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Opening an SBI Recurring Deposit Account Online

State Bank of India offers one of the best recurring deposit schemes in the market and customers can conveniently open an account using the SBI web portal. State Bank of India offers a very attractive interest rate on its RD scheme and also gives special rates for senior citizens. An SBI recurring deposit account can be opened with a minimum deposit of Rs. 100 and can be incremented in multiples of Rs. 10, with no cap on the upper limit. An RD account can be opened online for a minimum period of 12 months to up to 120 months. Customers can get a loan on their SBI recurring deposit accounts for up to 90% of the balance available in the account. The nomination facility is available on the RD account and additionally SBI will also issue a passbook, when the account is opened. The interest rate charged for recurring deposit accounts below Rs. 1 crore ranges from 5.25% to 7.25%. For SBI recurring deposits from Rs. 1 crore to up to Rs. 50 crores, the interest rate offered ranges from 4.00% to 6.75%.

Steps to Open an SBI Recurring Deposit Account Online

Step 1

Customers need to hold an SBI savings account in order to open a State Bank of India recurring deposit account. If they do not hold an account, they will have to open a new savings account to facilitate the opening of the RD account.

Step 2

After the SBI savings account has been opened, customers can conveniently open a SBI e-RD account on the SBI web portal. An offline application is not required.

Step 3

Account holders who wish to open an e-RD account should have an active internet banking account with State Bank of India.

Step 4

To open an SBI recurring deposit account customers must visit onlinesbi.com and login to their online banking accounts under the Personal Banking section. Customers can use the login ID and password given by SBI at the time of registration.

Step 5

On the Request tab, SBI customers can find the e-Fixed Deposit tab. To initiate the account opening process, users have to click on the e-RD/e-SBI Flexi Deposit link.

Step 6

Then the e-RD option has to be selected, after which the customer has to click on the Proceed button to move further.

Step 7

The SBI savings account from where the monthly recurring deposit amount has to be deducted has to be selected by the customer. The monthly deposit amount and the tenure of the recurring deposit has to be entered in the required fields.

Step 8

Before submitting the online RD application, customers can read through the terms and conditions provided by State Bank of India. Clicking on submit will open an e-RD account for the SBI customer.

After the maturity of the SBI recurring deposit, the money will be credited to the SBI savings account selected by the customer when the account was opened. Customers also have the option of opening a recurring deposit account offline at the nearest SBI branch. The documentation that has to be provided by the customer includes the filled-in recurring deposit application form, passport size photograph, SBI savings account passbook, etc.

SBI

FAQs On SBI Recurring Deposit

  1. Should I submit a manual account opening application even if I have opened an SBI recurring deposit account online?

    No. You do not have to visit the bank or submit the hard copy of your recurring deposit account opening form if you have opened an RD account online.

  2. I do not have an internet banking account with SBI. Can I still open an e-RD?

    Unfortunately, you will have to have an active internet banking account with SBI to open an e-RD account. Please use the login Id and the password you received while opening an SBI account and access your internet banking to open an e-RD.

  3. What is the minimum and the maximum tenure that I can choose while I open an online deposit?

    The minimum period will be 12 months and the maximum period will be 120 months.

  4. Do I get any discount on the interest rate that I will earn if I open an e-RD?

    The interest rate will be the same on all recurring deposits. Please note that the interest rate will change from time to time.

  5. What is the minimum amount to open a recurring deposit with SBI?

    The minimum amount to open a RD account with SBI is Rs.100. Please note that this amount cannot be changed after you open the account.

  6. Can I use my current account with SBI to open an e-RD?

    Yes. You can use either your savings account, current account, or OD account to open a RD with SBI. Please make sure that the account you choose to open the RD account can be accessed with your internet banking and is not a stopped, locked, or dormant account.

  7. Do senior citizens get additional rate of interest on recurring deposits?

    Yes. If you select the senior citizen option while opening the e-RD account, you will enjoy additional interest rate.

  8. Will I be allowed to add nominees when I open an e-RD account?

    Yes. You will be allowed to retain your nominees which you have mentioned in the debit account form while opening an e-RD account online. To add a new nominee, please visit the bank.

  9. Does SBI have specific timings to open an e-RD account?

    Yes. if you want the e-RD to be created on the same day please open the account between 8 a.m to 8 p.m IST. Any e-RD account opening requests post this timing will be pushed to the next working day.

