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HDFC Bank RD Interest Rates 2021

HDFC Bank RD Rate of Interest, 2021

Last Updated 20th Apr 2021

Tenure General Rates Senior Citizen Rates
6 months 3.50% 4.00%
9 months 4.40% 4.90%
12 months 4.90% 5.40%
15 months 4.90% 5.40%
24 months 4.90% 5.40%
27 months 5.15% 5.65%
36 months 5.15% 5.65%
39 months 5.30% 5.80%
48 months 5.30% 5.80%
60 months 5.30% 5.80%
90 months 5.50% 6.00%
    HDFC Bank RD Calculator
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    HDFC Bank Recurring Deposit

    • HDFC Bank offers RD interest rates up to 5.50%
    • Interest on RD with HDFC Bank is compounded quarterly.
    • HDFC Bank accepts minimum deposits starting at Rs. 1,000.
    • For senior citizens HDFC Bank offers RD rate upto 6.00%.
    HDFC RD Rates - Special Features
    • No penalty for delayed payments
    • Nomination facility is available
    • The deposit tenure ranges from 6 months to 120 months
    • The minimum amount can deposited in multiples of Rs. 5
    • Visit any HDFC Bank branch to avail this service
    • TDS deductions are subject to the existing income tax rules as at the time of opening the RD account

    HDFC Bank Recurring Deposit Schemes Types

    Based on the tenure HDFC Bank Recurring Deposit can be classified into three types, these are:

    Short-Term RD

    Under this type of HDFC Bank Recurring Deposit your deposit’s tenure ranges between 6 months to 3 years. Such RD is best suited for those who are looking to develop the habit of savings. 

    Medium-Term RD

    When you are not willing to commit for the long tenure and are not sure how much benefit you can get from RD, then opting for medium term recurring deposit is a good decision. It provides the right balance of flexibility and commitment to invest  so that you can assess its benefits. The tenure basically ranges between 3 years to 7 years. 

    Long-Term RD

    The long term RD is best suited when you want to earn the return on your investment but do not have the lump sum amount to invest in fixed deposit. By investing recurring deposits you get the flexibility of making monthly investments, and earn the return similar to FD. The tenure basically ranges between 7 years to 10 years.

    HDFC Bank RD Account

    HDFC Bank offers recurring deposit option to their customers to park their periodically generated surplus savings for a fixed tenure. A customer is required to make a deposit once into their RD account at the time of opening the account with the bank. The customer then makes periodic deposits and withdraws any money in the account during the tenure of the deposit.

    Regular RD

    • No penalty for delayed payments
    • Nomination facility is available
    • The minimum tenure of this RD is 6 months
    • The minimum deposit to be made in this account is Rs. 1,000
    • The minimum amount can deposited in multiples of Rs. 5

    HDFC Bank Recurring Deposit Rates

    There are some factors that affect HDFC Bank Recurring Deposit interest rates. These are as follows:

    • Policies Framed by RBI : The change in Cash Reserve Ratio (CRR) and repo rate as directed by the RBI affect the interest rate of all banking instruments including the recurring deposit.
    • Recession – In times of recession, RBI releases funds in the market and hence injecting liquidity in the market. As a result of high liquidity and low credit demand, banks reduce the rates on RD.
    • Inflation – Inflation has a positive effect on a fixed deposit interest rate. Hence, RD rates tend to be higher in a period of rising inflation.
    • Current State of Economy – In a booming economy, people take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through recurring deposits.

    HDFC Bank RD Interest Calculator

    RD maturity amount that you will get depends on the following three parameters

    • Deposit amount – This is the initial amount deposited by a customer in HDFC Bank. Higher interest rate might be offered on larger deposits. HDFC Bank offers deposit amount starting at Rs. 1,000.
    • Rate of Interest- HDFC Bank offers a higher rate of interest on recurring deposits of longer tenure and lower interest rate on deposits held for a shorter period. Highest interest rate offered by HDFC Bank is 5.50% for deposit amount.
    • Period of deposit- Bank offers low interest rate for short tenure RDs and higher interest rate for long tenure RDs.

    Duration of Recurring Deposits with HDFC Bank

    You can open a Recurring Deposit account with HDFC Bank for a minimum tenure of 6 months which can go up to maximum tenure of 120 months.

    Premature withdrawal of RD with HDFC Bank

    Premature withdrawal of RD with HDFC Bank Bank is allowed. HDFC Bank Bank may charge a nominal amount of penalty as per their banking norms.
    However, Partial withdrawal of RD account is not allowed.

