Having an HDFC Bank RD account is convenient for both senior citizens and regular citizens, with an option of opening RD account online. It is one of the dynamic savings options you can personalise on by choosing RD instalments from monthly to quarterly at a predetermined competitive interest rate.
You may make periodic deposits over a tenure of your choice while registering at a rate of interest ranging anywhere between 4.50% to 7.00% per annum. It is now easier to make safe and secure investments to earn interest upon your deposits.
Tax Details: TDS will be deducted if the interest payable or reinvested on RD per customer, from all branches, exceeds ₹40000 (₹50,000 for Senior citizens) in a financial year.
HDFC Bank RD Interest Rates 2024
HDFC Bank offers Recurring Deposit (RD) accounts with interest rates ranging from 4.50% to 7.00% per annum in 2024, depending on the investment tenure. Knowing the current HDFC RD interest rates is crucial to optimizing your savings and aligning your investment strategy with your financial goals.
The table below shows the RD Interest Rates For Resident / NRO / NRE Customers:
| Tenure | Interest Rate (p.a.) for General Public | Interest Rates (p.a.) for Senior Citizen |
|---|---|---|
| 6 Months | 4.50% | 5.00% |
| 9 Months | 5.75% | 6.25% |
| 12 Months | 6.60% | 7.10% |
| 15 Months | 7.10% | 7.60% |
| 24 Months | 7.00% | 7.50% |
| 27 Months | 7.00% | 7.50% |
| 36 Months | 7.00% | 7.50% |
| 39 Months | 7.00% | 7.50% |
| 48 Months | 7.00% | 7.50% |
| 60 Months | 7.00% | 7.50% |
| 90 Months | 7.00% | 7.50% |
| 120 Months | 7.00% | 7.50% |
Note:
- Only senior citizen individuals who are residents are eligible for the higher interest rates.
- The special edition fixed deposit rates for 33 months and 55 months cannot be applied to RD bookings.
- NRE Recurring Deposit can be booked for a minimum period of 12 months.
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HDFC Bank RD Interest Rate Calculator
Recurring Deposit (RD) calculator helps you plan your investment better. You can use it to learn about interest rates and calculate the maturity sum for your savings.
RD Calculator
Here are the steps to use the Recurring Deposit (RD) calculator:
Step 1: Choose the tenure of your RD account. You can select a period between 6 months to 10 years. (Switch from monthly to quarterly option for regular investments)
Step 2: Enter the monthly deposit amount you plan to invest. The minimum amount can be as low as ₹500.
Step 3: The calculator will automatically compute the total interest you will earn over the tenure and the final maturity amount you will receive at the end of the RD term.
Step 4: You can adjust the tenure and monthly deposit amount to see how it impacts the final maturity value. This allows you to find the best RD plan that suits your investment goals and savings capacity.
Features of HDFC Bank RD Interest Rate
HDFC Bank RD account allows you to make regular deposits and earn interest on the accumulated amount. The table below outlines the features of the HDFC RD account:
| Feature | Details |
|---|---|
| Tenure | 6 months (1 year for Non-Resident Indians) to Upto 10 years |
| Minimum deposit amount | ₹1000 (and in multiples of Rs 100 thereafter) per month |
| Maximum deposit amount | ₹1.99 crore per month |
| Lock-in period | Minimum 1 month |
| Interest | Payable on maturity only; TDS applies if interest is greater than ₹40,000 per year (₹50,000 for senior citizens) |
| Maturity | Deposit due on completion of tenure; Subject to timely payment of all installments |
| Overdue Installments | Account closure if 6 or more installments are missed; Interest rate based on premature withdrawal policy |
Note: HDFC Bank RD accounts provide a safe and secure way to save money & earn the extra interest money over a period.