  10. I want to cancel my standing instruction for e-RD. How do I do that?

    Please login to your internet banking account and navigate to the “standing instruction link” under the”request” tab and click on “View/Cancel” option. You will be allowed to cancel the standing instruction on your e-RD account here.

  11. Can I close a RD account online?

    Yes. If you have access to internet banking, you will be able to close an RD account online. You will have an option called “Close A/C” under the “e-RD” tab. Please note that you will be allowed to close RD account opened online only using this option. RD accounts opened through any other means cannot be closed using this option.

Read More Article on Recurring Deposit

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RD Reviews

Page 1 of 50 1 2 3 4 5
  • ICICI Bank Recurring Deposit
    "Better Scheme"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    Chosen my recurring deposit scheme from ICICI bank for the savings. The security system is good in ICICI hence i have chosen them. I'm investing the money of Rs. 3000 in every quarter and the amount is automatically deducted from my account. I'm not sure about the interest rate provided by them.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 10, 2019
  • HDFC Bank
    HDFC Bank Recurring Deposit
    "Good saving bank"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have taken a RECURRING DEPOSIT from HDFC Bank, and i am paying monthly Rs. 2000. I started this RD presently only. This is a long term plan and i am getting some good returns after 10 years. Customer service was good. This is very useful for future.
    Was this review helpful? 1
    , visakhapatnam
    Reviewed on Dec 06, 2019
  • HDFC Bank Recurring Deposit
    "Good Flexibility"
    HDFC BANK
    0.5 4.0/5 "Great!"
    The best thing about HDFC Recurring Deposit is the online option which is simply good. When i want to increase the amount, i can do it on a monthly basis. The interest rate is less which is 1%. I have selected the lockin period of 3 years and overall satisfied.
    Was this review helpful? 5
    , mumbai
    Reviewed on Nov 12, 2019
  • HDFC Bank Recurring Deposit
    "Good One"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have chosen the Recurring Deposit from HDFC because its more convenient. Its around Rs. 2000, i have invested every month and its automatically deducted from my account. There is no locking period. They are providing the interest rate of 6.8% to their customer.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Nov 12, 2019
  • HDFC Bank Recurring Deposit
    "Improvement needed on their application"
    HDFC BANK
    0.5 3.5/5 "Pretty good"
    I am very new to HDFC BANK interms of Recurring deposit and its been a first time around 2 to 3months. The helpline number is 24/7 but I did not get response on time. It was a toll free number. The interest rate is nominal. There is no locking period and the application is user friendly but it should be better when compared to ICICI.
    Was this review helpful? 3
    , nasik
    Reviewed on Oct 15, 2019
  • ICICI Bank Recurring Deposit
    "It could be better interms of percentage"
    ICICI BANK
    0.5 4.0/5 "Great!"
    I have started my recurring deposit in ICICI BANK because it was my salary account. I could manage this account online. It would be great, if they could provide connectivity to reach the customer care easily. The interest rate is around 6-7% which is similar like other banks.
    Was this review helpful? 3
    , nasik
    Reviewed on Oct 15, 2019
  • HDFC Bank Recurring Deposit
    "Easy to apply"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I was paying the RD of Rs. 2000 and i started paying the first month amount by last month. In net banking, there is no option to pay my RD. I have chosen HDFC because I'm the account holder of the same account. There is a lockin period of 6 months and at the end of six month it will get converted into fixed deposit. Interest rate is too low.
    Was this review helpful? 6
    , hyderabad
    Reviewed on Oct 10, 2019
  • review Recurring Deposit
    "It's better"
    STANDARD CHARTERED BANK
    0.5 3.0/5 "Satisfactory"
    With Standard Chartered Bank, am having a recurring deposit because they are providing 7% interest rate. I would suggest them to improve the service. Its been more than 1.5years. They have provided me online access to manage the account. I was doing 3K monthly and have chosen tenure of 1year.
    Was this review helpful? 3
    , bangalore
    Reviewed on Oct 10, 2019
  • Kotak Recurring Deposit
    "Need improvement on customer support"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am not getting any calls from Kotak to suggest the investment products but whenever my salary credits I used to invest the money with their recurring deposit, monthly I used to invest Rs.1000 and above . I won't recommend this RD for non customers.
    Was this review helpful? 3
    , bangalore
