How to open SBI’s E-Recurring DepositSBI account holders can open a recurring deposit from home.
Log into onlinesbi.com, SBI’s net banking portal.
On the ‘Request’ tab, SBI customers can find the e-Fixed Deposit tab. To initiate the account opening process, users have to click on ‘e-RD/e-SBI Flexi Deposit link’.
Select the ‘e-RD’ option and click on the ‘proceed’ button to move further.
If you have multiple SBI savings accounts, pick the one from where the monthly recurring deposit amount has to be deducted. Fill in the monthly deposit amount and the tenure of the recurring deposit.
After the maturity of recurring deposit, the money will be credited into the customer’s SBI savings account selected by him/her when the account was opened.
Some important details about SBI’s E-Recurring DepositThe minimum amount of monthly installment is Rs 100. The amount of installment and the number of installment cannot be changed after opening the account.
Interest will be applied on premature withdrawal of RD at 1.00 per cent below the rate applicable for the period the deposit has remained with the bank.
Interest on the deposit ranges from 6.00 per cent to 6.50 per cent.