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TechBizLines.com Forum  >Wealth Management  >  Money for your Future  > HDFC Bank - Accounts and Deposits/Deposits/Recurring Deposit
  Posted by riya_chakrabarty on : 3/14/2019 8:37:00 PM
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1
In reply to:"  "rinku_banerjee  for his/her post on 3/15/2019 12:33:00 AM
priyam_das
3/15/2019 12:34:00 AM

Recurring Deposits can now be booked through NetBanking. Following are the steps for booking your Recurring Deposit online:

Access your NetBanking account with your Customer ID and IPIN (NetBanking Password)

Select "Open Recurring Deposit" option under the Recurring Deposit menu from the Menu bar located on the left hand side of the web page

Select the desired values from the Drop-down lists

Once complete, click on "Continue" and "Confirm" the details entered
 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:33:00 AM
rinku_banerjee
3/15/2019 12:33:00 AM

How to open a Recurring Deposit?



 
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In reply to:"  "riya_chakrabarty  for his/her post on 3/15/2019 12:31:00 AM
raghav_agarwal
3/15/2019 12:33:00 AM

You gain an additional 0.50% rate of interest.



 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
rupali_saha
3/15/2019 12:33:00 AM

How to open a Recurring Deposit?



 
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In reply to:"  "riya_chakrabarty  for his/her post on 3/15/2019 12:31:00 AM
jasmin_patel
3/15/2019 12:32:00 AM

I'm a senior citizen – are there any extra benefits?



 
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In reply to:"  "riya_chakrabarty  for his/her post on 3/15/2019 12:31:00 AM
smita_sahoo
3/15/2019 12:32:00 AM

You gain an additional 0.50% rate of interest.



 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
riya_chakrabarty
3/15/2019 12:31:00 AM

Premature withdrawals are allowed, but remember that no partial withdrawal is permitted.



 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
amit_sen
3/15/2019 12:31:00 AM

I'm a senior citizen – are there any extra benefits?



 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
V_Joseph
3/15/2019 12:30:00 AM

The first applicant can be a minor.



 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
priyabrat_samal
3/15/2019 12:30:00 AM

Can I withdraw prematurely from my Recurring Deposit?



 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
rupali_saha
3/15/2019 12:29:00 AM

Can the first applicant for a Recurring Deposit be a minor?



 
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In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
rinku_banerjee
3/15/2019 12:29:00 AM

The first applicant can be a minor.



 
Reply
In reply to:"  "raghav_agarwal  for his/her post on 3/15/2019 12:28:00 AM
priyam_das
3/15/2019 12:29:00 AM

The first applicant can be a minor.



 
Reply
In reply to:"  "smita_sahoo  for his/her post on 3/15/2019 12:20:00 AM
raghav_agarwal
3/15/2019 12:28:00 AM

Yes, you can open a Recurring Deposit in a joint name.



 
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In reply to:"  "smita_sahoo  for his/her post on 3/15/2019 12:20:00 AM
jasmin_patel
3/15/2019 12:27:00 AM

Can my Recurring Deposit be opened in joint names?



 
Reply
In reply to:"  "smita_sahoo  for his/her post on 3/15/2019 12:20:00 AM
smita_sahoo
3/15/2019 12:27:00 AM

Yes, you can open a Recurring Deposit in a joint name.



 
Reply
In reply to:"  "rupali_saha  for his/her post on 3/15/2019 12:22:00 AM
riya_chakrabarty
3/15/2019 12:26:00 AM

If frequent defaults (non-payments) are observed in your payment of monthly installments, and six installments fall in arrears, the Bank reserves the right to close your RD account. The interest rate applicable on such accounts will be as per the premature withdrawal policy of the Bank.



 
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In reply to:"  "rupali_saha  for his/her post on 3/15/2019 12:22:00 AM
amit_sen
3/15/2019 12:26:00 AM

Can my Recurring Deposit be opened in joint names?



 
Reply
In reply to:"  "rupali_saha  for his/her post on 3/15/2019 12:22:00 AM
V_Joseph
3/15/2019 12:25:00 AM

What happens if I don’t pay an instalment?



 
Reply
In reply to:"  "rupali_saha  for his/her post on 3/15/2019 12:22:00 AM
priyabrat_samal
3/15/2019 12:25:00 AM

If frequent defaults (non-payments) are observed in your payment of monthly installments, and six installments fall in arrears, the Bank reserves the right to close your RD account. The interest rate applicable on such accounts will be as per the premature withdrawal policy of the Bank.



