Whoever said wishes don’t come true hasn’t explored our offers!
Bankbazaar

SBI RD Interest Rates

 4.5 / 5.0   by 82 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

SBI Recurring Deposit is a convenient small-savings scheme to opt for if you’re just starting to save up. You can open a recurring deposit account with the State Bank of India for tenures ranging from 12 months (1 year) to 120 months (10 years). The interest rates range from 5.75% to 7.50% for regular account holders, while senior citizens get an additional 0.50% p.a.

SBI Recurring Deposit Interest Rates

Tenure Deposit amount Regular Interest Rates (p.a.) Senior Citizen Interest Rates (p.a.)
1 year to < 2 years Less than Rs.2 crore 7% 7.5%
Rs.2 crore to Rs.10 crore 6.70% 7.20%
More than Rs.10 crore 6.70% 7.20%
2 years to < 3 years Less than Rs.2 crore 6.75% 7.25%
Rs.2 crore to Rs.10 crore 6.75% 7.25%
More than Rs.10 crore 6.75% 7.25%
3 years to < 5 years Less than Rs.2 crore 6.70% 7.20%
Rs.2 crore to Rs.10 crore 6.80% 7.30%
More than Rs.10 crore 6.80% 7.30%
5 years to 10 years Less than Rs.2 crore 6.60% 7.10%
Rs.2 crore to Rs.10 crore 6.85% 7.35%
More than Rs.10 crore 6.85% 7.35%

*The above interest rates are effective from 9 May 2019.

Tenure-Wise Interest Rate Analysis

Interest rates for SBI Recurring Deposit are the same as those for the bank’s fixed deposit plans. These rates change regularly – at least once every quarter.

The highest interest rate you will currently receive on an SBI RD is 7% p.a., available on the 1 year to less than 2 years tenure. Senior citizens will earn 7.5% p.a. for the same period. The lowest prevailing RD interest rate in SBI is 6.6% for the 5-10 year tenure.

Contrary to popular expectations, a higher deposit amount doesn’t always mean higher returns. For example, if you deposit less than Rs.2 crore for a 1-year tenure, then you’ll earn 7% p.a., but if your deposit is above Rs.2 crore then the rate of interest is just 6.7%. However, for tenures of 3 years or more, the rate does increase if the deposit amount is higher.

SBI RD Interest Rates for Senior Citizen

For senior citizens, State Bank of India’s interest rate is 0.50% higher than regular. So, whatever the rate is for a tenure, add 0.50% to it to get the rate that individuals above the age of 60 would get. For example, pensioners get 7.25% p.a. for a 2-3-year period, for which the regular rate is 6.75%.

Important Information About SBI Recurring Deposit Schemes

Minimum Deposit Amount Rs. 100 monthly (for any higher amount, deposit in multiples of Rs.10)
Tenure 1 year to 10 years
Additional Interest Rate for Senior Citizens 0.50%
What Is the Maximum Interest Rate Offered by the Bank and for What Tenure? Regular rate: 7% for 1 year to less than 2 years Sr. citizens’ rate: 7.5% for 1 year to less than 2 years
Loan Against Deposit Up to 90% of the RD balance
TDS on RD Applicable
Late Penalty
  • Tenures of 5 years or less: Rs.1.50 per Rs.100 per month
  • Tenures higher than 5 years: Rs.2 per Rs.100 per month

SBI Recurring Deposit Calculator

SBI RD Interest Rates

Most people opt for recurring deposits to earn something extra on their savings. The maturity amount on your RD depends on various factors such as the deposit amount, the rate of interest, tenure of the RD, TDS, and other such factors. There are many websites that offer recurring deposit calculators. You can use any one of these to calculate the interest you would earn on your recurring deposit.

Types of RD Accounts in SBI Portfolio

SBI offers three types of recurring deposits: the regular Recurring Deposit, the SBI Holiday Savings Account, and SBI Flexi Deposit Scheme.

