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SBI Recurring Deposit (RD): How To Open Online, Interest Rate, Other Details

A recurring deposit allows people to keep aside a certain amount every month.

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SBI Recurring Deposit (RD): How To Open Online, Interest Rate, Other Details

SBI customers can create a recurring deposit online.


State Bank of India (SBI), the country’s largest lender, allows its customers to open a recurring deposit online. The service known as e-RD (Recurring Deposit) has to be created for a minimum period of one year.  A recurring deposit is a type of savings plan that allows people to keep aside a certain amount every month to build a fund, and also earn an interest. This investment option is generally preferred by salaried individuals. The interest offered by SBI on recurring deposits is similar to the interest on other term or fixed deposits.

How to open SBI’s E-Recurring Deposit

SBI 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.

Clicking on ‘submit’ will open an e-RD account for the customer.

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 Deposit

The 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.


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