HDFC RD Interest Rates 2022 | HDFC Bank Recurring Deposit Revised Rate, Maturity

HDFC Bank Recurring Deposit Revised Rate | HDFC RD Interest Rates Maturity | HDFC Bank RD Account |Types of HDFC Bank Recurring Deposit Schemes

Regular Recurrent Deposit and NRE Recurring Deposit are two types of recurring deposits offered by HDFC Bank. On the amount deposited, you can earn an interest rate ranging from 6.25 per cent to 7.40 per cent. Senior citizens can earn an additional 0.50 per cent on their deposit. Additional perks of an HDFC RD Interest Rates include a 5-day grace period, no TDS (Tax Deductible at Source) on the interest rate, and so on.

HDFC RD Interest Rates

HDFC RD Interest Rates – Highlights

Minimum Deposit AmountMin: Rs.1,000 per month (for any higher amount, deposit in multiples of Rs.100).Max: 14,99,900 per month
TenureMin: 6 months (thereafter in multiples of 3 months).Max: 10 years
Rate of InterestMin: 6.25%Max: 7.40%
Additional Rate for Senior Citizens0.50%
EligibilityResident individualsHUFPrivate and public companies trust and Societies
Premature Withdrawal1% penalty of the deposited amount
Nomination FacilityAvailable
TDS on RDApplicable

Note that the interest rates are in effect from March 6, 2020.

ICICI RD Interest Rates

HDFC RD Interest Rates Increases

HDFC Bank, a private lender has increased the interest rates on recurring deposits in the latest announcement on 17th May 2022. The latest announcement has been made for the increasing interest rates on recurring deposits ranging from 27 to 120 Months. All the increment details related to the various months are described below.

HDFC New RD Interest Rates

RD DurationOld Interest RatesNew Interest Rates
06 Months3.5%3.5%
09 Months4.4%4.4%
12 to 24 Months5.10%5.10%
27 to 36 Months5.20%5.40%
39 to 60 Months5.45%5.60%
90 to 120 Months5.60%5.75%

HDFC RD Interest Rates Features and Benefits

  • The HDFC bank offers a 5-day grace period for RDs.
  • A single instalment payment cannot be split into many payments.
  • Interest is paid at the end of the term.
  • You won’t be able to change the payment amount after it’s been set.
  • An RD’s minimum lock-in time is one month.
  • If the RD is closed within a month, there will be no interest charged.
  • If you pay enough to cover just one instalment yet there are more than two months of instalments outstanding, your payment will be allocated to the first/earliest month of overdue.
  • Regardless of any past-due payments, the RD will mature.
  • If you fail to make the monthly instalments on a regular basis, the bank may cancel your RD account.

HDFC RD Interest Rates for NRE

Minimum Deposit AmountMin: Rs.1,000 per month (for any higher amount, deposit in multiples of Rs.100)Max: 14,99,900 per month
TenureMin: 1 year Max: 10 years
Interest RateMin: 6.50% Max: 7.40%
Additional Rate for Senior CitizensNot Available
EligibilityNon-Resident Indian (NRI)
Premature Withdrawal1% penalty of the deposited amount
TDS on RDApplicable
Nomination FacilityAvailable

PNB Recurring Deposit Rates 

NRE Recurring Deposit Features and Benefits

  • The interest rates are the same as they are for NRE Fixed Deposits.
  • If the monthly RD instalment is paid within 5 days of the due date, there is no penalty.
  • The principal and interest are both tax-free (only in India).
  • NRE RD has a one-year minimum lock-in duration.
  • In the event that the RD is closed within a year, no interest will be paid.
  • NRE RD interest is compounded quarterly (subject to applicable interest rates).

HDFC Recurring Deposits Nomination

  • You can either assign a new nominee or a current nominee who has already been added to the base savings account if you have opened an RD account in a single person’s name.
  • In both circumstances, you can use the HDFC Net Banking nomination facility.
  • The nominee for an RD in a joint name should be the same as the one for the base savings account.
  • If you wish to add an entirely new nominee for RD, you’ll need to go to your nearest HDFC branch, as HDFC Net Banking does not allow you to do so.

How can I pay Instalments on an HDFC Bank RD Account

  • You get to set the account’s term and investment amount when you open an RD account.
  • You’ll need to set up an auto debit for the entire duration in your savings account.
  • If you don’t make your monthly payments on time, the interest on your investment will be lowered according to the rules.
  • If you don’t have enough money to pay the instalment, HDFC Bank will provide you a 5-day grace period.

Bank of Baroda Recurring Deposit Interest Rate

Factors Influencing HDFC RD Interest Rates

Interest rates on HDFC Bank Recurring Deposits are influenced by a number of factors. The following are some of them:

  • Policies Framed by RBI : The interest rate of all banking instruments, including recurring deposits, is affected by changes in the Cash Reserve Ratio (CRR) and repo rate as instructed by the RBI.
  • Recession – During a recession, the RBI releases funds into the market, thereby infusing liquidity. Banks lower RD rates as a result of abundant liquidity and low loan demand.
  • Inflation – Inflation has a positive impact on the interest rate on a fixed deposit. As a result, in periods of growing inflation, RD rates tend to be higher.
  • Current Economic Situation – When the economy is growing, people take out more credit to suit their personal and business needs. Banks offer higher interest rates during periods of high loan demand in order to attract more capital.

Types of HDFC Bank Recurring Deposit Schemes

HDFC Bank Recurring Deposits are categorised into three groups based on their duration:

RD on a Short-Term Basis

This sort of HDFC Bank Recurring Deposit has a term of 6 months to 3 years. This type of RD is ideal for people who want to create a saving habit.

RD for the Long-Term

When you don’t want to commit for a long period of time and aren’t sure how much advantage you’ll get from RD, a medium-term recurring deposit is a smart choice. It offers the appropriate blend of flexibility and investment commitment, allowing you to weigh the pros and cons. The tenure usually lasts between three and seven years.

Post Office Recurring Deposit Interest Rates

FAQ’s

Can I adjust the HDFC Bank Recurring Deposit account’s instalment due date and tenure?

No. Your HDFC Bank Recurring Deposit account’s instalment due date and tenure cannot be changed.

Is it possible for me to choose the date of my instalment?

The date of the first instalment is determined by the day the Recurring Deposit account was opened.

Can I withdraw money from my HDFC Bank Recurring Deposit account in instalments?

No, partial withdrawals from your HDFC Bank Recurring Deposit account are not possible.

Is there an overdraft facility for recurring deposits at HDFC Bank?

Recurring Deposits are not eligible for an overdraft at HDFC Bank.

Is it possible to make partial payments on recurring deposits?

Recurring deposits cannot be paid in instalments.

Leave a Comment