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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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    RD Reviews

  • Page 1 of 47 1 2 3 4 5
    • HDFC Bank Recurring Deposit
      "Wonderful"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I am having the recurring deposit account with the HDFC bank and the response is very good one. Interest rate is good one with the HDFC bank like and their online banking facilities are good one with them.
      Was this review helpful? 0
      , kottayam
      Reviewed on Sep 22, 2017
    • ICICI Bank Recurring Deposit
      "Wonderful"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I had the recurrent deposit account with the ICICI bank and their customer service is good one for me. I would like to say that the online banking services are also good one with the ICICI bank and I have not faced any issues with them till now.
      Was this review helpful? 0
      , madurai
      Reviewed on Sep 22, 2017
    • HDFC Bank Recurring Deposit
      "Its Average"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I had account issue with my saving account, hence their staff informed me to open recurring deposit with them. Therefore I opened RD before six months, every month I am making the payment of Rs.1000 it has tenure of six months. Finally I got the total amount Rs.6102 there was no benefit.
      Was this review helpful? 0
      , kollam
      Reviewed on Sep 21, 2017
    • HDFC Bank Recurring Deposit
      "Excellent service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have got a Recurring deposit with HDFC bank . I have got the RD account for 10 months but I have closed within 5months itself. I have close the RD account because of my emergency need. The rate of interest is nominal with HDFC RD account . I didn't got much difference in the amount when I closed RD account , I am satisfied with eh RD account from HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 20, 2017
    • ICICI Bank Recurring Deposit
      "Good returns on long term investment"
      ICICI BANK
      0.5 4.0/5 "Great!"
      For people like me who spend a lot, best option to save some money is by starting to save first and spend later. In order to achieve this I have invested in recurring deposits for 3 times in ICICI bank.you can do this instantaneously without any documentation using your phone if you have a savings account and phone banking.interest rates are as per government
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • HDFC Bank Recurring Deposit
      "Reccure the deposit"
      HDFC BANK
      0.5 4.0/5 "Great!"
      With HDFC bank i hold a Recurring deposit. As my salary account is with HDFC they directly deduct the recurring deposit amount. The amount which is deducting is 1000 rs. After one year we can withdraw that amount with a rate of interest 12 percentage.
      Was this review helpful? 0
      , krishnagiri
      Reviewed on Sep 18, 2017
    • Lakshmi Vilas Bank Recurring Deposit
      "Its Good"
      LAKSHMI VILAS BANK
      0.5 5.0/5 "Blown Away!"
      I have a RD with Lakshmi Vilas, I am investing Rs. 3000 on monthly basis it has minimum tenure of one year, more than a year, I am holding it. They giving 8% of interest for the same bank staff , for others 7.5% of RD Holder, now I hope they reduced around 7%.
      Was this review helpful? 0
      , rajapalayam
      Reviewed on Sep 13, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good. There is an option here, where one can transfer the funds on a monthly basis. Interest rate is one and the same as FD. I had given auto debit options where the funds would be transferred from my account to this RD. I dont get any tax benefit here and its a short term RD.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 12, 2017
    • HDFC Bank Recurring Deposit
      "RD is also good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC RD is also very good, the reason for choosing HDFC RD was because I hold an account with the same bank. I heard of this bank RD has got good benefits. It was taken for a limited duration . We earn an interest of rs 500 it was for a short duration of time which is 15 months and I earn an interest of 15% approximately for RD.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2017
    • ICICI Bank Recurring Deposit
      "Easy process"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Six months ago, I applied for a recurring deposit and I opened this account online. The process was simple and I am pleased with the interest rate I earn on it. There are no charges taken and when I close the account, I would get the funds in my account immediately.
      Was this review helpful? 0
      , delhi
      Reviewed on Aug 31, 2017
    • Federal Bank Recurring Deposit
      "Prompt Service"
      FEDERAL BANK
      0.5 5.0/5 "Blown Away!"
      I do have recurring deposit with Federal bank. I forgot the interest rate for this RD account. But this is a long time process. I felt more comfortable in opening recurring account with federal because all my financial accounts are in this bank only. Till date the bank service is very prompt.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 23, 2017
    • ICICI Bank Recurring Deposit
      "Good bank to go for RD"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I have Recurring deposit with ICICI, I am investing monthly amount of Rs. 1000 for the period of six months. If I receive the good interest then I continue it.. I opened the RD through netbanking its easy and also I could view the RD summary in it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 19, 2017
    • Kotak Recurring Deposit
      "Veyr good RD very efficient"
      KOTAK MAHINDRA BANK
      0.5 5.0/5 "Blown Away!"
      My salary account is with KOTAK therefore I had setup RD ,it is very easy to book RD using their mobile application or through their net banking. There is no need to visit the branch as all things are made online and it is very easy as even RD calculator is available online.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2017
    • HDFC Bank Recurring Deposit
      "My RD"
      HDFC BANK
      0.5 4.0/5 "Great!"
      HDFC Recurring Deposit is very good. I am holding this RD for a very short term period it was hardly for a period of 6 months. The amount is up to me to decide and I can deposit any amount starting from rs500 and I am not sure about the maximum limit and when it comes to closure it was auto closure and this request was initiated at the branch..
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 14, 2017
    • HDFC Bank Recurring Deposit
      "Banking services are excellent"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I also have a recurring deposit with HDFC Bank. It was a easy process to get this account. I could do it online and the services are good. The interest rate is also to my satisfaction. I do not have hassles in closing the account too. The response is top always.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Aug 12, 2017
    • HDFC Bank Recurring Deposit
      "Good RD account"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I am holding a RD With HDFC and it is really good . At the time of liquidation the funds would get transferred to my account automatically. through online i had placed a request for this RDI EVERY MONTH they would deduct around 2500 per month and its my choice when it comes to the amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 10, 2017
    • ICICI Bank Recurring Deposit
      "My RD"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      For ICICI Bank recurring deposit my feedback would be, I am a customer of ICICI therefore I decided to opt for RD through this bank it is very easy to make the payment and it is as good as my credit card. Interest rate is very much higher compartively, so therefore I had chosen ICICI for RD.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 10, 2017
    • IDBI Recurring Deposit
      "Satisfied with the services"
      IDBI BANK
      0.5 5.0/5 "Blown Away!"
      I have opened a recurring deposit a number of times at IDBI and every process for this account was great. I had no hassles in getting the funds in to my account. The customer services has been excellent and they have been quick to complete their job on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 07, 2017
    • SBI Recurring Deposit
      "Good to plan anything"
      0.5 4.0/5 "Great!"
      Last 10 years I have a RD account with SBI, every month I pay the amount of Rs.10,000 for the tenure of one year, So far I got the interest rate of Rs.52,000 the current intrest of SBI for RD around 6.7% on yearly basic. I normally do auto debit from my account, I could view RD summary in SBI netbanking
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 07, 2017
    • ICICI Bank Recurring Deposit
      "Short term investment"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Initially ICICI gave me good interest rate for my recurring deposit, but for premature interest rate is not upto the mark and they not giving proper information. I am paying Rs. 2000 on monthly basis, they offered me the interest rate around 7.25% its good for short time investment.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 30, 2017
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