    Penalty for delayed installment of RD with HDFC Bank

    Bank may give you grace of some days if you delay the payment beyond the due date. In case you do not pay your installment after due date, HDFC Bank Bank will charge a penalty as per their norms.

    Illustration: Mr. A opens a RD account for tenure of 1 year with periodic deposits of ₹ 5,000 per month at an interest rate of 5.50%. In this case, the maturity amount at the end of 1 year will be ₹ 61,809 and includes the collected principal and total interest earned on the principal amount during the period at ₹ 1,809. Similarly, you can calculate the interest and maturity amount for higher tenures by using RD calculator.

    FAQs

    What is the eligibility for opening an RD account?

    Indian residents and HUF (Hindu Undivided Families) can open RD account. NRIs can also open the RD account through NRO and NRE accounts.
    Banks provide RD scheme for minors as well, under the guardianship of parents to supervise their finances.

    What is the general tenure/duration of HDFC Bank Recurring Deposits?

    HDFC Bank RD can be opened for minimum 6 months to maximum tenure of 120 months.

    Is premature withdrawal allowed in RD accounts?

    The amount can only be withdrawn on maturity. In case of emergency you can break your RD before maturity, but after that your account will be closed. Banks may deduct 1 or 2 percent penalty from the interest accrued on your RD amount for the period for which the amount was with the bank.
    The minimum lock in period is 3 months and if the depositor request a premature withdrawal before that, he earns zero interest and only the principal amount will be refunded to him. Apart from cancelled interest, any incentives offered are also withdrawn.

    Is partial withdrawal of RD accounts allowed by HDFC Bank?

    Partial withdrawal of recurring deposit is not allowed by HDFC Bank. However, some banks offer the facility to obtain Loan or Overdraft by keeping your RD as collateral. On the other hand, premature withdrawals are allowed by post offices if you have an RD account with them for at least a year. The withdrawn amount is considered a loan, which has to be paid in lump sum.
    Premature Closure is allowed, but with some penalty.

    What exactly happens on maturity of RD account?

    On maturity of your RD account, you can ask the bank to transfer the principal amount and the accumulated interest component directly into your linked savings account. You can also invest your RD amount in fixed deposits after maturity.

    Is nomination facility available in HDFC Bank RD account?

    Nomination facility is available in HDFC Bank recurring deposits. Whether you open it in single name or joint name, only one nominee per account is permissible. You should ensure that the nomination is followed as per RBI rules. You can change the nominee through declaration in appropriate form.


    HDFC News - May 2021
    • 2021-04-19 : HDFC Bank Q4 net profit rises 18% YoY to Rs 8,186.5 crore
      In Q3FY21, HDFC Bank had reported a net profit of Rs 8,758.3 crore and an operating profit of Rs 15,186 crore. The bank advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan along with business and mudra loans aggregated to Rs 11,320 billion. Further, The bank’s deposits which include fixed and recurring deposits grew 16.3% at approximately Rs 13,350 billion as of March 31, 2021, as compared to Rs 11,475 billion year-on-year (YoY).
    • 2021-01-18 : HDFC Bank net profit rose by 18%
      HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
    • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
      HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
    • 2020-10-07 : HDFC Bank net profit jumps 18.4% to ₹7,513 crores
      HDFC Bank reported an 18.4% increase in its net profit to ₹7,513 crores for the quarter ended in September 2020. The profit in the year-ago period was at ₹6,345 crores. The bank’s total advances were at ₹10.38 lakh crore in Q2 of FY21, an increase of 15.8% over the same period last year. The domestic retail loans which include retail loans like home, personal, car, two-wheeler, gold and education loan grew by 5.3% and domestic wholesale loans including the business and mudra loan grew by 26.5%. Further, total deposits which include FD and RD reported an increase of 20.3% (YoY) to ₹1,325,072 crore. HDFC bank CASA ratio stood at around 42% as of September 202O.
    • 2020-04-06 : HDFC Bank reports 24% rise in deposits and 21% rise in advances
      HDFC Bank registered a growth of 24% in its deposits for January to March quarter. The deposit aggregated to Rs. 11.46 lakh crores on 31st March 2020 as compared to Rs. 9.23 lakh crore on 31st March, 2019. In addition, the advances aggregated to Rs. 9.93 lakh crore on 31st March 2020, as compared to Rs. 8.19 lakh crore on 31st March 2019.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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