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HDFC Bank Recurring Deposit Rates – How to calculate

HDFC Bank is the world’s 5th largest bank and India’s largest private sector by market capitalization and assets. It offers a wide range of FD and RD schemes, encouraging citizens of all ages to invest small amounts each month and get favourable returns while building a habit of saving. Here is a comprehensive guide to HDFC Bank recurring deposit rates. 

Minimum Investment ₹1,000 per month
Tenure6 months to 10 years
Interest Rates for General Citizens 4.50% to 7.10% 
Interest Rates for Senior Citizens 5.00% to 7.75% 
Loan Against HDFC RDAvailable 
TDS on RDAvailable 

HDFC RD Interest Rates 2023 under ₹2 Crores

HDFC bank recurring deposit rates are convenient for investors who want a safe avenue to achieve their financial goals. Let’s take a look at the different interest rates (effective from 24.01.2023) applicable to varying tenures. 

TenureInterest Rates* for General Citizens Interest Rates for Senior Citizens
6 Months4.50%5.00%
9 Months5.75%6.25%
12 Months6.60%7.10%
15 Months7.10%** 7.60%
24 Months7.00%7.50%
27 Months7.00%7.50%
36 Months7.00%7.50%
39 Months7.00%7.50%
48 Months7.00%7.50%
60 Months7.00%7.50%
90 Months7.00%7.75%
120 Months7.00%7.75%

*Interest rates are subject to change over time. 

**The interest rate for the tenure of 15 months is in effect from 21.2.2023. 

Features of HDFC Recurring Deposit Interest Rates 2023

Here are some of the features you can avail by opting for HDFC RD interest rates. 

  1. HDFC Bank offers flexible interest rates, ranging from 6 months to 10 years. 
  2. For non-resident Indians, the minimum tenure for an HDFC RD starts from 12 months. 
  3. The HDFC recurring deposit comes with a minimum lock-in period of 1 month. Upon closing the account within the lock-in period, the bank will pay no interest rates. 
  4. The returns earned from attractive HDFC interest rates on RD are payable at maturity. 
  5. After opening a recurring deposit with the HDFC Bank, account holders cannot alter the instalment amount. 
  6. The bank allows the investors to convert their RD account into a fixed deposit account before reaching the maturity date. 

How to Open an RD Account in HDFC Online?

Here is a step-by-step guide on how to open an account online and enjoy a high-yielding rate of interest on RD in HDFC Bank. 

  • Step 1: Visit the HDFC Bank’s official website
  • Step 2: Login and navigate to the ‘Net Banking’ option on the main page. 
  • Step 3: Enter your customer ID and password.
  • Step 4: Click on the ‘Transact’ option under the menu. 
  • Step 5: Choose the ‘Open Recurring Deposit’ option. An HDFC RD account opening form will be displayed on the screen. 
  • Step 6: Fill out the form carefully.
  • Step 7: Choose the instalment amount and tenure. 
  • Step 8: Click on ‘Continue’.  

A bank representative will contact you and provide further instructions on how to proceed. 

How to Open an RD Account in HDFC Offline?

Follow the given below steps to open an RD account offline and avail the benefits of HDFC Bank recurring deposit interest rate.

  • Step 1: Visit the nearest branch of HDFC Bank. 
  • Step 2: Obtain an account opening form from a bank representative. 
  • Step 3: Fill it up with the necessary information and attach the required KYC documents with it. 
  • Step 4: Submit the form. 
  • Step 5: Deposit the amount that you want to invest.

The bank representative of the nearest HDFC branch will verify your documents and the application form. Upon successful verification, the bank will notify you. 

How to Calculate RD Interest Rates in HDFC?

The process of calculating returns earned from RD interest rates is quite simple. You can use a mathematical formula or the HDFC recurring deposit calculator to find out the accurate amount of interest earned. Here is a demonstration using both methods: 

  • RD Calculation Formula

A = P*(1 + r/n)^nt

In this formula: 

  • A is the maturity amount,
  • P is the principal amount that you invest in an RD account  
  • r is the annual rate of interest 
  • n is the number of times the interest is going to compound in a year 
  • t is tenure 

Suppose you want to invest an amount of ₹1,000 in the recurring deposit of HDFC Bank, offering an annual interest rate of 6.60% compounded quarterly for 1 year. 

A = 1000*(1 + 6.60/4)^4×12 

As per the RD calculation formula, you will receive a maturity amount of ₹12,436. The amount of interest earned from investing in this RD account will be ₹436. 

HDFC Recurring Deposit Calculator 

Here’s how to use an RD calculator to determine the maturity amount you will receive upon choosing the HDFC Bank recurring deposit rates

  • Step 1: Visit the official website of HDFC Bank. 
  • Step 2: Choose the ‘Recurring Deposit’ option under the ‘Save’ tab. You will land on a page with an RD calculator. 
  • Step 3: Enter the deposit amount, tenure and the starting date from when you want to avail the current HDFC Bank recurring deposit rates.
  •  Step 4: Click on ‘Yes’ if you are above 60 years of age. 
  • Step 5: Press ‘Calculate’. It will show you the maturity amount that you will receive at the end of the tenure.  

Eligibility Criteria to Start an RD Account With HDFC

The following list of entities are eligible to avail the attractive HDFC Bank recurring deposit rates and benefit from a steady source of income.

