HDFC Recurring Deposit Interest Rates

You can open a recurring deposit account with a minimum monthly investment of Rs.1,000. The investment tenure can range between 6 months to 10 years. For NRI customers, the minimum investment tenure is 12 months.

Note: Listed below are the interest rates offered by the lender on recurring deposits as of 12 June 2024.   

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 HDFC Highest RD Interest Rates for Resident Indians & Senior Citizens

If you are a resident Indian and open an RD account with HDFC Bank, you can earn interest as high as 7.50% p.a. which is offered on tenures ranging from 39 months to 60 months.

For opening an NRI recurring deposit, the highest interest paid by the lender is 7.50% p.a which is for tenures ranging from 39 months to 60 months. 

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Short-Term HDFC Recurring Deposit Interest Rates

1. The short-term period for an hdfc recurring deposit account is between 6 months and less than a year.
2. For the general public, the interest rate offered by the bank for the 6 months tenure is 4.50% p.a. and for the 9-month tenure it is 5.75% p.a For senior citizens, the rate of return ranges from 5.00% p.a. and 6.25% p.a.

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HDFC Medium-Term and Long-Term RD Interest Rates

1. Medium-term tenures range from 12 months and 36 months while long-term tenures are those which are opened for a period above 36 months.   
2.   The interest rates range from 6.60% p.a. to 7.10% p.a for regular citizens. Senior citizens are offered interest rates in the range of 7.10% p.a. to 7.60% p.a.   
   

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Benefits of HDFC Recurring Deposit Scheme

1. You only need a minimum amount of Rs.1,000 to open the account.
2. The interest rates offered are equivalent to fixed deposit rates.
3. Nomination facility is available.
4. Senior citizens get an additional interest rate.
5. There's a lock-in period of 1 month from the date of opening of account.

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HDFC Recurring Deposit Eligibility Criteria

1. Resident Indians
2. HUF (Hindu Undivided Families)
3. Trust and societies
4. Public and Private Limited Companies

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How to Open an HDFC Recurring Deposit Account

To open the account through net banking, follow the steps mentioned below:

1. Log in to your Net banking account
2. Click on "Transact" located on the right-hand side of the page
3. Click on "Open Recurring Deposit"
4. Fill in the required details along with the amount and tenure
5. Click "Continue" to review the details
6. After verifying, confirm to open an RD account with HDFC
7.   You can open an HDFC RD account by visiting the bank branch, through net banking or by sending an SMS to 5676712.

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FAQs on HDFC Recurring Deposit Rates

• What happens if someone defaults frequently?

  If there are frequent defaults in monthly instalments, the bank holds the right to close the concerned RD account. In such a situation, the interest rate applicable will be as per the bank's premature withdrawal policy.

• What's the minimum tenure for NRI customers?

  Unlike resident Indians, where the minimum tenure is fixed at 6 months, NRIs can open an RD with a minimum tenure of 12 months.

• How is the interest paid?

  The interest on an RD account is paid only upon maturity only. You won't be getting any monthly or quarterly interest payouts.

• Is partial payment of instalments allowed?

  No, partial payment of instalments is not allowed.

• Is there any TDS deduction applicable on the interest payable?

  Yes, TDS will be deducted if the interest payable exceeds Rs.40,000 (Rs.50,000 for senior citizens) in a calendar year.

• What is the lock-in period for HDFC RD schemes?

  The minimum lock-in period for HDFC RD schemes is one month and no interest shall be paid by the bank if the depositor withdraws the fund during this period. Only the principal amount will be refunded. 

• Does HDFC RD scheme close automatically in case of overdue installments?

  Yes, the HDFC RD account will close automatically if six installments fall into arrears. The interest rate will be applicable as per the premature withdrawal policy of the bank. 

• Can I make partial installment payment for HDFC RD account?

  No, partial installment payment for HDFC RD account is not permitted. 

• Can I alter my installment amount later?

  No, once the installment amount is specified in the standing instruction during opening of the account, it cannot be altered later. 

• What will be my maturity instruction for recurring deposit booked via SMS?

  as maturity proceeds to be credit to CASA account, the maturity instruction will by default get booked along with the RD booked using the SMS banking. 

• How do I update nominee in my recurring deposit booked via SMS?

  To update the details of nominee for your RD booked via SMS, you need to either visit the bank or update through internet banking. The updation of nominee will not happen via SMS for RD booked through SMS banking. 

• Can I submit 15G/H for recurring deposit booked via SMS?

  No, you cannot submit 15G/H online via SMS. To submit the 15G/H form for RD booked via SMS, the depositor needs to either log into the HDFC bank net banking or visit any nearest HDFC bank branch. 

• How is the interest rate determined on the day of opening the account?

  The interest rate for the RD account is determined by the prevailing rates on the day of account opening. 

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