HDFC Bank Recurring Deposit Interest Rates 2024

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

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.

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