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HDFC Bank offers various deposit schemes, including fixed deposits and recurring deposits, to its customers. A recurring deposit (RD) account allows you to deposit your savings into the account in regular intervals and provides an attractive interest rate on the account balance over a specified period.
Here is all you need to know about HDFC Bank RD schemes.
|RD Tenure||Interest Rate for Regular Customers (% p.a.)*||Interest Rate for Senior Citizens (% p.a.)*||Interest Rate for NRIs (% p.a.)*||Effective From|
|6 Months||3.50||4||N.A.||Aug 25, 2020|
|9 Months||4.40||4.90||N.A.||Aug 25, 2020|
|12 Months||4.90||5.40||4.90||Oct 15, 2020|
|15 Months||4.90||5.40||4.90||Nov 13, 2020|
|24 Months||4.90||5.40||4.90||Nov 13, 2020|
|27 Months||5.15||5.65||5.15||Aug 25, 2020|
|36 Months||5.15||5.65||5.15||Aug 25, 2020|
|39 Months||5.30||5.80||5.30||Aug 25, 2020|
|48 Months||5.30||5.80||5.30||Aug 25, 2020|
|60 Months||5.30||5.80||5.30||Aug 25, 2020|
|90 Months||5.50||6||5.50||Aug 25, 2020|
|120 Months||5.50||6||5.50||Aug 25, 2020|
*Interest rates are subject to change from time to time.
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.
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.
Visit our free RD calculator page to know how much returns you can expect by investing in RD over a period.
No, the RD features may vary between domestic and NRI account holders, such as the interest rate, the minimum deposit tenure, and others. Note that a separate set of interest rates are offered for NRI customers. Similarly, the minimum tenure for NRIs is 12 months, whereas it is six months for domestic customers.
Unlike FDs, the interest accrued on RD is paid only on account maturity.
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.
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.