• 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.

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    RD Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Wonderful"
      HDFC BANK
      0.5 4.0/5 "Great!"
      Rate of interest for the recurring deposit account is around 5.75% with the HDFC bank, also the customer service is good too. I would like to say that the charges are nominal one with the HDFC bank and everything is better with the HDFC bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • Corporation Bank Recurring Deposit
      "Average Service"
      CORPORATION BANK
      0.5 3.0/5 "Satisfactory"
      I've been using the CORPORATION bank savings account for a while. I faced Many problems, it will take 24 hours to activate the password for Internet banking. The branch service is okay but they need to provide more fast service to their customers in this fast paced financial environment.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • HDFC Bank Recurring Deposit
      "Best"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I do have the recurring deposit account with the HDFC bank and the customer service is very good. I have felt that the rate of interest is good one with the HDFC bank. There are no much strict tenure term with the HDFC bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • Axis Bank Recurring Deposit
      "Good Service"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I started a recurring deposit with the Axis bank. Every month 1000 will be debited from the account , there is no interest for the deposit. The process of opening the recurring deposit was easy and hassle free. It was done instantly.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 08, 2018
    • review Recurring Deposit
      "Need to improve"
      STANDARD CHARTERED BANK
      0.5 2.0/5 "Expected more"
      Rate of interest with the Standard chartered bank for the recurring deposit account is around 6.9%. Response is also fine one too. Customer service is good too. Online banking is also good one with them but the features are not.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • HDFC Bank Recurring Deposit
      "One of the best recurring deposit account"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have the recurring deposit account with thge HDFC bank. I would like to say that the rate of interest is good one for me with the HDFC bank and the customer service is good one too. Minimum tenure is around six months of time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • Oriental Bank of Commerce Recurring Deposit
      "Excellent"
      ORIENTAL BANK OF COMMERCE
      0.5 4.5/5 "Excellent!"
      I am having the recurring deposit account with the Oriental bank of commerce. Rate of interest is around 7.5%, also the response is good one. I would like to say that the minimum tenure is around four years of time. I am really happy with them till now.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 06, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I've started a recurring deposit with the HDFC. I deposit 2000 every month. The amount will be auto debited form the account. The recurring deposit is very good for savings purpose. Overall it was really easy to start the recurring deposit with the HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on May 31, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I was using the Recurring deposit with the HDFC bank. I was depositing 1000 rupees a month. I am not using this now. It is too easy to start an RD with HDFC . The payment gets auto debited every month. I never had any problems with the deposit and it is very good for savings purposes.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 26, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have a recurring deposit with the HDFC bank. The interest rate is nominal. The EMI is Monthly Debited from the salary account. Opening the deposit was very easy and it was done online. Never had any issues with the service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 26, 2018
    • SBI Recurring Deposit
      "Good Service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have a recurring deposit with the SBI. I deposit 2500 every month, they offer a nominal interest rate of 6.5% per year. There no huge returns but it very good for savings purposes. I never faced any difficulty with their services. with respect to savings account.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 22, 2018
    • HDFC Bank Recurring Deposit
      "Recurring deposit with HDFC"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have a recurring deposit with HDFC bank and the rate of interest which they provide for the account was around 6.75%. I have chosen the tenure for 30 months with a monthly EMI of 1500. I can withdraw the amount after 30 months or in between. The service was very easy and simple.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • HDFC Bank Recurring Deposit
      "Recurring deposit with HDFC"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit with HDFC with a monthly EMI of 5000. The total tenure was for 2 years. The rate of interest which they were providing was 7.5%. We do withdraw the amount in between also there will not be any charges with them. The customer service and response with them is fine.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • HDFC Bank Recurring Deposit
      "Best Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have my ongoing Recurring Deposit with HDFC bank and i am investing from last 1 year, I pay an amount of Rs 1000 every month and the customer service of HDFC bank was very good, they gave all the right information and guided me well. The maturity period is after 1 year and i get a interest of 6.5% on returns.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 09, 2018
    • HDFC Bank Recurring Deposit
      "Nice experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I hold a recurring deposit with HDFC Bank and the process is good. I can open this account on the mobile application. There is a lock in period for a year and six month. The rate of interest is good and there are no hassles in the process. Overall good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2018
    • HDFC Bank Recurring Deposit
      "Good investment plan with HDFC"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have started a recurring deposit an investment plan with HDFC bank with a tenure of 1 years. The total rate of interest is which they provide for 1 year is 7%. Before completing the maturity period if i withdraw the amount, i am not sure about the withdrawal charges as i did not tried that. The customer service and response is fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Bank Recurring Deposit
      "Good investment"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have started a recurring deposit an investment plan with HDFC bank with a tenure of 2 years. The total rate of interest is 7%. After two years i can withdraw the amount. The customer service and response is fine. Before completing the maturity period if i withdraw the amount, i am not sure about the withdrawal charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 14, 2018
    • HDFC Bank Recurring Deposit
      "Good"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I had a Recurring Deposit in HDFC Bank and it was closed long back. I have paid 1000 rupees every month. After the maturity period I have received a minimal amount. It is useful for the saving purpose. The rate of interest was not good. I got a proper response.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 01, 2018
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had a Recurring deposit with HDFC bank and my experience was good so far, the services provided by this bank is very good when compared to other banks. I pay an amount of Rs 2000 every month which gets auto deducted from the salary account. I get a interest of 6.99% and happy with the returns.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2018
    • Axis Bank Recurring Deposit
      "Excellent"
      AXIS BANK
      0.5 5.0/5 "Blown Away!"
      I have closed the recurring deposit with the Axis bank and I have good relationship with them. I would like to say that the rate of interest is a kind of tricky one and it was okay one for me with them. I am okay with their banking services.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 27, 2018
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