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Good bank for future"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    HDFC gave me very good interest for my recurring deposit, every month I used to invest Rs.3000 for 6 months, finally I about to get Rs.18,000 without interest as per my RD, the bank gave me Rs. 18594 its really good, the online banking is very convenient.
    Was this review helpful? 10
    , bangalore
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a recurring deposit from HDFC. I have a salary account in HDFC hence i have chosen the same bank. I have been investing the money of Rs. 1000 every month and they are providing a interest rate of 7%. Once my salary is credited, my RD amount will automatically deducted from my account. There is a lockin period of 2 years.
    Was this review helpful? 7
    , bangalore
    Reviewed on Sep 14, 2019
  • Kotak Recurring Deposit
    "Good investment for the future"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I had a Recurring deposit for one year with Kotak Mahindra, through netbanking I invested Rs.500 on monthly basis they gave around 7.5% of interest for the total amount. Now I withdrawn the benefits even there is no charges for pre matured as well. The online site is very convenient to invest the money.
    Was this review helpful? 3
    , chennai
    Reviewed on Sep 14, 2019
  • HDFC Bank Recurring Deposit
    "Can do better on the interest"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    Recently I opened HDFC recurring deposit, the interest rate is lesser around 7.25% fpr per annum, every month I activated ecs for Rs. 2000 it has the term of 18 months. There is no pre matured charges to take the liquidity. The online banking is convenient to check the RD transactions as well.
    Was this review helpful? 4
    , bangalore
    Reviewed on Sep 05, 2019
  • HDFC Bank Recurring Deposit
    "Really useful for the people for savings purpose."
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    HDFC People has provided me a RD account when i opened my salary account hence every month Rs. 1000 has been deducted from my account. I get a quick response from HDFC. Their interest rate is quite good. There is no additional charges and there is a lockin period of 18 months.
    Was this review helpful? 4
    , indore
    Reviewed on Sep 01, 2019
  • ICICI Bank Recurring Deposit
    "Best Investment"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have been investing the money through recurring deposit. Since i have a salary account from ICICI, i have chosen the RD with them. I am investing Rs. 2000 every month and the rate of interest is 7.9% which is fine for me. Once the salary is credited to my amount, by next second automatically the amount is deducted from my account.
    Was this review helpful? 2
    , bangalore
    Reviewed on Aug 31, 2019
  • HDFC Bank Recurring Deposit
    "Good Savings scheme"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a basic recurring deposit in HDFC. In HDFC, they themselves deducting the money of Rs. 1000 every month for a recurring deposit. The interest rates are good which is more than 7%. There is no additional charges. There is no lockin period and i can canceled it any time. The time which i have chosen for 27 months.
    Was this review helpful? 5
    , chennai
    Reviewed on Aug 26, 2019
  • HDFC Bank Recurring Deposit
    "Good saving for future"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    When I opened salary account I got the RD along with that, I am investing the money on the monthly basis, the rate of interest for RD is good. They are doing auto deduct from the account balance, I can view the RD transaction through netbanking.
    Was this review helpful? 3
    , bangalore
    Reviewed on Aug 23, 2019
  • HDFC Bank Recurring Deposit
    "Good savings scheme"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have been maintaining Recurring Deposit account with HDFC, I have opt for one year of recurring deposit. I am investing the money of Rs.2000 per month, the interest rate is good as per th RBI guideline. There is no charges for holding this. Good saving and getting benefited from this.
    Was this review helpful? 4
    , bangalore
    Reviewed on Aug 22, 2019
  • Union Bank of India Recurring Deposit
    "Safe and Secured investment"
    UNION BANK OF INDIA
    0.5 4.0/5 "Great!"
    Currently Union of Bank is offering 7% of interest per annum for the recurring deposit investment. The online option is very good to make the deposits without going to the bank. I can deposit minimum of Rs. 500 to max period, I have option increase the tenure period as well.
    Was this review helpful? 4
    , mumbai
    Reviewed on Jul 29, 2019
  • HDFC Bank Recurring Deposit
    "Good for saving"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have been maintaining RD account with HDFC, I have opt for one year of recurring deposit. I believe we can deposit Rs.5000 per month, the interest rate is good as per th RBI guideline. There is no charges for the liquidity before the maturity period it won't cover tax.
    Was this review helpful? 4
    , kolkata
    Reviewed on Jul 29, 2019
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