Every month, a fixed amount of money is deducted either from a savings or a current account. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. With HDFC’s Recurring deposit scheme, one can now save money in regular installments and earn interest on payments.Ī recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. HDFC Bank RD (Recurring Deposit) Interest Rates 2023 Updated on Decem, 17193 views

Documents Required to Open HDFC RD Account.

Therefore, the interest rates are higher than Savings Account. The rate of interest is equivalent to that offered for a Fixed Deposit. The minimum period of deposit is six months, while the maximum period of a deposit is 10 years.

One can invest with an amount as small as ₹1,000. The minimum amount of deposit varies from one bank to another. The recurring deposit schemes are considered beneficial for the salaried professionals as they don't have to invest a lump sum amount one at a time. It often provides flexibility and ease of investments. Recurring deposits are unique term deposits which allow people to make regular investments and earn decent returns on them. The HDFC Bank interest rates are ranging from three per cent to six per cent on the deposits which mature in seven days to ten years for the general public, whereas the senior citizens are being offered 3.50 per cent to 6.75 per cent interest rates. Wrap up the year gone by & gear up for 2024 with HT! Click hereĪs per the report, the bank increased interest rates of fixed deposits of less than ₹2 crore with effective from October 11, 2022.

Hdfc recurring deposit