Ways To Make Online RD Payment

Recurring Deposits are one of the best investment options for people, especially those with limited money to invest every month but still want to save and grow their wealth. A fixed instalment is paid regularly for a set tenure in a Recurring Deposit. The interest amount is credited to the Recurring Deposit account upon maturity.

Opening a Recurring Deposit is a very simple procedure. It takes little effort and can be easily done online through the internet and mobile banking. Generally, you can open RD accounts by making a simple online RD payment for the first instalment. However, most banks require a Savings Bank Account to open such an account. In that case, the banks directly debit the amount from the Savings or Current Account of the depositor.

Here are three ways in which you can make an online RD payment:

Internet Banking:

You can use Internet banking to open a Recurring Deposit account and make the initial payment. Most banks offer an option to set up a new Recurring Deposit within their internet banking platform. You must provide details such as the tenure, instalment amount, and maturity instructions. Once processed, the first instalment will be paid through internet banking.

Mobile Banking:

Many banks allow you to open a Recurring Deposit and make payments through Mobile Banking. The process is similar to internet banking. Simply log in to the bank’s mobile app, enter the RD account details, and confirm the booking. The bank will then debit the amount from your account.

Direct Account Debit:

To open a Recurring Deposit Account, you must understand the bank's rules. Most banks require an existing Savings Account. The bank will directly debit your account for the RD instalment, so maintaining a minimum balance is essential, especially when the payment is due. Once authorised, the debits are automatic, requiring no manual intervention.

Opening a Recurring Deposit has become very simple in the age of digital banking. Open your RD account today!

Looking to apply for a Recurring Deposit? Click to get started!

You can book your Recurring Deposit through an HDFC Bank Savings Account. New customers can book a Recurring Deposit by opening a new Savings Account, while existing HDFC Bank account holders can book a Recurring Deposit by clicking here.

*Terms and Conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.