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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
Recurring Deposit by other Institutions

RD Reviews

Page 1 of 50 1 2 3 4 5
  • YES Bank Recurring Deposit
    "Excellent service"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I have opened Recurring deposit through YES Bank for a while, Response is also good one with the Yes bank. I don't have any issues with them till now, the tenure period is up to one years, there is no issue till now i have face in this bank, overall service is good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 11, 2018
  • Punjab National Bank Recurring Deposit
    "Good online option for RD with PNB"
    PUNJAB NATIONAL BANK
    0.5 3.0/5 "Satisfactory"
    The online facility is there for RD, they are providing moderate interest for recurring deposit. I can deposit minimum of Rs. 1000, they are providing the interest around 7.1% for per annum. I could deactivate the RD through online but it was not successful.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 04, 2018
  • Kotak Recurring Deposit
    "Average service"
    KOTAK MAHINDRA BANK
    0.5 3.0/5 "Satisfactory"
    I have a Recurring deposit account with KMB from last 8 months, i invest an amount of Rs 500 every month. Customer support was average with this bank and i was not much satisfied with the terms and conditions. I am not aware of the returns on investment.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 29, 2018
  • Oriental Bank of Commerce Recurring Deposit
    "Very good banking"
    ORIENTAL BANK OF COMMERCE
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit account with Oriental bank of commerce. Last 20 years before i have opened the account. I have been depositing the minimum amount of Rs. 500 every month. I have chosen the tenure period of 1 year earlier and i have increased the same. Since the bank branch is nearby, i have selected my deposit with oriental bank.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 28, 2018
  • HDFC Bank Recurring Deposit
    "Good"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have a Recurring deposit account with HDFC Bank and it was taken before 1.5 years. I can maintain the account through net banking and it was easy. I have invested 50K for 2 years. I am getting 6.25% of interest rate which was okay. The customer service is average.
    Was this review helpful? 7
    , chennai
    Reviewed on Nov 23, 2018
  • ICICI Bank Recurring Deposit
    "Good Experience"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit in ICICI. Every month i have been depositing a particular amount and i will be getting good benefits. I don't use the customer care service. Online services always I'm using and i will look up on. Every 1 year i have been renewing the Recurring deposit when its coming to my account. Somewhere around 7.5% interest rate i will get from this recurring deposit.
    Was this review helpful? 4
    , faridabad
    Reviewed on Nov 22, 2018
  • HDFC Bank Recurring Deposit
    "Its Better"
    HDFC BANK
    0.5 4.0/5 "Great!"
    They are providing interest for the RD amount, when I done the preclosure they are taking 2% of interest. I have deposit Rs.2 ,25,000 . I took the RD for 4 years. I done the preclsoure in 3 years. They didn't provide much interest. Normally I make the ecs payment.
    Was this review helpful? 2
    , chennai
    Reviewed on Nov 19, 2018
  • HDFC Bank Recurring Deposit
    "Good"
    HDFC BANK
    0.5 5.0/5 "Blown Away!"
    I have a recurring deposit account with HDFC Bank. It was taken 2 months back. I am maintaining a salary account with them and they suggested me for RD. In returns I get 7% as an interest rate. I have to deposit monthly 1,000 rupees and the locking period is one year.
    Was this review helpful? 5
    , tiruchirapalli
    Reviewed on Nov 16, 2018
  • andhra Bank Recurring Deposit
    "Average service"
    ANDHRA BANK
    0.5 3.0/5 "Satisfactory"
    The service provided was very good with Andhra bank based on the recurring deposit,Customer service offered by them was very good,. At the end of the term I will get one reminder from them confirming that the amount is going to get matured.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Nov 16, 2018
  • Karnataka Bank Recurring Deposit
    "Good service"
    KARNATAKA BANK
    0.5 3.5/5 "Pretty good"
    Karnataka bank is giving good service for the recurring deposit . There is no annual charges for the account They are going quiet good response . Am getting income tax benefits too . Overall its average investments plan . It has some nominal good returns.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 02, 2018
  • SBI Recurring Deposit
    "Overall good"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    The experience for a recurring deposit is good. There are no issues in the process. The customer support and response is fine too at State Bank of India as I had no issues to open this account. I am also happy with the interest earned. Till date no hassles.
