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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.

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Recurring Deposit by Banks
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RD Reviews

Page 1 of 50 1 2 3 4 5
  • SBI Recurring Deposit
    "Trust worthy"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    As per the RBI guideline SBI recurring interest is keep on changing based on the financial year. We can invest minimum of Rs. 3000 to unlimited for basic account . Customer can activate the account through netbanking ,we dont visit to any branch , upto 40,000 there is no tax. As a staff of SBI, even I hold RD account with them.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Apr 24, 2019
  • HDFC Bank Recurring Deposit
    "Good Experience"
    HDFC BANK
    0.5 3.0/5 "Satisfactory"
    I had recurring deposit in HDFC, I invested around Rs. 5000 through online. I activated the account through online and also I got the matured benefits automatically because they credited to my account. I got the better interest from end without any hassles.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Apr 23, 2019
  • HDFC Bank Recurring Deposit
    "User Friendly Experience"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have activated recurring deposit from HDFC, we can deposit the minimum of Rs. 1000 to max amount. In the netbanking portal I could see the maturity amount in the portal and its easy to create the account and user interface is easy to preclosure the account without any charges.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 23, 2019
  • Kotak Recurring Deposit
    " Trust worthy "
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I opened Recurring deposit with Kotak Mahindra, I can deposit minimum of Rs. 500 to maximum . Monthly I am investing Rs. 20,000 it has the term of one year. I can withdraw the benefits after a year, the interest rate is very high around 7.5%, I could track the details through online statement.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 22, 2019
  • HDFC Bank Recurring Deposit
    "Convenient and safe investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I am happy with HDFC recurring deposit , I was opened through online, monthly I invested Rs. 5000 per month at last I got the money around Rs. 45,000 I got better profit. The support team is helpful and the interest rate is also genuine for the customer satisfaction.
    Was this review helpful? 1
    , haldwani
    Reviewed on Apr 15, 2019
  • HDFC Bank Recurring Deposit
    "Its Good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have one Recurring deposit with HDFC, Monthly I invest the money around Rs.1000 it has the tenure of one year, if I want I can prolong the duration. The interest rate is good hence I opened the account. I can track my RD details through HDFC netbanking its very convenient.
    Was this review helpful? 1
    , kochi
    Reviewed on Apr 15, 2019
  • SBI Recurring Deposit
    "Satisfactory"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    It was a very easy process to open a recurring deposit with State Bank of India. The customer support is good. I get a good interest on my savings. The process to open to this account is online. It is easy and smooth. The lock in period starts off from three months onwards.
    Was this review helpful? 1
    , new delhi
    Reviewed on Apr 13, 2019
  • Lakshmi Vilas Bank Recurring Deposit
    "Conveneint RD maintenace"
    LAKSHMI VILAS BANK
    0.5 5.0/5 "Blown Away!"
    I opened recurring deposit through Lakshmi Vills netbanking, best part the customer can invest minimum of Rs.100 to 1 lakh. They are also providing attractive interest rate of 7.6%, the customer service is very helpful in terms handling the queries. If in case I want to withdraw the RD amount there is no charges applicable . Automatically the amount credit to the account.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Apr 11, 2019
  • Federal Bank Recurring Deposit
    "Tactical investment plan"
    FEDERAL BANK
    0.5 5.0/5 "Blown Away!"
    I always Prefer Recurring Deposit instead of Fixed deposit, It is a tactical investment plan . So have invested for higher interest rates in Federal bank . Its a three years plan and going to complete by this year and hoping for better returns .
    Was this review helpful? 0
    , kochi
    Reviewed on Apr 10, 2019
  • ICICI Bank Recurring Deposit
    "Its Good"
    ICICI BANK
    0.5 4.0/5 "Great!"
    For opening recurring deposit in ICICI bank is that's simple. Using my I mobile app, I opened the account without visiting to the bank . I can deposit minimum amount of Rs. 500 for 15 months, the customer support is very good. Even the ICICI interest rate is very normal as per the government.
    Was this review helpful? 1
    , mumbai
    Reviewed on Apr 08, 2019
  • HDFC Bank Recurring Deposit
    "A good return back policy"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    In HDFC they offered me to take a recurring deposit . I need to pay an amount of Rs 2000 /- on a monthly basis . After 12 moths ,Certain amount will be credited to my amount . Executives were so helpful in explaining about the complete information .
    Was this review helpful? 0
    , secunderabad
    Reviewed on Apr 08, 2019
  • City Union Bank Recurring Deposit
    "Satisfactory"
    CITY UNION BANK
    0.5 5.0/5 "Blown Away!"
    I could open the recurring deposit online with City Union bank. The customer support is good and there are no hassles in the overall process. I earn a good interest on this account. The bank provides good services and the online banking is very convenient.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 05, 2019
  • Citibank Recurring Deposit
    "Hassle free Recurring deposit expereince"
    CITIBANK
    0.5 5.0/5 "Blown Away!"
    I have Recurring deposit with CITI, the interest rate is not upto the mark, if its bulk amount its good. I don't consider the interest I just maintaining it. The process is easy through app I opened the account, the best part before the consumer change the mind, the process complete instantly.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 02, 2019
  • HDFC Bank Recurring Deposit
    "Trust worthy"
    HDFC BANK
    0.5 4.5/5 "Excellent!"
    I opened HDFC recurring deposit through online banking , the rate of interest is standard as per the RBI guideline. I can access the account any time by netbanking.It has the tenure of one year, even I have option to prolong the tenure period of my RD.
    Was this review helpful? 1
    , kolkata
    Reviewed on Mar 30, 2019
  • HDFC Bank Recurring Deposit
    "Satisfactory"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I bank with HDFC Bank for a recurring deposit too. The process to open this account was easy and convenient. I can do it online. The interest they provide on the savings is also good. There are no charges related to the account. Overall it has been good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 29, 2019
  • HDFC Bank Recurring Deposit
    "Good Saving"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have RD with HDFC Bank, I think they are providing 7.2% for one year,its for five account . I have activated the account through online, they do give remain call for the up coming RD amount. Automatically ecs debit from my account, the banker is updated with all the information.
    Was this review helpful? 1
    , mumbai
    Reviewed on Mar 22, 2019
  • IDBI Recurring Deposit
    "satisfactory"
    IDBI BANK
    0.5 5.0/5 "Blown Away!"
    I have a savings account with IDBI BANK since the interest rate is good so have decided to open Recurring Deposit with them and its 5 years now. They offer 8.6% which was satisfactory. Its a monthly investment and have enabled ECS option. This account is manageable online.
    Was this review helpful? 4
    , bangalore
    Reviewed on Mar 19, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have recurring deposit with HDFC account, I went to the bank and opened the account , within 5 days it got activated. I used to get reminder messasge for monthly RD. Minimum I can deposit from Rs.500 to 1 lakh, the current interest with HDFC around 7.5% its really good.
    Was this review helpful? 1
    , pune
    Reviewed on Mar 17, 2019
  • SBI Recurring Deposit
    "Good Saving"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Based on SBI saving account, I have opened recurring deposit with SBI, I am depositing Rs. 20,000 in a month, the bank will provide the interest around 6.7% based on the current financial year. I could access RD account through mobile application.
    Was this review helpful? 7
    , hyderabad
    Reviewed on Mar 11, 2019
  • HDFC Bank Recurring Deposit
    "Good Investment"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have activated HDFC recurring deposit through online banking within 3 days of time, monthly I deposit Rs. 1000 it has the term of 12 years, the rate of interest is around 8.2%, the support is very good for the recurring queries, there is no charges for the prematures withdrawal.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Mar 11, 2019
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