  • SBI Recurring Deposit: This is the basic and preferred recurring deposit account offered by the bank. You can open it with a minimum monthly deposit of Rs.100 or more. The tenures are between 1 year and 10 years.
  • SBI Holiday Savings Account: This is a savings scheme specifically for people wishing to save for a travel package through Thomas Cook. You can choose a Thomas Cook Holiday Savings Account package and the amount will be split into 13 EMIs. You can deposit that EMI amount every month in an SBI Holiday Savings Account for 12 months, and Thomas Cook will fund the 13th EMI after adding in the accrued interest rate.
  • SBI Flexi Deposit Scheme: Under this scheme, you can change the deposit amount every month instead of keeping it fixed. You need to deposit at least Rs.5,000 per year and you cannot put in more than Rs.50,000 annually. Deposits can be made for 5 to 7 years.

How to Open an RD Account in SBI

You can open a recurring deposit account with SBI in two ways:

  • By visiting the branch
  • Through Netbanking

If you are an existing SBI account holder, use your netbanking username and password to log in to your online account and open an e-RD right away. If you are not an SBI account holder, you will have to open an account first. After your account is active, you can log in to netbanking and open an e-RD.

Premature Withdrawal Rules

State Bank of India allows you to withdraw your RD money prematurely. If you withdraw the money before it matures, there will be a nominal penalty. SBI does not allow partial withdrawals of recurring deposits.

SBI Recurring Deposit: Is It the Best Way to Save?

Any kind of savings is good. Recurring deposits have their own advantages. As the funds get debited from your savings account automatically every month on a given date, you will be saving without spending all you have. However, recurring deposits are not ideal if your motive is to invest and increase your wealth. If wealth creation is your motive, you can choose to invest in Mutual Funds or Systematic Investment Plan. If your motive is to save every month, you can choose to open an RD.

FAQs on SBI Recurring Deposit

  1. Can an SBI recurring deposit account be opened through net banking?
  2. Yes, a SBI recurring deposit account can be opened via net banking.

  3. Can the account holder of an SBI RD be different from the person from whose account the money is debited?
  4. The account holder in the recurring deposit account will be the same as the one from whose account money is being debited. If you want the RD to be opened in someone else’s name, then you’ll have to visit a branch and contact the staff.

  5. Using what accounts can a State Bank of India RD account be opened?
  6. You can use any savings or current account that is valid, and not in a dormant/stopped/locked state.

  7. Can I move the maturity amount of an RD to any account I want?
  8. No. The maturity amount of an RD account can only be moved to the account from which it was originally funded.

  9. Can I withdraw the accrued interest money from SBI RD without withdrawing the principal?
  10. No. You can either withdraw the full amount – interest and principal – or convert the full amount to a special term deposit scheme. These are the two maturity instructions you can leave with the bank at the time of opening an RD account.

  11. Will I get any interest payment if I withdraw the money in my SBI RD before maturity date?
  12. You may receive some amount as interest, but that depends on how early into the tenure you make the withdrawal. You will not receive the amount promised at maturity, but you’ll get a pro-rated interest payment.

  13. Will my RD interest rate change each time the bank revises the rate?
  14. No. Once you open an account and the interest rate is fixed, it will not be subject to change.

 

News About SBI Recurring Deposit

  • SBI Revises RD Interest Rates

    State Bank of India, the country’s largest lender has revised the interest rates on recurring deposits (RDs). The bank increased the interest rates for the term period of 1-2 years to 7% for the general public and 7.50% for the senior citizens. Earlier, the bank offered interest of 6.8% to the general public and 7.30% to senior citizens. The interest rates were also reduced for RDs having medium-term and long-term tenures. 

    Following the revision of the rates, the public lender is offering interest of 6.75% to general citizens and 7.25% to citizens above the age of 60 years on RDs having medium-term tenures. For long-term RD, the rate of interest offered by the bank is 6.6% for general citizens. Senior citizens are offered an additional interest of 0.50%. The rate of interest for the 1-year RD have been kept unchanged at 6.4% and 6.9% for general public and senior citizens. 

    It needs to be mentioned that a RD account with SBI can be started with a minimum monthly deposit of Rs.100 and there is no maximum limit. 

    03 June, 2019

  • Banks Are Reducing Interest Rates On Their Savings Bank Accounts

    In a recent interview, State Bank of India stated that banks are forced to considering to reduce their interest rates due to the rate of inflation and increasing high real interest rates. After the leading bank in our country, SBI reduced their interest rates, six more banks has followed the trend.

