|Tenure||Normal Citizen RD Rate||Senior Citizen RD Rate|
|3 Months to 6 Months||4.50%||5.00%|
|6 Months to 9 Months||5.75%||6.25%|
|9 Months to 1 Year||6.00%||6.50%|
|1 Year to 2 Years||6.60%||7.10%|
|2 Years to 3 Years||7.10%||7.60%|
|3 Years to 5 Years||7.00%||7.50%|
|5 Years to 10 Years||7.00%||7.50%|
Note: All interest rates shown above are as on 1st November 2023
6 Months -10 Year
Public Interest Rates
4.50% to 7.10%
Senior Citizen Interest Rates
5.00% to 7.60%
Minimum Deposit Amount
Highest Rates for Public
Highest Rates for Senior Citizen
|Investment Amount||For 3 years with interest of 7.00%||For 5 years with interest of 7.00%|
|₹ 50,000||₹ 1,51,747||₹ 2,54,384|
|₹ 1 lakh||₹ 3,03,493||₹ 5,08,767|
|₹ 2 lakh||₹ 6,06,987||₹ 10,17,534|
|₹ 5 lakh||₹ 15,17,466||₹ 25,43,835|
|₹ 10 lakh||₹ 30,34,933||₹ 50,87,670|
|Maturity Amount||₹ 3,03,493||₹ 3,02,621|
|Total Investment Amount||₹ 3,00,000||₹ 3,00,000|
|Total Interest Gained||₹3,493||₹ 2,621|
|Bank Name||RD Interest Rates|
|Punjab National Bank||4.40% to 6.50%|
|City Union Bank||5.75% to 6.50%|
|BOI Bank||4.50% to 6.50%|
|Canara Bank||5.25% to 6.90%|
|Indian Bank||3.50% to 6.70%|
|BOB Bank||4.50% to 7.05%|
|Central Bank of India||4.50% to 6.75%|
|Karur Vysya Bank||6.00% to 7.00%|
|Union Bank of India||4.30% to 6.70%|
|Tamilnad Mercantile Bank||5.75% to 7.00%|
|Karnataka Bank||5.25% to 7.00%|
|Dhanlaxmi Bank||6.50% to 6.75%|
|South Indian Bank||4.50% to 6.50%|
|Federal Bank||5.00% to 7.30%|
|Bank of Maharashtra||4.50% to 6.00%|
|Indian Overseas Bank||4.50% to 6.80%|
|UCO Bank||4.50% to 6.50%|
|RBL Bank||4.75% to 7.50%|
|State Bank of India||4.50% to 7.00%|
|IDBI Bank||4.50% to 6.80%|
|Axis Bank||4.75% to 7.10%|
|ICICI Bank||4.75% to 7.00%|
|Indusind Bank||4.75% to 7.50%|
|Kotak Mahindra Bank||4.00% to 7.10%|
|Yes Bank||5.00% to 7.75%|
|Bandhan Bank||4.50% to 7.25%|
|IDFC First Bank||5.00% to 7.50%|
|Equitas Small Finance Bank||7.25% to 8.20%|
|Capital Small Finance Bank||4.75% to 7.15%|
|Ujjivan Small Finance Bank||4.75% to 7.50%|
|Fincare Small Finance Bank||5.75% to 8.25%|
|ESAF Small Finance Bank||5.25% to 8.50%|
|North East Small Finance Bank||4.00% to 7.50%|
|Suryoday Small Finance Bank||5.00% to 8.50%|
|Utkarsh Small Finance Bank||6.50% to 8.00%|
|Jana Small Finance Bank||4.00% to 8.50%|
|DBS Bank||3.00% to 7.50%|
|Post Office||6.90% to 7.50%|
Frequently Asked Questions
What is the current interest rate of RD in HDFC Bank?
How to open rd account in HDFC Bank?
How to close rd in HDFC Bank?
How to calculate maturity and interest in HDFC Bank recurring deposit ?
What is HDFC Bank RD interest rates for 1 year in 2023 ?
About HDFC Bank Recurring Deposit
HDFC Bank RDs are investments that allow investors to save small amounts regularly. The bank has a tenure of 6 months to 10 years, and the interest rates vary with the tenure.
HDFC Bank RD rates range between 4.5% to 7.00% p.a. p.a for regular citizens. For senior citizens, the RD rates range between 5% to 7.75% p.a.. One can estimate the returns from their HDFC Bank RD investment using the HDFC Bank recurring deposit calculator. The RD rates of HDFC Bank are higher than their saving account rates. The HDFC Bank RD rate of interest differs based on the investor’s age, investment tenure, RBI policies and economic conditions in the country.
The interest income earned from recurring deposits is taxable as per investors’ income tax slab rates. Also, investors have to present this income under the head ‘Income from Other Sources’ during their tax filing. Moreover, if the interest income exceeds INR 40,000 the bank has to deduct a TDS of 10% while the threshold limit for senior citizens is INR 50,000. Furthermore, if the investor furnishes the PAN card details, the TDS of 10% is applicable or else, a 20% TDS rate is deducted by the bank.
Eligibility: Following are the eligibility criteria for opening a HDFC Bank RD account
Deposit and account: One can open a HDFC Bank recurring deposit account with a minimum investment of INR 1000 and in multiples thereafter. However, there is no limit on the maximum investment amount for HDFC Bank RD.
Withdrawal: HDFC Bank allows investors to prematurely withdraw their RD investment, however, with a penalty of 1-1.25% of the contracted interest rate for the time the deposit remains with the bank.
Nomination: HDFC Bank RDs have a nomination facility where the account holder can nominate beneficiaries.
HDFC Bank offers the following recurring deposit schemes:
Furthermore, if consecutive 6 instalments are not paid, then the bank has the right to close the RD account and charge a penalty as per the premature withdrawal policy.
HDFC Bank RDs are a good investment option for investors who can save small amounts of money regularly. Also, recurring deposit schemes are considered low-risk investments as they offer investors guaranteed returns. However, investors keep in mind the tax consideration as they have to pay taxes on interest earned on HDFC Bank RD investments. Therefore, investors looking for guaranteed returns and understanding the taxes on interest income can consider investing in RDs.
The minimum deposit amount for HDFC bank is INR 1000 per month. And, there is no maximum amount of investment in HDFC Bank RD.
Yes, one can open an HDFC Bank RD account on behalf of a minor.
One can open an HDFC Bank RD account through offline and online modes. For online mode, one has to visit the HDFC Bank website. And for offline mode, one has to visit the nearest branch of the HDFC Bank.
To be able to invest in HDFC Bank RD, one needs to have all valid documents. They need to have an HDFC Bank RD application form, duly filled and signed and passport size photographs. For identity proof, they need a PAN card, Aadhar card, voter ID, and driving licence and for proof of address, they need an Aadhar card, utility bills, and driving licence. For age proof, they need a birth certificate, matriculation certificate, and PAN card.
Yes, it is possible to renew an HDFC Bank RD account. However, the renewal is possible as per HDFC Bank norms and rules.
The current highest HDFC Bank rd rates for general citizen ranges between 4.5% to 7.00% p.a. and for senior citizen its 5% to 7.75% p.a. available for 6 month to 10 year of investment duration.