Document
Index

HDFC Bank Recurring Deposit Interest Rates 2024

By Adnan Ali

|

Updated on: Jun 26th, 2024

|

3 min read

HDFC Bank RD Highlights 

Interest Rates Range4.50% to 7.00%
Interest TypeQuarterly Compounding
Tenure6 months to 10 years
Deposit Amount 

₹1000 - ₹2,99,99,900 Per Month

HDFC Bank offers recurring deposit (RD) Interest Rates ranging between 4.50% – 7.00% p.a. for the general public and 5.00% – 7.50% p.a. for senior citizens. The tenure range of recurring deposit schemes is between 6 months to 10 years, it is 12 months for NRE Recurring Deposit and  Non-Resident Indians and 1 month for NRO RD account.

Recurring Deposit Interest Rates of HDFC Bank

Rates for some key tenures. 

Period

Interest Rate (per annum)

**Senior Citizen Rates (per annum)

Effective From

6 Months4.50%5.00%Jan 24, 2023
9 Months5.75%6.25%Jan 24, 2023
12 Months6.60%7.10%Jan 24, 2023
15 Months7.10%7.60%Feb 21, 2023
24 Months7.00%7.50%Jan 24, 2023
27 Months7.00%7.50%June 12, 2024
36 Months7.00%7.50%June 12, 2024
39 Months7.00%7.50%June 12, 2024
48 Months7.00%7.50%June 12, 2024
60 Months7.00%7.50%June 12, 2024
90 Months7.00%7.50%May 2, 2024
120 Months7.00%7.50%May 2, 2024


**Only Resident Senior Citizen Individuals are eligible for higher rates of interest.

Different Types of HDFC Bank RD Schemes

Recurring Deposit
This is a regular RD scheme where you designate a sum to be paid to the account every month for a pre-specified number of months. In addition to capital security, you can earn a reasonable interest rate on the deposit. 

The minimum sum you can deposit per month is Rs.1,000 and in multiples of Rs.100 thereafter. The maturity amount will be the sum of the principal invested and the interest.

My Passion Fund
This is a flexible recurring deposit scheme where the deposit amount and frequency of your monthly deposit payments can be set at your convenience. The scheme allows you to name your deposit after the passion you are saving up for.

You can deposit money in the account up to three times per month and the maximum top-up allowed can be twice the instalment amount. 

The minimum top-up value is Rs.1,000 per month. SI failure charges will not be levied. The minimum investment sum is Rs.1,000 per month, and the minimum tenure is six months.

HDFC Bank RD Special Features and Benefits

  • Invest a sum convenient for you, ranging from Rs.1000 up to Rs.2,99,99,900 per month.
  • The minimum tenure to open an RD account is six months and in multiples of three months thereafter.
  • The maximum tenure for an RD account is 10 years.
  • The minimum lock-in period for RD accounts is one month.
  • Get interest rates equivalent to that of a regular FD account with a much smaller investment per month.
  • The interest is calculated from the date of receiving the instalment.
  • The bank uses the Actual/Actual Quarterly Compounding method to calculate interest.
  • A nomination facility is available.
  • Premature withdrawal charges may/may not be applicable based on the scheme.

Basic Eligibility Criteria for HDFC Bank RD

  • Resident individuals
  • Hindu Undivided Families (HUF)
  • Private and Public Limited Companies
  • Trust and Societies

Tax Benefits on HDFC Bank Recurring Deposit

Tax will be deducted at source (TDS) when the interest earned on FDs and RDs throughout a financial year across all the branches of the bank exceeds Rs.40,000 (Rs.50,000 for senior citizens). 

TDS will be recovered from the current/savings account linked with the RD account. In case the existing/savings account is not maintained, the TDS will be retrieved from the RD interest earned.

You can submit Form 15G//15H to the bank requesting not to deduct tax at source if your annual income does not exceed the basic exemption limit.

RD Interest Rate Calculator

Visit our free RD calculator page to know how much returns you can make by investing in RD over a period. It provides the maturity amount with a break-up of invested amount and interest earned. It is an easy to use online tool, and you can check multiple results by changing the inputs in calculator. 

How to Open HDFC RD Account

To open an account through net banking, you can follow these simple steps. Begin by logging in to your net banking account and navigating through the options available.

  • Log in to your Net banking account.
  • Click on "Transact" located on the right-hand side of the page.
  • Select "Open Recurring Deposit".
  • Fill in the required details along with the amount and tenure.
  • Click "Continue" to review the details.
  • After verifying, confirm to open an RD account with HDFC.

Alternatively, you can open an HDFC RD account by visiting the bank branch or by sending an SMS to 5676712.

Related Articles

Can't get yourself started on taxes?
Get a Cleartax expert to handle all your tax filing start-to-finish

Frequently Asked Questions

Can I get access to the interest accrued regularly?

Unlike FDs, the interest accrued on RD is paid only on account maturity.

What happens to the maturity amount in case I have not paid an instalment, and the maturity date has arrived?

The deposit will be deemed due for repayment and shall mature on the completion of the agreed-upon tenure. This stays valid even if one or more instalments are yet to be paid. In such cases, the maturity amount mentioned in the RD advice slip may vary based on the amount that is paid on time.

Does defaulting on my instalments affect the account?

If you default on your instalments are observed regularly, or if a minimum of six instalments falls in arrears, the bank reserves the right to close the RD account. The interest rate applicable to such accounts is similar to those of the bank’s premature withdrawal policy.

Can I change the installment due date and RD tenure?

No. The installment due date and the tenure cannot be changed

Are partial payment allowed for HDFC RD?

No, partial payment is not allowed. 

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

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

Help and support
close
Loading Chat ...
Chatbot LogoChatbot Button
About the Author

I am a curious person, and Finance is at the top of my list of interests. With more than 5 years of experience in fintech, I am an expert in lending, investment and personal finance. I believe the Devil lies in details, so I dig a lot before writing anything and armed my writing pieces with figures and facts. Read more

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Company PolicyTerms of use

ISO

ISO 27001

Data Center

SSL

SSL Certified Site

128-bit encryption