I invested in HDFC bank RD and now i want to stop please guid me how to do?
If you’ve opened a Recurring Deposit (RD) in HDFC Bank and want to cancel it before maturity, HDFC allows you to prematurely close/cancel your RD. The money you deposited till date will be returned to you, along with interest. However, the interest you get will be a little lower than what you would have earned if you kept the RD till the original maturity. Usually, HDFC deducts 1% as a penalty on the interest rate.
Example: If your RD rate was 6.50% for 2 years, and you close it after 10 months, you’ll get the interest rate applicable for 10-month FD (minus 1% penalty).
So, you won’t lose your principal money, but you’ll get slightly reduced returns.
Cancel HDFC RD Through HDFC NetBanking
- Log in to your HDFC NetBanking account.
- Go to Accounts- Fixed/Recurring Deposit
- Select your RD account.
- Choose the “break deposit” or “Premature Closure” option.
- Confirm, and the maturity amount (principal + adjusted interest) will be credited directly into your savings account.
Through HDFC Mobile Banking App
- Open the HDFC Bank Mobile Banking app.
- Navigate to Deposits → Recurring Deposit.
- Select your RD account.
- Tap on Close RD.
- Confirm, and the money gets credited instantly.
Visiting HDFC Branch
- Visit your nearest HDFC Bank branch.
- Ask for an RD Premature Closure Form.
- Fill it out with RD details, account number, etc.
- Submit the form along with your ID proof (sometimes not required if you’re the account holder).
- The bank will process the request, and the funds will be transferred to your savings account.
If you miss six consecutive installments, the RD may be auto-closed by HDFC, and your money will be returned with applicable interest.