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
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.
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.
Account holders who wish to open an e-RD account should have an active internet banking account with State Bank of India.
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.
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.
Then the e-RD option has to be selected, after which the customer has to click on the Proceed button to move further.
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.
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.
FAQs On SBI Recurring Deposit
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
- Recurring Deposit Interest Calculator
- How to Open RD Account in SBI Online
- Flexi Recurring Deposit
- Difference Between Recurring Deposit and Fixed Deposit
- Tax on Recurring Deposit Interest Rates
- Comparison Between Recurring Deposit and Chit Fund
- Banks offer Highest Interest Rate on Recurring Deposit
- RD Interest Rates in All Banks
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- SBI Flexi Deposit Scheme
- PNB Swechha Jama Yojna RD Scheme
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