SBI Recurring Deposit Interest Rates |SBI Recurring Deposit Interest Rates Calculator | SBI RD Revised Rate | How to Open an SBI RD Account
For a minimum deposit of Rs.100, you can start a Recurring Deposit account with the State Bank of India. You can open an SBI RD Account with the lender for a period of time ranging from 12 months to ten years. The bank pays regular residents between 5.00 percent and 5.40 percent per annum on deposits of less than Rs.2 crore. On all tenures, senior folks are given an additional 0.50 percent to 0.80 percent. Today we will explain to you details about SBI Recurring Deposit Interest Rates 2022
Table of Contents
SBI Recurring Deposit Interest Rates 2022
| Tenure | SBI Recurring Deposit Interest Rates (p.a.) for Public | SBI Recurring Deposit Interest Rates (p.a.) for Senior Citizens |
| 1 year to less than 2 years | 5.00% | 5.50% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years to 10 years | 5.40% | 6.20% |
The SBI Recurring Deposit Interest Rates listed in the table are in effect as of January 8, 2021.
SBI Fixed Deposit Interest Rate
Important Details About SBI Recurring Deposit Interest Rates Scheme
| Minimum Deposit Amount | Rs. 100 monthly (for any higher amount, deposit in multiples of Rs.10) |
| Tenure | 1-year up to 10 years |
| Additional Interest Rate for Elder Citizens | From 0.50% to 0.80% |
| What is the bank’s maximum interest rate and for how long does it offer it? | 5.40 percent for general citizens with a term of 5 to 10 years. For senior citizens, the rate is 6.20 percent for a tenure of 5 to 10 years. |
| Loan Against Deposit | Available |
| Late Penalty | 5 year or less tenure: Rs.1.50 per Rs.100 per month Higher-than-five-year terms: Rs.2 every Rs.100 each month. |
| TDS on RD | Applicable |
SBI New ATM Online Application
How to Open an SBI RD Account?
There are two ways to start a recurring deposit account with SBI:
- By going to the branch
- Using the internet banking system
- If you already have an SBI account, log in to your online account using your netbanking username and password and establish an e-RD straight away. You must first open an SBI account if you do not already have one. You can go into net banking and open an e-RD once your account is activated.
How to Close SBI RD Account Online
The following are the procedures you must take to close your State Bank of India (SBI) RD account online:
- Log in to your net banking account at the SBI’s official website using your User ID and password.
- Click ‘e-TDR/e-STDR (FD)’ under ‘Fixed Deposit’.
- Under ‘kind of deposit account,’ select e-RD (Recurring Deposit) and click ‘Proceed.’
- A new page will appear, displaying various services relevant to your RD account. After that, click ‘Close A/c’ and then ‘Proceed.’
- The information of your RD will then be shown to you. Simply type ‘Close RD account’ in the ‘Remarks’ box and click ‘Proceed.’
- Click ‘Confirm’ after entering the ‘High-Security Password.’
- After that, you’ll get a notification stating that your RD account has been successfully closed.
SBI Pension loan Interest Rate
Rules for Early Withdrawal
You can withdraw your RD money early with the State Bank of India. There will be a nominal penalty if you withdraw the money before it matures. Partially withdrawing recurring deposits is not permitted by SBI.
Is an SBI Recurring Deposit the Best Way to Save Money?
Savings of any kind are beneficial. Recurring deposits come with their own set of benefits. You will be saving without spending all of your money since cash will be withdrawn from your savings account automatically every month on a set date. If you want to save money every month, you can create an RD.
FAQ’s
Yes, you can start an SBI recurring deposit account via net banking.
The recurring deposit account’s account holder will be the same as the one whose account is being debited. If you want the RD to be opened in the name of someone else, you’ll need to go to a branch and speak with the staff.
You can utilize any valid savings or current account that is not dormant, suspended, or locked.