Recurring Deposit

On booking a Recurring Deposit advices would be sent to your mailing address.In case you are registered for email statements ,Recurring Deposit advices would be sent at your registered Email ID .

If you have Registered for NetBanking you can book and also view your Recurring Deposits details on Netbanking.

Please click here to view Interest Rates

Payment of interest on Recurring Deposits

• The interest on Recurring Deposits will be calculated by the bank in accordance with the directions advised by the Indian Banks' Association.
• The interest rates for recurring deposits will be the same as the rate applicable for a simple Fixed Deposit.
• The interest on Deposits is compounded quarterly, at the applicable rates.

Payment of Installment

• The installment amount once fixed cannot be altered at any later date.
• If more than one installment is overdue at the time of payment, the paid installment, if sufficient to cover only that one installment will be appropriated towards the first or earliest installment overdue.
• Partial payment of installments will not be permitted.

Lock in Period

• The Recurring Deposit account has a minimum lock-in period of one month.
• In the case of premature closure within a month, no interest shall be paid to the depositor and only his principal amount shall be returned.

Maturity

• Interest is paid only on maturity.
• The Deposit shall be due for repayment and shall mature on completion of the contracted tenure, even if there are installments still to be paid.
• The maturity amount mentioned on the Recurring deposit confirmation advice is subject to the payment of all installments on time
• In case of any delay in the payment of scheduled installments, the maturity amount shall change due to application of penal charges.

Penalty on delay in payment of installment

• In case there is a delay in the payment of any installment, the Depositor/s shall be liable to pay penal interest at the rate of Recurring Deposit interest rates (the contracted rate of interest at the time of booking of the RD) and an additional 2% per annum or such other rate as may be specified by HDFC Bank from time to time, for the actual period of delay.
• The total penal interest chargeable to the Depositor/s shall be recovered from the total amount of interest payable by the bank and shall be recovered only at the time of maturity or premature closure of the account, as the case may be.
• Penal charges will be calculated on a 30/360 day basis.

Overdue Installments

• If frequent defaults (non-payments) are observed in monthly installments, and six installments fall in arrears, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.

• You can make investments from Rs. 500 up to Rs. 14,99,900 every month in your Recurring Deposit.
• The Grace Facility is five days – if you pay within five days of your instalment due date you will not incur a penalty.
• TDS is not applicable on the interest earned on your Recurring Deposit.

You can also benefit from

• Our Super Saver facilityLike two accounts working together, with the Super Saver Facility, you can choose between a Savings Account and a Current Account to link to your Fixed Deposits and enjoy the rewards of an overdraft facility to supplement your household or business requirements. for optimum utilisation of the funds in your Savings / Current account. This facility is only for Fixed Deposits that are in a single name in case you are using the facility via NetBanking; however, if you visit a branch there is no such restriction.
  In case you do not have NetBanking you first have to register for the facility before you can enjoy our Super Saver facilityLike two accounts working together, with the Super Saver Facility, you can choose between a Savings Account and a Current Account to link to your Fixed Deposits and enjoy the rewards of an overdraft facility to supplement your household or business requirements..
• Our Sweep-in facilityThe Sweep-in facility, allows you to transfer money from your savings account into a fixed deposit or vice-versa. You can have this done by a standing instruction, if the money in the account goes above or falls below a limit you have decided upon. You can also gain the high interest rates that come with a Fixed Deposit, along with the liquidity of a savings Account.. With this facility you can:
  Have funds transferred to your Savings / Current account from your Fixed Deposit if the balance in your Savings/Current Account falls below a certain limit. This limit can be decided by you.
  This facility is only for Fixed Deposits that are in a single name in case you are using the facility via NetBanking; however, if you visit a branch to apply for the facility there is no such restriction.

You can now make a nomination while booking Recurring deposits through NetBanking.

If you are booking a Recurring Deposit on NetBanking on a single name, then you can either select the nomination made in the base Savings account or add a new nominee.

If you are booking a Recurring Deposit on NetBanking in a Joint name, then you can only select the nomination made in the base Savings account. In a joint holding Recurring Deposit, if you wish to add a new nominee, then you will need to visit the branch.

On NetBanking, nomination can be availed only for new deposits being booked and not for the existing deposits.

Have more questions, check our FAQs Section