    On 31st July 2017, State Bank of India has reduced their interest rate by 50 basis points and brought it down from 4% to 3.5% p.a. On all deposits up to Rs.1 crore. For deposits above

    Rs.1 crore is not changed and remains it to be 4%. p.a.

    Axis Bank, Indian Bank, Bank of Baroda, Karnataka Bank, Yes Bank, and HDFC Bank are some of the few banks that reduced their interest rate.

    18 August 2017

  • State Bank Of India Reduces The Interest Rate On Savings Bank Account

    Recently, State Bank of India cut the interest rate on savings bank account by 0.5% and fixed it at 3.5% p.a which is the lowest interest rate on saving bank account in the last 6 months. This move is expected to affect about 90% of the SBI customers.

    The leading bank, SBI announced this decision just 2 days before the RBI’s Monetary Policy Meet which is expected to trigger a lot of disputes among other peer banks.

    In another statement, The bank has stated that they will continue to provide 4% interest rate per annum on savings bank with deposits above Rs.1 crore. This may affect other rate of interest too. If you have a recurring deposit or a fixed deposit please confirm the rate of interest with the bank.

    14 August 2017

  • SBI Reduces NEFT and RTGS Charges Up To 75% As Consumers Crib

    From the time the charges on National Electronic Funds Transfer (NEFT) and Real-time gross settlement systems (RTGS) payment transfers were increased, account holders across India protested and expressed their dissatisfaction. Listening to the cries of their customers, the leading state-run bank in our nation, State Bank of India has reduces their NEFT and RTGS fees up to 75%.

    Also, the bank stated that they will waive charges on Immediate Payment Service(IMPS) for transfers up to Rs.1,000. This new charges will be applicable from 15 July 2017 on all the payment transfers made through internet banking and mobile banking services.

    Going forward, NEFT charges for transfers up to Rs.10,000 will be Rs.1, for transfers more than Rs.10,001 to Rs.1 lakh, the charge will be Rs.2, Rs.3 will be charged for transfers between Rs.1 lakh and Rs.2 lakh, and Rs.5 will be charged for NEFT transfer more than Rs2 lakh. On the other hand, the RTGS transfer charges for transactions between Rs.2 lakh to Rs.5 lakh will be Rs.5 and for transfer above 5, the RTGS charge will be Rs.10.

    19 July 2017

  • Interest Rates On Long-Term Deposits To Be Lowered?

    With the reduction in interest rates for various small savings schemes, there is speculation that long-term interest rates will also be affected.

    The government has reduced interest rates by 10 basis points and this could spur banks to also reduce rates for their long-term deposits.

    State Bank of India (SBI) offers 6.25% on term deposits for up to 5 years. Since the benchmark marginal lending cost is based on the cost of funds in a bank, a reduction in interest rates would result in the cost of funds dropping, which in turn would reduce the lending rate.

    1 July 2017

  • SBI Decreases Interest Rate on Term Deposit

    From March 1, the interest rate of term deposits of SBI has been decreased. For a tenure of 180 days to below 1 year, the interest rate is 6.5% and for a tenure of 456 days to below 3 years, the interest rate is 6.75%. For Senior citizens, the interest rates for the same tenures is 7% and 7.25% respectively. Even after the reduction in rates, SBI will earn more than its rivals. After demonetization, banks saw an increase in deposits, which are now reducing

    3 March 2017

  • SBI Slashes Bulk Deposit Rates

    Last week, State Bank of India (SBI)reduced interest rates for bulk deposits at 15 basis points on all one, two and three year tenors immediately. Axis Bank on the other hand cut marginal cost of lending rate (MCLR) post demonetization of Rs500 and Rs1000 notes lead to rise in deposits. All banks across the country have experienced a rise in deposit products which has made banks take the decision of further reducing deposit rates. SBI term deposits which have a tenor of 1 year to 455 days, 456 days to 2 years and 2 to 3 years have deposit rates that are 6.90%, 6.95% and 6.85% respectively.

    28 November, 2016

  • SBI Cuts Rates on Bulk Deposits

    PM Modi’s fight against black money has intensifies, with banks receiving large deposits over the last month or so.

    Taking this as a cue, State Bank of India, India’s largest public sector bank, has decided to slash interest rates on bulk deposits.

    The interest rates have been cut by about 125 to 190 basis points and has supposedly been arrived upon due to the easy availability of funds.