    Was this review helpful? 11
    , bangalore
    Reviewed on Oct 27, 2018
  • Kotak Recurring Deposit
    "Not satisfied"
    KOTAK MAHINDRA BANK
    0.5 2.0/5 "Expected more"
    I have a Recurring Deposit account with Kotak Mahindra Bank from last 1 year, I deposit an amount of Rs 3000 every month and the returns are not that good. I have withdrawn the amount in 6-7 months and there was no penalty charged.
    Was this review helpful? 3
    , pune
    Reviewed on Oct 24, 2018
  • Axis Bank Recurring Deposit
    "Easy process"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    It was very convenient to open a recurring deposit with Axis Bank. I can do it online and I did not have to visit the bank for any formality. The lock in period for this account is for a year. I can also close the account online too. I am happy with the process too.
    Was this review helpful? 10
    , bangalore
    Reviewed on Sep 04, 2018
  • HDFC Bank Recurring Deposit
    "Good service"
    HDFC BANK
    0.5 4.0/5 "Great!"
    I have opened a Recurring Deposit account in HDFC bank from last 1 year. I have to pay an amount of Rs 25000 every month and all the terms & conditions were explained by the customer support of HDFC bank. In returns i get 6% as an interest which is quite good.
    Was this review helpful? 21
    , new delhi
    Reviewed on Aug 30, 2018
  • IOB Recurring Deposit
    "Good Service"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I've a recurring deposit with the Indian bank. I am depositing 1000 rupees a month. There hasn't been any issues with the deposit so far. It is easy to start and make payments to the recurring deposit. Auto debit option is also there for the deposit.
    Was this review helpful? 14
    , ahmedabad
    Reviewed on Jul 28, 2018
  • IOB Recurring Deposit
    "Good Service"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I've two recurring deposit with the IOB, I am depositing 2000 every month. There is no additional benefits apart from the nominal interest they provide. It is easy to start a recurring deposit with the Indian bank.
    Was this review helpful? 11
    , ahmedabad
    Reviewed on Jul 28, 2018
  • Kotak Recurring Deposit
    "Excellent Service"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I had opened this account a long time back and i had opened it online and the process in taking it has been easy, i had been depositing 2000 every month. There has been a very good service which they had been providing so far. I had been doing everything through their mobile application and it had been easy in using it.
    Was this review helpful? 13
    , chennai
    Reviewed on Jul 17, 2018
  • City Union Bank Recurring Deposit
    "Good Service"
    CITY UNION BANK
    0.5 5.0/5 "Blown Away!"
    I travel every year with my family for that purpose I deposit Monthly 5000 which gets auto debited from the account. They also offers 7.1 % interest rate. The deposit was started from the branch and it has been a very good experience with their services.
    Was this review helpful? 17
    , chennai
    Reviewed on Jul 13, 2018
  • ICICI Bank Recurring Deposit
    "Good Service"
    ICICI BANK
    0.5 5.0/5 "Blown Away!"
    I've a recurring deposit with the ICICI bank. It is so easy to start recurring deposit with the iMobile App. You need to give the reference number to the bank and the whole deposit process is automated. The monthly deposit amount gets auto debited from the account.
    Was this review helpful? 13
    , chennai
    Reviewed on Jun 27, 2018
  • Kotak Recurring Deposit
    "Best"
    KOTAK MAHINDRA BANK
    0.5 5.0/5 "Blown Away!"
    I am having the recurring deposit account with the Kotak mahindra bank and I was not aware of the rate of interest. I would like to say that the response is fine one for me with the Kotak mahindra bank.
    Was this review helpful? 7
    , bangalore
    Reviewed on Jun 23, 2018
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