Recurring deposit investments are not eligible for tax savings under Section 80C of the Income Tax Act. The interest earned on recurring deposit schemes is subject to taxation at the individual's applicable income tax slab rate. Moreover, a Tax Deducted at Source (TDS) of 10% is applicable on the interest income (20% if the PAN card is not provided). The TDS threshold is set at INR 40,000 (INR 50,000 for senior citizens). It's crucial for investors to consider the tax implications when planning their investments in recurring deposits.

Does HDFC Bank provide Loan against RD?

Yes, the HDFC Bank allows individuals to avail loans against recurring deposit accounts. Post offers loans up to 90% of the deposit amount, and the recurring deposit account serves as collateral for the loan. While this provides a convenient option for obtaining funds, it's essential to note that the interest rate on the loan is typically higher than the interest rate earned on the RD. HDFC Bank offers various loan products, including loans against property, business loans, and education loans, utilizing an RD account as security. To estimate loan EMIs and compare scenarios, individuals can use tools like the Stack Wealth's loan EMI calculator, which works for car loans, home loans, and personal loans.

Is there a Premature withdrawal facility of recurring deposits available with HDFC Bank?

If a depositor misses six consecutive installments in a HDFC Bank recurring deposit account, the account is subject to premature closure. In such a situation, the balance in the account is paid to the account holder, and the recurring deposit account is closed prematurely. It's important for depositors to adhere to the regular installment payments to avoid premature closure and ensure the continuity of the recurring deposit account. The premature closure option provides flexibility for individuals who may need to close the account before the scheduled maturity date.

How to close an RD account in HDFC Bank through online?

To close an HDFC Bank RD account, follow these steps: Log in to your HDFC Bank account using www.hdfcbank.com. Navigate to the e-RD(electronic Recurring Deposit) tab. Select the deposit account that you want to close. Click on the Close A/c (Close Account) tab. Complete the account closure process by clicking on the Proceed button. By following these steps, you can initiate the closure of your HDFC Bank RD account through the online banking portal. Make sure to carefully follow the instructions provided on the website during the account closure process.

What are the documents required to open an RD account in HDFC Bank?

When opening a recurring deposit account with HDFC Bank, you will need the following documents: Account opening form: Fill out the form completely and sign it. Recent passport size photograph: Provide a recent passport-sized photograph. KYC Documents for Individuals & Companies: Submit documents such as PAN Card, Passport Copy, Aadhar Card, Voter’s ID, and Driving License for KYC verification. For HUFs (Hindu Undivided Families): Provide HUF declaration deed, bank statement of HUF, and a self-attested PAN card. For Partnership Firms: Submit Certificate of Incorporation, Partnership deed, and ID proofs of all authorized signatories. Ensure that you have all the required documents in order to facilitate a smooth account opening process with HDFC Bank.

HDFC RD Calculator - HDFC Recurring Deposit Calculator Online India

What is the HDFC RD Calculator?

The HDFC RD calculator is an online tool designed to help individuals evaluate the interest accrued from recurring deposits. The maturity amount, which includes the total of all contributions and the accrued interest during the investment period, can be efficiently calculated using this user-friendly tool. By requiring minimal inputs, the calculator provides quick results, saving time, facilitating effective financial planning, and aiding in well-informed decision-making.

How to use the Stack Wealth HDFC RD calculator online?

The Stack Wealth HDFC RD calculator stands out for its simplicity and user-friendly interface. Accessible to anyone with basic internet skills, here's a straightforward guide on using this calculator:

Step 1: Enter the amount you wish to invest in an HDFC RD.

Step 2: Slide the bar to the expected rate of return that you desire.

Step 3: Enter the time period for which you intend to invest in the HDFC RD.

HDFC RD Interest rate formula to calculate the maturity amount.

To calculate the HDFC RD maturity amount, Stack Wealth employs three variables using the following formula:

A = P*(1+R/N)^(Nt)

A - Final Amount (Including both principal and compound interest)

P - Monthly Installment (Initial investment)

r - Annual Interest Rate (expressed as a decimal)

n - Number of times interest is compounded per year

t - Number of years the money is invested for

Documents Required and Eligibility for HDFC Bank RD Account

To open an HDFC RD account, you need to ensure that you have the necessary documents and meet the eligibility criteria. Here are the checklists for both:

Documents Required for HDFC RD:

Application form for an HDFC RD.

KYC Documentation.

Passport size photographs.

Proof of identification.

Proof of address.

Eligibility Criteria for HDFC RD Account:

Indian citizens

Trusts

Sole organizations

Hindu Undivided Families (HUFs)

Minors above the age of 10

Non-Resident Indians (NRIs)

Companies

Partnership firms

Make sure to have these documents and fulfill the eligibility criteria when applying for an HDFC RD account.

What are the benefits of using the Stack Wealth HDFC RD calculator?

The Stack Wealth HDFC Bank RD calculator offers several benefits:

Cost-Free: The calculator is available for unlimited usage without any charges, accessible through any internet-enabled device.

Facilitates Informed Choices: This HDFC Recurring Deposit calculator allows you to experiment with various combinations of monthly investments, tenures, and interest rates. This empowers you to compare returns across different scenarios and make decisions aligning with your requirements.

Minimizes Human Error: While the HDFC Bank RD calculator formula may seem intricate, even a minor mistake can significantly impact the outcome. Utilizing the online calculator enhances precision and dependability.

Simplifies Financial Planning: With this calculator, you can easily determine the monthly contributions required to achieve long-term goals like purchasing a home or funding a wedding. It also aids in more effective monthly budgeting, enabling investments without compromising your quality of life.

HDFC RD Calculator

Forecast the maturity value of your Recurring Deposit (RD) with ease using our HDFC RD Calculator.

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Understanding HDFC RD Calculator

What is the HDFC RD Calculator?

How to use the Stack Wealth HDFC RD calculator online?

HDFC RD Interest rate formula to calculate the maturity amount.

Documents Required and Eligibility for HDFC Bank RD Account

What are the benefits of using the Stack Wealth HDFC RD calculator?

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