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
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.
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.
Account holders who wish to open an e-RD account should have an active internet banking account with State Bank of India.
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.
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.
Then the e-RD option has to be selected, after which the customer has to click on the Proceed button to move further.
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.
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.
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