How to pay installment of RD in HDFC?
Generally, the HDFC bank deducts the Recurring Deposit investment monthly automatically from your savings account. However, if you have not enabled this option or missed a payment due to insufficient balance, you can pay it online.
To answer your query about how to pay missed RD instalments in HDFC, I would suggest that you prefer an online payment. Here is how you can do it by HDFC Mobile banking or NetBanking:
- Log in to the HDFC netbaking portal or mobile banking app with your credentials.
- Look for the Recurring Deposit option on the page and click on it.
- Now, choose your RD account for which you have missed the payment.
- Deposit the total missed payment amount online.
Aside from the payment method, you also should focus on some important pointers:
- Most banks levy a ₹5 to ₹10 penalty for every ₹1000 for the missed instalment. However, this amount might vary for HDFC Bank.
- Always pay the full RD instalment, as HDFC Bank does not allow partial payments and may treat them as missed.
- You can compensate for up to 6 consecutive missed monthly instalments with HDFC.
- Missing more than 6 instalments gives HDFC the right to close your RD account. In such cases, the bank will only pay interest for the period until closure, reducing your overall earnings.