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RD Interest Rates of Top Banks
Here is a comprehensive list of RD interest rates from top banks:
| Bank Recurring Deposit | RD Interest Rates (p.a) General Public | RD Interest Rates (p.a) Senior Citizens |
|---|---|---|
| SBI RD Interest Rates | 6.50% to 7.00% | 7.25% to 7.50% |
| ICICI RD Interest Rates | 4.75% to 7.20% | 5.25% to 7.75% |
| HDFC RD Interest Rates | 4.50% to 7.25% | 5.00% to 7.75% |
| Kotak Mahindra Bank RD Interest Rates | 6.00% to 7.40% | 6.50% to 7.90% |
| Axis Bank RD Interest Rates | 5.75% to 7.20% | 6.25% to 7.85% |
| Bank of Baroda RD Interest Rates | 5.75% to 7.25% | 6.25% to 7.75% |
| Punjab National Bank RD Interest Rates | 6.00% to 7.25% | 6.50% to 7.75% |
| IDBI Bank RD Interest Rates | 6.25% to 7.00% | 6.75% to 7.50% |
| Canara Bank RD Interest Rates | 6.15% to 7.25% | 6.65% to 7.75% |
| Indian Bank RD Interest Rates | 4.50% to 7.25% | 5.00% to 7.75% |
| Indian Overseas Bank RD Interest Rates | 5.75% to 7.30% | 6.25% to 7.80% |
| Union Bank of India RD Interest Rates | 5.75% to 6.50% | 6.25% to 7.00% |
| Yes Bank RD Interest Rates | 6.10% to 7.75% | 6.60% to 8.25% |
| Bandhan Bank RD Interest Rates | 4.50% to 7.85% | 5.25% to 8.35% |
| Bank of India RD Interest Rates | 4.50% to 6.00% | 5.00% to 6.50% |
| Bank of Maharashtra RD Interest Rates | 5.50% to 6.25% | 6.00% to 6.75% |
| City Union Bank RD Interest Rates | 6.25% to 7.00% | 6.50% to 7.50% |
| DBS Bank RD Interest Rates | 6.00% to 7.50% | 6.50% to 8.00% |
| Dhanalakshmi Bank RD Interest Rates | 6.50% to 7.25% | 6.50% to 7.75% |
| Federal Bank RD Interest Rates | 5.75% to 7.50% | 6.25% to 8.00% |
| IndusInd Bank RD Interest Rates | 7.00% to 7.75% | 7.50% to 8.25% |
| Jammu and Kashmir Bank RD Interest Rates | 5.75% to 7.10% | 6.25% to 7.60% |
| Karnataka Bank RD Interest Rates | 5.80% to 7.40% | 6.20% to 7.90% |
| Karur Vysya Bank RD Interest Rates | 6.25% to 7.50% | 6.25% to 8.00% |
| Post Office RD Rate | 6.50% | 6.50% |
| Saraswat Bank RD Interest Rates | 7.00% to 7.50% | 7.50% to 8.00% |
| South Indian Bank RD Interest Rates | 5.00% to 7.40% | 5.50% to 7.90% |
| TMB RD Interest Rates | 6.75% to 7.75% | 7.00% to 8.25% |
Note: The interest rates are subject to change. Do visit the official website for updated rates.
Besides banks, you can also invest in Post Office RD and calculate the return with a post office RD calculator.
Tax on HDFC Bank RD Interest Rates
The TDS on RD accounts will be deducted from RD interest if Savings/Current accounts linked to RD are not maintained. TDS will be deducted when the interest payable or reinvested on RD and FD per customer across all branches exceeds in a financial year, below are the tax schemes for the preferred customers:
- ₹40,000 for regular customers
- ₹50,000 for Senior citizens
The interest rates for recurring deposits will be the same as the rate applicable for a simple Fixed Deposit. Interest on a Recurring Deposit will be calculated from the date the installment is paid. The method of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding. TDS on RD is applicable as per the Finance Act 2015 and will be recovered from the linked CASA.
Steps To Open HDFC Bank RD Account
Here are the steps to open a Recurring Deposit Account:
Step 1: If you already have an account with the bank where you want to open the Recurring Deposit, contact the nearest bank branch or customer service. They will assist you in opening the RD Account.
Step 2: If you don’t have an existing account with the bank, visit the nearest branch and submit an application form along with the required KYC (Know Your Customer) documents.
Step 3: Compare the different terms and conditions offered by various banks, such as interest rates, time duration, minimum investment, and account limits, to choose the best option for your needs.
Step 4: Decide on the tenure (duration) of the Recurring Deposit and the monthly deposit amount when opening the account.
Step 5: Set up the monthly payments for the Recurring Deposit, either through online methods like ECS, online banking, or fund transfer or by setting up a standing order with the bank to deduct the amount automatically each month.
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Eligibility Criteria To Open HDFC Bank RD Account
To be eligible for the Recurring Deposit, you must belong to one of the following categories:
- Resident individuals
- Hindu Undivided Families
- Private & Public Limited Companies
- Trust & Societies
Documents Required To Open HDFC Bank RD Account
To open an HDFC RD, you will need the following documents:
- Completed application form
- KYC Documents
- JYC documents for partnerships
- KYC and HUF declaration for HUFs
- Passport size photo
HDFC Bank RD Premature Withdrawal Facility
You can close your HDFC bank Recurring Deposit account by visiting the branch in person or using net banking. If you choose to withdraw prematurely, you will not receive the full interest amount. Instead, the principal amount and a portion of the interest (based on the terms) will be credited to you.
HDFC Bank RD Nomination Through NetBanking
When booking Recurring Deposits through NetBanking, you now have the option to make a nomination.
- If you are booking a Recurring Deposit on NetBanking in a single name, you can choose to either use an existing nomination from the base Savings account or add a new nominee.
- If you are booking a Recurring Deposit on NetBanking in a Joint name, you can only select the nomination from the base Savings account. If you want to add a new nominee to a joint holding Recurring Deposit, you will need to visit the branch.
- For existing single-holding Recurring Deposits, customers can instantly add or modify a nominee through NetBanking.
- For existing joint holding Recurring Deposits, customers can download the filled Nomination form from NetBanking, get signatures from all holders, and submit it at the nearest HDFC bank branch for updating in our systems.
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