What is recurring deposit account in HDFC?

What is recurring deposit account in HDFC?

A Recurring Deposit is a special kind of term-deposit offered by banks in India, which help people with salaried incomes to deposit a fixed amount each month and earn an interest which is equivalent to the interest on Fixed Deposits or FDs.

What is the interest rate of Recurring Deposit in HDFC Bank?

3.50% to 6% per annum
Usually, RD interest rates in HDFC range from 3.50% to 6% per annum. One can open an HDFC recurring deposit account with a minimum deposit of Rs….HDFC RD Interest Rates 2022.

Tenure RD Rates for General Citizens RD Rates for Senior Citizens
6 months 3.50% 4.00%
9 months 4.40% 4.90%
12 months 4.90% 5.40%
15 months 5.00% 5.50%

How can I open Recurring Deposit in HDFC Bank?

Steps to Open An RD Account Online:

  1. Login to your NetBanking account.
  2. Click on the ‘Accounts’ tab.
  3. Click on the ‘Transact’ option on the left side of the menu.
  4. Choose ‘Open Recurring Deposit’
  5. Select the account and branch details.
  6. Provide the amount that you wish to invest.
  7. Choose the deposit duration.

Is RD available in HDFC Bank?

With HDFC Bank RD accounts, you can enjoy interest rates similar to fixed deposits even with smaller investments. The interest you earn will be paid on maturity. Use our RD maturity calculator to find out what you stand to gain by investing in a Recurring Deposit.

Is HDFC RD tax free?

Is RD interest taxable?: Recurring Deposits attract no tax exemptions. Income tax has to be paid on the Interest amount received from Recurring Deposits. The tax has to be paid at the rate of the tax slab of the RD holder.

What is my monthly income on 50000?

Some of the popular investments are PPF, FD, EPF and even mutual funds. To get Rs 50,000 a month, you have to accumulate a sizeable amount. Some of the investments which help you accumulate a sizeable corpus are PPF, Fixed Deposits, Mutual Funds particularly equity mutual funds.

What is the interest of 1 lakh?

37,009 if you do not withdraw the monthly interest on the amount deposited. Likewise, for an investment of Rs 20 Lakhs, you will get Rs….Monthly Payout.

Investment amount Monthly interest Cumulative interest for 5 years
1 lakh Rs. 526 Rs. 37,009
5 lakh Rs.2,629 Rs. 185,043
10 lakh Rs.5,258 Rs.3,70,087

How much interest do we get per month for 1 lakh from HDFC?

HDFC Bank FD Interest Rates and Interest Earned for Different Deposit Amounts

Investment Amount Monthly Interest Cumulative interest for 5 years
Rs. 1 Lakh Rs. 534 Rs. 32,056
Rs. 5 Lakh Rs. 2,671 Rs.160,281
Rs. 10 Lakh Rs. 5,343 Rs. 320,562
Rs. 15 Lakh Rs. 8,014 Rs. 480,844