 
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In reply to:"  "rupali_saha  for his/her post on 3/15/2019 12:22:00 AM
priyam_das
3/15/2019 12:24:00 AM

If you wish to prematurely liquidate your Recurring Deposit. We request you to submit your Recurring Deposit advice or written instruction, duly signed by all account holders, at the branch for premature liquidation of your Recurring deposit. 




Alternatively, you can liquidate your Recurring Deposits through NetBanking. This facility will be available for Recurring Deposit held under "Sole Owner (SOW)" relationship only and which are booked from Singly Owned Savings or Current Accounts.







Following are the steps for liquidating your Recurring Deposit online:

Login to NetBanking with your Customer ID and IPIN (NetBanking Password)

Select " Liquidate R D " option under the Recurring Deposit menu from the Menu bar located on the left hand side, under Accounts tab.

Select the Recurring Deposit account number from the Drop-down lists, and click on Continue.

Verify the details and Confirm the Liquidation.

A Confirmation page will be displayed, confirming that your Recurring Deposit has been liquidated.

Additional Information -If your Recurring Deposit is broken prematurely, the interest rate applicable for premature closure of deposits will be lower ofThe base rate for the original / contracted tenure for which the deposit has been booked 

OR 

The base rate applicable for the tenure for which the deposit has been in force with the BankThe base rate is the rate applicable to deposits of less than Rs.15 lacs as on the date of booking the deposit.In case of premature closure within a month, no interest shall be paid out & only principal amount shall be returned.
 
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In reply to:"  "rupali_saha  for his/her post on 3/15/2019 12:22:00 AM
rinku_banerjee
3/15/2019 12:23:00 AM

How can I prematurely liquidate my recurring deposit?



 
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In reply to:"  "smita_sahoo  for his/her post on 3/15/2019 12:20:00 AM
rupali_saha
3/15/2019 12:22:00 AM

Right now there is no overdraft facility for Recurring Deposits.



 
Reply
In reply to:"  "jasmin_patel  for his/her post on 3/15/2019 12:18:00 AM
smita_sahoo
3/15/2019 12:20:00 AM

Is an overdraft facility allowed?



 
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In reply to:"  "V_Joseph  for his/her post on 3/15/2019 12:16:00 AM
raghav_agarwal
3/15/2019 12:20:00 AM

Right now there is no overdraft facility for Recurring Deposits.



 
Reply
In reply to:"  "V_Joseph  for his/her post on 3/15/2019 12:16:00 AM
jasmin_patel
3/15/2019 12:18:00 AM

If your Recurring Deposit is broken prematurely, the interest rate applicable for premature closure of deposits will be lower of




The base rate for the original / contracted tenure for which the deposit has been booked




OR




The base rate applicable for the tenure for which the deposit has been in force with the Bank




The base rate is the rate applicable to deposits of less than 1crore as on the date of booking the deposit.




In case of premature closure within a month, no interest shall be paid out & only principal amount shall be returned.



 
Reply
In reply to:"  "V_Joseph  for his/her post on 3/15/2019 12:16:00 AM
riya_chakrabarty
3/15/2019 12:17:00 AM

How Interest Rate is calculated for premature withdrawal of Recurring Deposit?



 
Reply
In reply to:"  "V_Joseph  for his/her post on 3/15/2019 12:16:00 AM
amit_sen
3/15/2019 12:17:00 AM

If your Recurring Deposit is broken prematurely, the interest rate applicable for premature closure of deposits will be lower of




The base rate for the original / contracted tenure for which the deposit has been booked




OR




The base rate applicable for the tenure for which the deposit has been in force with the Bank




The base rate is the rate applicable to deposits of less than 1crore as on the date of booking the deposit.




In case of premature closure within a month, no interest shall be paid out & only principal amount shall be returned.



 
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In reply to:"  "V_Joseph  for his/her post on 3/15/2019 12:16:00 AM
priyabrat_samal
3/15/2019 12:16:00 AM

You can, but note that there will be no interest paid on any additional amount deposited, other than the installment due.
 
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In reply to:"  "priyam_das  for his/her post on 3/15/2019 12:15:00 AM
V_Joseph
3/15/2019 12:16:00 AM

Can I pay more than one instalment at a time?



 
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In reply to:"  "smita_sahoo  for his/her post on 3/15/2019 12:14:00 AM
priyam_das
3/15/2019 12:15:00 AM

A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.