    While all Indian banks have received over Rs.5.4 lakh crores from November 9-18, SBI alone has received up to Rs. 1.5 lakh crores, as suggested by RBI.

    SBI came to this decision after several other banks also decided to lower the rates as money felt flowing in at an incredible rate over the last month or so.

    24 November, 2016

  • State Bank of India Slashes FD Rates to 7.05%, 6 Year Low

    In a huge setback for customers, State Bank of India has reduced the interest rate on its one-year Fixed Deposits to a six year low of 7.05%. This was done after the most recent round of cuts put forth by the largest bank in India and saw rates on two-year and three-year deposits being increased to 7% and 6.5%, respectively. The last time such as incident occurred was between October 1 and December 7 in the year 2010 when the rate of interest was down to 7%.

    SBI’s peer in Delhi, the Punjab National Bank has reduced the rate of interest on one-year deposits by 5bps or basis points to 7.2% and those on 2-year and 3-year deposits by 10bps or base points each to 7.05%. Bank of Baroda has maintained the rate of interest on Fixed Deposits of one and two years, but has decreased the interest rate on 3-year deposits by 5 base points to 7.25%. Important lenders from the private sector such as HDFC Bank, Axis Bank and ICICI Bank have held rates on their one-year, two-years and three-years deposit at 7.25%.

    Reducing the rates on fixed deposits are necessary for banks to maintain their margins while transmitting the Reserve Bank of India’s rate cuts, which has amounted to 175 base points since the January of 2015 to borrowers. Borrowers are likely to get better deals but fixed deposits are also becoming increasingly unappealing for savers.

    3 November 2016

  • SBI Cuts Deposit Rates

    State Bank of India has cut its term deposit rates (for deposits of up to Rs.1 Crore) by 10 to 50 basis points across various maturities. Starting from November 1, 2016, the bank will offer a maximum interest rate of 7.1% on deposits with a tenure of 456 days to below 2 years. The current interest rate for the same is 7.25%. The bank has announced that its senior citizen customers will receive 50 basis points more than the card rates from November. At present, senior citizens receive 25 basis points above the card rates. One basis points equals to 1-hundredth of a percentage point.

