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Save money while enjoying a higher interest rate with HDFC Bank Recurring Deposits. HDFC Bank Recurring Deposit Interest Rates differ for resident and NRI customers. HDFC Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) allows you to deposit a fixed amount on a regular basis with your bank, and earn interest income on it. It is similar to a Fixed Deposit (FD) where you enjoy a higher rate of interest than a savings account for the same principal amount.
The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit , you need to deposit the entire lump amount at the time you open the FD account. For a much smaller investment per month, you get interest rates equal or similar to that of regular Fixed Deposits.
About HDFC Bank Recurring Deposit Rate
An RD in HDFC Bank instils a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make fixed monthly instalments to an HDFC Bank recurring deposit scheme either by a standing instruction, ECS mandate or by regular direct remittance.
HDFC Bank RD interest rate is similar to rates offered for FD accounts. You can get the best rates for an HDFC Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of HDFC Bank RD interest rates including HDFC Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in HDFC Bank, it is advisable to check with the bank directly.
HDFC Bank recurring deposit interest rates are effective from June 06, 2018 for Resident Customers
Senior citizens will higher rate of interest rate on HDFC Bank RD account when compared to normal accounts. Below is the interest rate that is currently applicable on HDFC Bank RD account.
You can make use of the HDFC Bank RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy—all you need to do is enter the amount you want to invest monthly, date of opening of RD, the tenure and due date of RD; the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit.
Using an RD calculator gives you the maturity amount and accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goal.
Following are the people who can open and RD account with HDFC Bank.
1. What is the minimum amount required to open an RD with HDFC Bank?
The minimum opening balance for a regular recurring deposit with HDFC Bank is Rs. 1000.
2. What is the minimum and maximum deposit period?
The minimum deposit tenure is 6 months and up to a maximum of 10 years.
3. How do I apply for a regular recurring deposit?
You can open a regular recurring deposit online through your NetBanking account if you are an existing customer. Alternately, you can visit your nearest branch and submit the recurring deposit account form.
4. What is the documentation required to open an RD account?
You will require the following documents:
5. Does the RD have a lock-in period?
Yes, the recurring deposit account has a minimum lock-in period of one month.
6. I want to close the RD account, but it has only been one month. What are the charges?
In the case of premature closure within a month, no interest shall be paid and only your principal amount shall be returned.
7. Can I avail an Overdraft facility?
Right now, there is no overdraft facility for recurring deposits.
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