 
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In reply to:"  "jasmin_patel  for his/her post on 3/15/2019 12:13:00 AM
smita_sahoo
3/15/2019 12:14:00 AM

How do Recurring Deposits work?
 
Reply
In reply to:"  "jasmin_patel  for his/her post on 3/15/2019 12:13:00 AM
raghav_agarwal
3/15/2019 12:14:00 AM

A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.



 
Reply
In reply to:"  "jasmin_patel  for his/her post on 3/15/2019 12:13:00 AM
rupali_saha
3/15/2019 12:14:00 AM

A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.



 
Reply
In reply to:"  "riya_chakrabarty  for his/her post on 3/15/2019 12:11:00 AM
rinku_banerjee
3/15/2019 12:14:00 AM

A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.



 
Reply
In reply to:"  "riya_chakrabarty  for his/her post on 3/15/2019 12:11:00 AM
jasmin_patel
3/15/2019 12:13:00 AM

If six consecutive installments are unpaid, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.



 
Reply
In reply to:"  "riya_chakrabarty  for his/her post on 3/15/2019 12:11:00 AM
amit_sen
3/15/2019 12:12:00 AM

What if certain RD installments are not paid?



 
Reply
In reply to:"  "priyabrat_samal  for his/her post on 3/15/2019 12:09:00 AM
riya_chakrabarty
3/15/2019 12:11:00 AM

The Maximum installment amount you can open a recurring Deposit account with is Rs 14,99,900/- per month.



 
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In reply to:"  "V_Joseph  for his/her post on 3/14/2019 11:41:00 PM
priyabrat_samal
3/15/2019 12:09:00 AM

What is the maximum deposit amount a Recurring Deposit account can be opened with?



 
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In reply to:"  "rinku_banerjee  for his/her post on 3/14/2019 10:40:00 PM
V_Joseph
3/14/2019 11:41:00 PM

Partial payments are not possible.



 
Reply
In reply to:"  "rinku_banerjee  for his/her post on 3/14/2019 10:40:00 PM
priyam_das
3/14/2019 11:40:00 PM

Can partial Payments be made on Recurring Deposits?



 
Reply
In reply to:"  "rupali_saha  for his/her post on 3/14/2019 10:39:00 PM
rinku_banerjee
3/14/2019 10:40:00 PM

The date of your monthly RD installment will depend on the date you opened your RD account.



 
Reply
In reply to:"  "raghav_agarwal  for his/her post on 3/14/2019 9:54:00 PM
rupali_saha
3/14/2019 10:39:00 PM

Can I choose my instalment date?



 
Reply
In reply to:"  "smita_sahoo  for his/her post on 3/14/2019 9:53:00 PM
raghav_agarwal
3/14/2019 9:54:00 PM

You can open a Recurring Deposit account for a minimum period of 6 months, and thereafter in multiples of 3 months up to a maximum period of 10 years.



 
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In reply to:"  "jasmin_patel  for his/her post on 3/14/2019 9:48:00 PM
smita_sahoo
3/14/2019 9:53:00 PM

For what period can I open a Recurring Deposit?



 
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In reply to:"  "riya_chakrabarty  for his/her post on 3/14/2019 9:38:00 PM
jasmin_patel
3/14/2019 9:48:00 PM

No it is not possible to change the tenure and installment due date, (auto debit date). We request you to open a new Recurring Deposit with the desired due date and tenure.



 
Reply
In reply to:"  "riya_chakrabarty  for his/her post on 3/14/2019 9:38:00 PM
amit_sen
3/14/2019 9:47:00 PM

Can I change the tenure and installment due date, (auto debit date) of my Recurring Deposit?



 
Reply
In reply to:"  "priyabrat_samal  for his/her post on 3/14/2019 9:38:00 PM
riya_chakrabarty
3/14/2019 9:38:00 PM

Interest is paid when the Recurring Deposit account is closed, and on maturity.



 
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In reply to:"  "V_Joseph  for his/her post on 3/14/2019 9:37:00 PM
priyabrat_samal
3/14/2019 9:38:00 PM

Is there a monthly or quarterly interest pay-out option?



 
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In reply to:"  "priyam_das  for his/her post on 3/14/2019 9:37:00 PM
V_Joseph
3/14/2019 9:37:00 PM

Yes, there is a nomination facility on the Recurring Deposit account.



 
Reply
In reply to:"  "riya_chakrabarty  for his/her post on 3/14/2019 8:37:00 PM
priyam_das
3/14/2019 9:37:00 PM

Is there a nomination facility?



 
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