How to Get Rs.10 Lakhs through HDFC Bank RD in 2024?

By Anupama Deshpande | May 7, 2024

Recurring Deposit (RD) is a type of fixed deposit offered by all the banks in India where the investor has to deposit a fixed amount each month for a particular period. The RD tenure often ranges from 6 months to 10 years. Almost all leading public and private banks provide the facility of the RD account. The interest rate does not change during the entire RD tenure. Interest rate is calculated quarterly not annually and maturity amount is taxable. Note that in an RD account, partial withdrawals are not allowed, however, you can withdraw entire amount prematurely anytime but after charging a certain penalty.

RD as an investment tool allows investors to,

  • Make regular deposits
  • Ease of investments
  • Get decent interest rate on the investment
  • Flexibility to choose tenure

To make monthly investment in the RD account, the customer usually gives standing instruction (SI) to his banker to credit his RD account every month from his savings or current account.

How to Get Rs.10 Lakhs through HDFC Bank RD 2024?

Highlights of HDFC Bank RD

HDFC Bank also offers RD account to its customers having following features,

Interest Rate4.50% to 7.50% per annum
RD Tenure6 months (then in multiples of 3 months thereafter) to 120 months
RD AmountRs. 1000 (then in multiples of Rs. 100 thereafter) to Rs.1,99,99,900 per month
Rate for Senior Citizens0.50% extra for all tenures
TDSApplicable, if interest exceeds Rs.40,000 in a financial year (Rs.50,000 for senior citizens)

Deposit Rs.6000 p.m. & Get Rs.10 lakhs in HDFC Bank RD

Here, we explain you as to how much amount you get on maturity, if you start an RD with Rs.6000 p.m. with HDFC Bank for 10 years. We have made the calculations at 7% p.a. interest rate offered by the HDFC Bank for the RD tenure of 10 years currently. In case, the RD account holder does not have a taxable income, he/ she can submit Form 15G/ Form 15H to the bank/ post office where RD account is opened so that TDS can be avoided.

You can make use of the RD Calculator to calculate the maturity value for different tenures also.

Monthly DepositRs.6000
Tenure120 months
Rate of Interest 7% p.a.

Maturity ValueRs.10,42,210
Deposit AmountRs.7,20,000
Interest EarnedRs.3,22,210

HDFC Bank Recurring Deposit Rates (as of May 7, 2024)

PeriodInterest Rate (p.a.) for GeneralInterest Rate (p.a.) for Senior Citizen
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%7.50%
120 Months7.00%7.50%

Documents Required for HDFC Bank RD Account

Account Opening FormHDFC Bank Recurring Deposit Account Opening Form
Photographs2 recent passport size coloured photographs
Identity Proof Aadhaar card, passport, PAN card, voter's id card, etc.
Address Proof Aadhaar card, passport, voter's id card, ration card, latest utility bill, etc.
Age ProofBirth certificate, copy of marksheet, etc.
PAN/ Form 60 or Form 61Copy of PAN or declaration in Form 60 or 61
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About Anupama Deshpande
Anupama is a Co-Founder of She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
Her vast interest & expertise in the field of finance have encouraged her to write the articles so that others can also get benefitted out of them. She never loses any opportunity to learn and be creative. She is a valuable asset for & important resource to all those around her.