  1. Resident individuals 
  2. Hindu Undivided Families 
  3. Private & Public Limited Companies 
  4. Trust & Societies 

Documents Required for Starting an RD Account in HDFC

All applicants need to submit two types of documents while opening an RD account in HDFC Bank. Take a look to find out what documents are required to do so. 

  1. HDFC RD account opening application form 
  2. Passport size photographs 
  3. Declaration of HUFs
  4. Identity Proof 
  • Voter ID 
  • PAN card 
  • Aadhaar card 
  1. Address Proof 
  • Driving Licence 
  • Valid passport 
  • Electricity/Phone Bill (not older than 2 months)
  • Rent Agreement 
  • Bank Statement/Passbook (not older than 3 months) 

Types of HDFC RD Accounts

Here is a list of types of RD accounts with varying HDFC bank recurring deposit rates that you can avail in 2023. 

1. Regular Recurring Deposit

This is the standard RD account offered by the HDFC Bank. Under this account, the interest rates vary depending on the applicable tenure. By opening this type of RD account, senior citizens can enjoy an additional 0.50% of interest rate over the regular rates. 

  • Minimum Deposit: ₹1,000/month 
  • Maximum Deposit: ₹1,99,99,900/month
  • Tenure: 6 months to 10 years
  • Interest Rate: 4.50% to 7.10% for the general citizens and 5.00% to 7.75% for senior citizens 
  • Eligibility: Indian residents 

2. NRE Recurring Deposit 

The NRE recurring deposit account of HDFC Bank allows non-resident Indians to invest their foreign income on a monthly basis. The interest earned from this account is compounded every quarter and is easily repatriated along with the investment made. 

  • Minimum Deposit: ₹1,000 
  • Maximum Deposit: ₹1,99,99,900 
  • Tenure: 1 year to 10 years
  • Interest Rate: 6.60% to 7.10% 
  • Eligibility: Non-resident Indians 

3. NRO Recurring Deposit 

Another type of RD account, the HDFC NRO recurring deposit comes with a lock-in period of 1 month. Besides providing high-yielding interest rates to non-resident individuals, it offers nomination and joint account opening facilities. 

  • Minimum Deposit: ₹1,000 
  • Maximum Deposit: ₹1,99,99,900 
  • Tenure: 6 months  to 10 years
  • Interest Rate: 4.50% to 7.10% 
  • Eligibility: Non-resident Indians 

HDFC RD Penalty

Here are the details to note about the HDFC RD penalty in case of premature withdrawal. 

  1. Upon making a premature withdrawal, the bank will charge a penalty of 1% of the deposited amount. 
  2. In case of premature withdrawal within a month, the bank will provide no interest on the principal amount. 

HDFC RD Premature Withdrawal Rules

Before withdrawing your deposit amount prematurely, take note of these rules to get the most out of HDFC Bank recurring deposit rates

  1. The minimum lock-in period of HDFC recurring deposit accounts is 1 month. 
  2. Account holders are allowed to withdraw their deposit before maturity. 
  3. Partial withdrawal of recurring deposits before maturity is not allowed. 

How to Close HDFC RD Account Online?

To liquidate your RD account, log in to the HDFC net banking portal and follow the below-mentioned stepwise process. 

  • Step 1: Click ‘Accounts’. 
  • Step 2: Navigate the ‘Transact’ option from the left side of the menu and tap on it. 
  • Step 3: Select ‘Liquidate RD’. 
  • Step 4: Enter the RD amount.  
  • Step 5: Verify the displayed details related to your recurring deposit. 
  • Step 6: Click on the ‘Confirm’ tab. 

Once you go through the above steps, the bank will liquidate your account and transfer your funds to your savings account. 


The interest earned from an HDFC RD account is subject to TDS or Tax Deducted at Source if the amount exceeds ₹10,000 in a financial year. In such cases, the HDFC Bank deducts TDS at the rate of 10%. However, the final tax liability will depend on the tax slab applicable to the account holder. 

Loan Against HDFC Recurring Deposit

You can take a loan against an HDFC recurring deposit. The maximum loan amount can be up to 90% of the deposit amount. Here are some of the features of the loan that you need to know. 

  1. The interest rates applicable on the loan against RD facility are lower than the interest rate charged against a personal loan. 
  2. Upon availing this facility, the bank will treat your recurring deposit as the collateral for your loan. 

Now that you know the latest HDFC Bank recurring deposit rates for 2023, you can get started with your financial planning and make an informed decision. However, make sure to carefully go through all the terms and conditions associated with the different types of RD accounts offered by the bank before investing your hard-earned money. 


Is HDFC RD safe? 

An RD investment made with HDFC Bank is a safe and secure option, highly popular among risk-averse investors. Such investments are not subject to market risks, unlike stocks and mutual funds. 

Can one get monthly interest with HDFC RD? 

No, the RD schemes of HDFC Bank do not have a monthly interest payout option. To earn monthly interest, individuals can opt for a fixed deposit scheme. 

Is RD better than PPF? 

If you are comfortable with a yearly investment that comes with a minimum lock-in period of 15 years, PPF can be an excellent choice. However, if you want to invest for a shorter/flexible tenure, say 6 months to 10 years, you can invest in RDs. 

Is RD better than SIP? 

While SIP can yield higher returns than RD, it is subject to market risks. In the case of a risk-averse investor, RD is a better investment option than SIP. 

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