    29 October 2016

Recurring Deposit - Sitemap

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

SBI RD Rates Reviews

Page 1 of 5 1 2 3 4 5
  • SBI Recurring Deposit
    "Its Good"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Compared to other bank SBI is providing good interest for the recurring interest. Minimum can deposit from Rs. 1000 to Rs. 1.5 under tax cover and I have option to extend the duration from one year. They need some improvement on their customer service.
    Was this review helpful? 2
    , mumbai
    Reviewed on Jun 29, 2019
  • SBI
    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? 9
    , visakhapatnam
    Reviewed on Apr 24, 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? 2
    , new delhi
    Reviewed on Apr 13, 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? 8
    , hyderabad
    Reviewed on Mar 11, 2019
  • SBI Recurring Deposit
    "Good"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    The interest rate is nominal when compared with other banks. As my savings account is with SBI and it was easy to do transactions for me and convenient, I have no customer care experience with Recurring Deposit account. I do monthly investment through online net banking.
    Was this review helpful? 3
    , new delhi
    Reviewed on Mar 09, 2019
  • SBI Recurring Deposit
    "Need developement on the online website"
    STATE BANK OF INDIA
    0.5 2.0/5 "Expected more"
    Currently SBI is providing recurring deposit interest around 7% per annum, as per the interest rate its good. But for the recurring deposit, the bank need improvement on the netbanking. Because every month I need deposit the money manually they wont deduct the money from my account.
    Was this review helpful? 5
    , pune
    Reviewed on Feb 25, 2019
  • SBI Recurring Deposit
    "Average RD account"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have chosen the state bank of India for my recurring deposit. One of my friend has recommended me about the SBI. The interest rates are nominal and There is no charges for maintaining the Recurring Deposit. I have been investing the amount of Rs. 5000 for last 3 years. I need to hold the money upto 7 years.
    Was this review helpful? 2
    , kolkata
    Reviewed on Feb 25, 2019
  • SBI Recurring Deposit
    "Good Savings"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Right now SBI RD interest would be 9% per annum, we can make the deposit from Rs.1000 to max, we have the option to prolong the tenure. But I have opt for one year for recurring deposit. I done everything through online, I can withdrawal RD through netbanking.
    Was this review helpful? 6
    , bangalore
    Reviewed on Feb 07, 2019
  • SBI Recurring Deposit
    "Need improvement on their services"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have been using the recurring deposit with SBI for last 11 years. There is no specific reason for choosing the SBI. I'm happy about the interest rate provided to me. I have visited their branch and i need to wait for a long time in a queue and the staffs were not upto the mark however they need to improve a lot.
    Was this review helpful? 15
    , bangalore
    Reviewed on Dec 21, 2018
  • SBI Recurring Deposit
    "Good Service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have a recurring deposit with the SBI. I deposit 2500 every month, they offer a nominal interest rate of 6.5% per year. There no huge returns but it very good for savings purposes. I never faced any difficulty with their services. with respect to savings account.
    Was this review helpful? 40
    , mumbai
    Reviewed on May 22, 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? 11
    , new delhi
    Reviewed on Jan 23, 2018
  • SBI Recurring Deposit
    "Good"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have my car loan with SBI 3 years . The loan amount was5 lakhs and the rate of interest was 9.8% which was satisfactory .The customer service and responses was good . The pre closure is after 1 year and the processing fee was 1100. My overall experience was good.
    Was this review helpful? 9
    , pune
    Reviewed on Nov 20, 2017
  • SBI Recurring Deposit
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    As I have a savings account with State Bank of India I started a recurring deposit account with them. But I'm really not sure about the interest rates they provide me but it's good for both my RD accounts in this State bank of India as well as the other bank IOC.
    Was this review helpful? 7
    , kolkata
    Reviewed on Nov 17, 2017
  • SBI Recurring Deposit
    "Not a good investment"
    STATE BANK OF INDIA
    0.5 2.0/5 "Expected more"
    I created this Recurring Depoist account some time back and the return I got was little disappointing. I had paid Rs.10000 every month and was expecting a 7.25% Interest. But at the end, after the cut of all taxes I recieved only 4.5% profit, which for me is pure waste of investment.
    Was this review helpful? 13
    , ghaziabad
    Reviewed on Oct 29, 2017
  • SBI Recurring Deposit
    "Good investment"
    STATE BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    Every month I am investing Rs.3000 for the tenure of one year. After the tenure period I would receive the 7.5% of interest along with the investment amount, I opened the RD through online, I could track the details in mobile application, Iam fine with their benefits.
    Was this review helpful? 9
    , navi mumbai
    Reviewed on Sep 27, 2017
  • SBI Recurring Deposit
    "Recurring deposit"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    Every 6 months the money would get debited from my salary account and would get transferred to Recurring Deposit. Its mainly because I have opted for a AUTO PAY. Interest rate offered by 6.25% no tax benefits i guess.
    Was this review helpful? 6
    , vadodara
    Reviewed on Sep 23, 2017
  • SBI Recurring Deposit
    "Good to plan anything"
    STATE BANK OF INDIA
    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? 9
    , ahmedabad
    Reviewed on Jul 07, 2017
  • SBI Recurring Deposit
    "Good Service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have recurring deposit account with State bank of India. The period is for one year and the deposit amount is for thirty five thousand. I am satisfied in opening RD account with SBI, because the interest rate is quite good with them than other banks.
    Was this review helpful? 17
    , indore
    Reviewed on May 04, 2017
  • SBI Recurring Deposit
    "Good For Future"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I opened my SBI Recurring deposit account through online, Already the bank has my KYC details. It not mandatory to submit my documents. I used to Rs.2000 in monthly basis for 5 Years. SBI provides the interest rate of 9% for the RD, It is useful for me to invest my money.
    Was this review helpful? 62
    , nasik
    Reviewed on Feb 07, 2017
  • SBI Recurring Deposit
    "Its good"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I visited to the SBI branch to open RD account. SBI deducts some amount from my account in monthly basis, After seven years of tenure they will provide some cumulative interest of 8.5% from the amount paid. It was really good and useful policy.
    Was this review helpful? 24
    , tiruchirapalli
    Reviewed on Dec 14, 2016
Common Loader Icon
Page 1 of 5 1 2 3 4 5
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.