit Amount||Rs. 1,000 – Rs. 1,99,99,900 per month|
|Rate of Interest||Calculated from the date first instalment is paid on actual or quarterly compounding|
|Rates for Senior Citizens||Extra 0.5%|
|Premature Withdrawal||Available (after 1 month)|
HDFC Bank Recurring Deposits - Premature Withdrawal
When in need, customers can opt to withdraw their funds from their recurring deposit before maturity. This is termed as premature withdrawal. To use this facility, the following points must be considered beforehand:
- Lock-in period of 1 month must be served
- Bank will not pay interest if the lock-in period is not observed (i.e. withdrawal before completing 1 month from the booking date). Interest will be calculated on the rate lower of the following two:
- Contracted rate of interest
- Rate of interest for the time for which RD was active
HDFC Bank RD Calculator
To help customers check and compare the maturity amount at different RD rates, the RD calculator is available at Paisabazaar.com. This makes the comparison very easy.
It calculates the total estimated interest for any specified amount, tenure, and rate of interest in seconds. All you need to do is enter the applicable rate of interest, deposit amount, and tenure.
Click the tab below to calculate the maturity amount using the HDFC Bank RD Calculator.
HDFC Bank RD – Eligibility Criteria
Who can Apply?
HDFC Bank’s recurring deposit scheme is open for the following persons:
- Resident Individuals
- HUFs (Hindu Undivided Families)
- Private and Public Companies
- Trusts and Societies
Customers must check the list below before applying for an RD account with HDFC Bank:
- Application Form (properly filled and duly signed)
- PAN Card
- Form 60/61, if PAN not available
- Address Proof (Aadhaar, Passport, Ration Card, Utility Bills, etc.)
- Account details
Note: Applicants who do not have an account with HDFC Bank must be introduced by an existing HDFC customer.
For those who already have an account with HDFC Bank and are KYC compliant, do not need to furnish further documents.
HDFC Bank RD - How to apply?
For offline applications, customers must visit any of the HDFC branches along with the required documents. However, HDFC Bank lets its customers open a recurring deposit using online options, viz. HDFC mobile banking and HDFC internet banking.
- Mobile Banking
- Download the HDFC Bank mobile app via Google Play Store or the Apple Store and install it
- Create a 4-digit PIN or fingerprint, whichever is applicable as per the user’s device
- Click on ‘Menu’
- Open ‘Save’ and select ‘Deposits’
- Choose the 3rd option of ‘Open Recurring Deposit’
- Enter the monthly deposit amount (minimum Rs. 1,000), duration, and maturity)
- Hit the ‘Continue’ button
- Confirm the additional information and click on ‘Continue’.
- Check the details and click on ‘I accept the Terms and Conditions’
- Now click the ‘Confirm’ button to complete the process
- Internet Banking (via web)
- Visit the official website of the HDFC Bank
- Click on ‘Login’
- Select the ‘NetBanking’ option and hit the ‘Login’ button
- Click on ‘Continue to NetBanking’ after reading the important details mentioned
- Log in using the User ID/Customer ID and password
- In the dashboard, open the ‘Transact’ section from the side paned and select ‘Open Recurring Deposit’
- Fill the form that will appear on the screen
- Accept the terms and conditions after properly reading and click on ‘Confirm’
Frequently Asked Questions (FAQs)
What is the highest HDFC RD rate?
Currently, HDFC Bank is giving interest at 5.75% for tenure ranging from 27 to 120 months.
Are partial instalments allowed?
No. Installments are to be made every month in full. Partial deposit of instalments is not allowed.
Can I convert my maturing recurring deposit into a fixed deposit?
Yes. Option to convert recurring deposit into a fixed deposit is given at the time of booking the RD.
What is the tenure for opening an HDFC recurring deposit?
HDFC RD can be opened for a minimum of 6 months while it can go up to 120 months.
Are non-individual Indians residents allowed to open an HDFC recurring deposit?
Yes. HDFC RD is available to companies (private & public) as well as trusts and societies too.