Recurring Deposit

Invest small amounts in Recurring Deposit and get Fixed Deposit interest rates! Maximise its benefits to suit your needs.

What are the benefits?

  • For a much smaller investment per month, get interest rates equal to that of regular Fixed Deposits.
  • An investment as small as Rs. 1000 (and in multiples of Rs. 100 thereafter) or as large as Rs. 14,99,900 per month
  • A minimum tenure of 6 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years.

Who is eligible?

  • Resident individuals
  • Hindu Undivided Families
  • Private & Public Limited Companies
  • Trust & Societies

Contact Us

Contact Number
Ahmedabad
6160 6161

What are the features & Benefits of Recurring Deposit Account?

With HDFC Bank's Recurring Deposit, you can:

Features

Features

  • An investment as small as Rs. 1000 (and in multiples of Rs. 100 there after) or as large as Rs. 14,99,900 per month
  • A minimum tenure of 6 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years.

    For NRI customers, the minimum tenure of RD is 12 months.

  • For a much smaller investment per month, get interest rates equal to that of regular Fixed Deposits.
  • TDS is not applicable on the Interest earned by Recurring Deposits as per current income tax rules.
  • Grace Days Facility is 5 days. If the installment is paid within 5 days of the installment due date, the customer will not be charged any penalty.

Recurring Deposit Interest Rates & Charges

Enclosed below are HDFC Bank Recurring Deposit Interest Rates & Charges

Please click here to view Interest Rates

Important Information

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

  • Even if the Payment for the month is honoured, but the standing instruction towards installment recovery has failed, the bank will recover a standing instruction failure charge of Rs 200/-
  • 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.

Nomination Facility through NetBanking

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.

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