HDFC Bank offers recurring deposit (RD) Interest Rates ranging between 4.50% – 7.00% p.a. for the general public and 5.00% – 7.75% p.a. for senior citizens. The tenures offered by the lender for its recurring deposit schemes range between 6 months (1 year for Non-Resident Indians) to 10 years. The minimum deposit amount for opening HDFC Bank Recurring Deposit is Rs 1,000
HDFC Bank RD Interest Rates Highlights
| Highest Slab Rate | 7.10% p.a. (for 1 year 3 months) |
| For 1 year | 6.60% p.a. |
| For 2 years | 7.00% p.a. |
| For 3 years | 7.00% p.a. |
| For 4 years | 7.00% p.a. |
| For 5 years | 7.00% p.a. |
HDFC Bank RD Interest Rates for Term Deposits (Resident/NRO/NRE customers) w.e.f. 21 February 2023
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizen * | |
| 6 months | 4.50 | 5.00 |
| 9 months | 5.75 | 6.25 |
| 1 year | 6.60 | 7.10 |
| 1 year 3 months | 7.10 | 7.60 |
| 2 years | 7.00 | 7.50 |
| 2 years 3 months | 7.00 | 7.50 |
| 3 years | 7.00 | 7.50 |
| 3 years 3 months | 7.00 | 7.50 |
| 4 years | 7.00 | 7.50 |
| 5 years | 7.00 | 7.50 |
| 7 years 6 months | 7.00 | 7.75** |
| 10 years | 7.00 | 7.75** |
Note: *Only for resident senior citizens
** Additional Premium of 0.25% given to resident senior citizens booking deposits for tenures above 5 years and up to 10 years.
HDFC Bank RD – Features
- Tenor: 6 months (1 year for Non Resident Indians) to 10 years
- Minimum deposit amount: Rs 1000 (and in multiples of Rs 100 there after) per month
- Maximum deposit amount: Rs 1.99 crore per month
- Lock-in period: HDFC Bank Recurring Deposit account has a lock-in period of minimum 1 month. In case of premature closure within 1 month, the depositor will not receive any interest and only his/her principal amount will be returned.
- Interest: The interest on HDFC Bank RD is payable only on maturity of the deposit. The TDS will be deducted for the depositor when the total interest payable/reinvested on RD/FD per depositor across all branches, exceeds Rs 40,000 (Rs 50,000 for senior citizens) in a financial year.
- Maturity: The deposit amount will be due for repayment and RD shall mature on the completion of its tenure, even if the depositor has not paid some or all of the installments. The maturity amount mentioned on the RD confirmation advice is subject to payment of all installments on time. If the depositor delays payment of one or more of the scheduled installments, the maturity amount is subject to change.
- Overdue Installments: If the depositor defaults on payment of 6 or more installments, the lender has the right to close the RD account. The interest rate applicable on such closed HDFC Bank RD accounts will be based on the lender’s premature withdrawal policy.
- Eligibility: The HDFC Bank RD account can be opened by resident Indians, Hindu Undivided Families (HUFs), private & public limited companies and trust & societies.
Frequently Asked Questions (FAQs)
What is the highest HDFC Bank RD rate?
Currently, HDFC Bank is giving interest at 7.10% for a tenure of 1 year 3 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 Bank recurring deposit?
HDFC Bank 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 Bank recurring deposit?
Yes. HDFC Bank RD is available to companies (private & public) as well as trusts and societies too.