Recurring Deposit: Save Monthly

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 instalments still to be paid.
• The maturity amount mentioned on the Recurring Deposit confirmation advice is subject to the payment of all instalments on time
• In case of any delay in the payment of scheduled instalments, the maturity amount shall change

Overdue Instalments

• If frequent defaults (non-payments) are observed in monthly instalments, and six instalments 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.

• Make a nomination while booking Recurring Deposits through NetBanking.  
• Add a new nominee or select the original one from your base Savings Account when scheduling an RD via NetBanking under a single name. 
• When booking a joint RD via NetBanking, deposits go to the main Savings Account. 
• To add a new applicant to a joint RD, visit the nearest branch.  
• Customers can instantly add or modify a nominee for existing single-holding RDs via NetBanking. 
• For joint RD, download the nomination form from NetBanking, get signatures, and submit it at the nearest HDFC branch.

• HDFC Bank offers attractive interest rates on various deposit and savings schemes. Customers can choose from a range of tenure options tailored to their financial goals. Special interest rates are available for senior citizens to maximise their returns. Additionally, deposits are secure and backed by the trust and reliability of HDFC Bank. 
• Click here to view details of the interest rates 

TDS UPDATE

• TDS on RD accounts (if applicable) will be recovered on RD interest if Savings/Current accounts linked to RD are not maintained, effective 4th Feb'2018

Payment of interest on Recurring Deposits

• TDS will be deducted when interest payable or reinvested on RD and FD per customer across all branches, exceed ₹40,000 (₹50,000 for Senior citizens) in a financial year
• The interest rates for recurring deposits will be the same as the rate applicable for a simple Fixed Deposit.
• With effect from Oct 24, 2015, the following changes would be applicable to all Recurring Deposits. Interest on a Recurring Deposit will be calculated from the date the instalment is paid. The method of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding. TDS on RD is applicable as per Finance Act 2015. TDS on RD will be recovered from the linked CASA.

Payment of Instalment

• The instalment amount once fixed cannot be altered at any later date.
• In case of more than one instalment being overdue at the time of payment, upto 6 instalments can be recovered from the linked account if sufficient balance is available.
• If more than one instalment is overdue at the time of payment, the paid instalment, if sufficient to cover only that one instalment will be appropriated towards the first or earliest instalment overdue.
• Partial payment of instalments will not be permitted.

• *The (Most Important Terms and Conditions) for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.