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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 Details

Normal Citizen Interest Rates4.5% to 7.00%
Senior Citizen Interest Rates5% to 7.75%
Premature Withdrawal Charges1%
Highest RD Rates7.75%
Minimum Deposit AmountRs. 100
Pending Instalment Penalty1%
Tenure6 Months -10 Year

HDFC Bank RD Interest Rates 2023

TenureGeneral Citizen Interest RatesSenior Citizen Interest Rates
15 Months7.10%7.60%
48 Months7.00%7.50%
27 Months7.00%7.50%
39 Months7.00%7.50%
90 Months7.00%7.75%
36 Months7.00%7.50%
60 Months7.00%7.50%
24 Months7.00%7.50%
120 Months7.00%7.75%
12 Months6.60%7.10%
9 Months5.75%6.25%
6 Months4.50%5.00%

*HDFC Bank RD Interest rates are percentage per annum for both normal and senior citizens

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. 

HDFC Bank Recurring Deposits Features

  • Tenure: The HDFC Bank recurring deposit tenure ranges between 6 months to 120 months, in multiples of 3 months
  • Minimum and Maximum Deposit Amount: The minimum amount of investment in HDFC Bank RD is INR 1000, and in its multiples thereafter. However, there is no limit on maximum investment.
  • Tax and TDS: HDFC Bank RDs do not qualify for tax saving. The interest income that one earns from HDFC Bank RDs is taxable as per the individual’s respective income tax slab rates. Moreover, HDFC Bank deducts a TDS of 10% if the interest income per annum exceeds INR 40,000 (INR 50,000 for senior citizens). The 10% TDS is applicable only when PAN details are presented; else the bank deducts TDS at 20%.
    One can determine whether HDFC Bank RD interest income is above or below the TDS threshold limit using the HDFC Bank RD Calculator. Also, investors can calculate their income tax liability using Scripbox’s Income Tax Calculator.
  • Premature withdrawal: HDFC Bank allows investors to prematurely withdraw their recurring deposits. However, HDFC Bank charges a penalty of 1-1.25% of the contracted interest rate for the time the deposit remained with the bank. 
  • Nomination Facility: Depositors can nominate beneficiaries for their HDFC Bank RDs.
  • Convenience: Opening and managing recurring deposit investments is easy and convenient through HDFC Bank’s online portal.

Requirements of HDFC Bank RD Scheme

Eligibility: Following are the eligibility criteria for opening a HDFC Bank RD account

  • Resident Individuals, including minors
  • HUFs
  • Sole Proprietary firms
  • Companies
  • Associations and trusts
  • NRI’s

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.

Documents Required:

  • PAN Card,
  • Aadhar Card,
  • Driving licence,
  • Government ID card,
  • Senior Citizen Card
  • Utility bills,
  • Passport,
  • Bank statement with cheque,
  • Certificate or ID card issued by the post office

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.

Types of HDFC Bank Recurring Deposit Schemes

HDFC Bank offers the following recurring deposit schemes:

Recurring Deposits

  • Tenure: 6 months – 120 months (in multiples of 3 months)
  • Minimum Deposit Amount: INR 1000, and in multiples thereafter.
  • Maximum Deposit Amount: No limit
  • Tax Deducted at Source: Applicable
  • Nomination Facility: Available
  • Premature closure: Available, however, with a penalty of 1-1.25%. 
  • Penalty for late deposits: If more than one instalment is delayed beyond the calendar date, then banks can recover up to 6 instalments from the linked account if sufficient balance is available. But firstly, it will recover the first or the earliest due instalment. 

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. 

Frequently Asked Questions

What are the limits on the minimum and maximum deposits?

The minimum deposit amount for HDFC bank is INR 1000 per month. And, there is no maximum amount of investment in HDFC Bank RD.

Can I open a recurring deposit account for a minor?

Yes, one can open an HDFC Bank RD account on behalf of a minor.

How to apply for HDFC Bank RD?

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. 

Is it possible to renew an RD account?

Yes, it is possible to renew an HDFC Bank RD account. However, the renewal is possible as per HDFC Bank norms and rules.

What is the current highest hdfc rd interest rate?

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.

Recurring Deposits Rates by Other Banks