• 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
    • HDFC Bank Recurring Deposit
      "Nice experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      The rate of interest is good at HDFC Bank for the recurring deposit. It is almost the same as other banks. The service online is good as I can open and close this account online without having to go to the banks. The overall process is fine and I am glad to bank with them
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 19, 2018
    • ICICI Bank Recurring Deposit
      "Wonderful"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have the recurring deposit account with the ICICI bank and the interest rate is good. Online banking services are good one with the ICICI bank. I dont think about the interest rate and other aspects. Everything is better one with the ICICI bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • HDFC Bank Recurring Deposit
      "Hassle Free experience"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC recurring deposit interest rate is nominal, I opened account through online, their notification part is good. I make the monthly investment around Rs. 15000 for the tenure of 24 months. At last I got the return got credited in the account.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • ICICI Bank Recurring Deposit
      "Excellent"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the ICICI bank. I am depositing rs 2,000 monthly. This policy I have takern for 25 years. The returns and policy benefits are very good. Customer service is very good.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 10, 2018
    • HDFC Bank Recurring Deposit
      "Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      First time I opened RD in HDFC, but the return was less. They offered me the interest rate around 6.5%, Then I quite in amount, I activated this service through online and once cancel it the amount got credited in a month. The service is absolutely fine but interest rate is the concern.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • SBI Recurring Deposit
      "Good "
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      For more than five years of time, I am having the recurring deposit with the State bank of India and I have not found any loopholes with them. I would like to say that the online portal is good one for with the State bank of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 07, 2018
    • ICICI Bank Recurring Deposit
      "Best"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the ICICI bank and the customer service is good one. I would like to say that the online banking services are also good one with the ICICI bank and I have not faced any such issues with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 06, 2018
    • SBI Recurring Deposit
      "Good"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have my salary account with State Bank of India. The customer service was okay. I am using this account for 20 years and It is a zero balance account. I use a domestic debit card. The daily withdrawal limit was happy. ATM services are convenient and good. They don't charge for IMPS and NEFT transfer.
      Was this review helpful? 0
      , raigarh
      Reviewed on Feb 06, 2018
    • SBI Recurring Deposit
      "Excellent"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I am having the recurring deposit account with the State bank of India and the customer service is good one. Response is fine one for me with them. I would like to say that the online portal is also really easy to access.
      Was this review helpful? 0
      , thane
      Reviewed on Feb 06, 2018
    • HDFC Bank Recurring Deposit
      "Best one"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I was having the recurring deposit with the HDFC bank on that time. Rate of interest was around 6.9% and the customer service was good. Penalty charges were around 1% of the interest rate charges on accumulated money.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 02, 2018
    • HDFC Bank Recurring Deposit
      "nice recurring deposit"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had a Recurring deposit in Hdfc Bank. I got satisfied Interest rate in Recurring Deposit. I can monitor this Recurring Deposit Activities in my Hdfc Mobile Banking application. I can check the status of my deposit maturity status and interest certificate also.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 31, 2018
    • SBI Recurring Deposit
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have a Recurring Deposit with SBI from last 7-8 years, the experience was good so far and i did not face any issues with this bank. Customer support team gave all the right information and there was no delay in the services. I pay an amount of Rs 8000 every month and i get 9% interest on returns and i am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 23, 2018
    • IOB Recurring Deposit
      "Excellent banking"
      INDIAN OVERSEAS BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring deposit with Indian Overseas bank.I have been holding this account for last one year.I need not maintain any balance in this account as mandatory,this is on a cumulative basis.I have a good experience talking to the bankers.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 23, 2018
    • HDFC Bank Recurring Deposit
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had a Recurring Deposit with HDFC bank 3 years back, the services are very good with this bank and i did not find any issues with this bank. I pay an amount of Rs 4200 every month and the maturity period is after 5 years. Customer service was good and they responded on time. I get interest of 9% which is sufficient and i am happy with the returns.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 19, 2018
    • ICICI Bank Recurring Deposit
      "Good service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have a Recurring Deposit from ICICI bank from last 3 years, the services are pretty good when compared to all other banks. I pay an amount of Rs 1500 every month and the interest rate is satisfactory. Customer service is good and they responded on time. I am happy with the returns with this bank which is 9%.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • Axis Bank Recurring Deposit
      "Recurring Deposit with AXIS"
      AXIS BANK
      0.5 4.5/5 "Excellent!"
      As I'm holding my salary account with AXIS Bank I decided to maintain a Recurring Deposit account with them. Now I have this account for the past 1 year. They offer me 7 to 8% interest. The funds were auto debited from my salary account to RD account. The interest rates can be improved. Their customer care service is pretty good although they don't bother much about customer satisfaction. Despite being a salary account holder for 2+yrs, they haven't offered me any credit card so far. I am only having their Neo card which is the most basic one. NOT COOL AXIS !!!!!
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Union Bank of India Recurring Deposit
      "Good service"
      UNION BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I had a Recurring Deposit with Union Bank of India and the experience was quite good. I pay an amount of Rs 3000 every month and in return i get a certain amount with the interest of 7.5% which is satisfactory. Customer service was fine and they responded on time. The maturity of the RD is 1 year and i am satisfied with the returns.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • HDFC Bank Recurring Deposit
      "Excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a Recurring Deposit with HDFC Bank. The maturity period is one year and it was taken for my daughter. I am paying 1000 rupees per month through net banking or cash. All the facilities are good with HDFC Bank. The customer service and response was very good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 04, 2018
    • Vijaya Bank Recurring Deposit
      "Good"
      VIJAYA BANK
      0.5 4.0/5 "Great!"
      I have taken Recurring Deposit account with Vijaya Bank. I am paying 20,000 rupees for 6 months. The interest rate was nominal compared to other bankers. The customer service and response was good. The premium amount was paid through ECS.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 02, 2018
    • HDFC Bank Recurring Deposit
      "Good"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have taken a Recurring Deposit with HDFC Bank long back. Everything is renewed and reimbursed with them. I have chosen this bank, it was very easy to use the net banking and the interest rate was good. I have taken this account through online and I hardly visit the branch to exchange the foreign currency.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 29, 2017
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