SBI Recurring Deposit Rates Below One Crore
|Tenure Of Recurring Deposit||ROI (% p.a.)||ROI For Senior Citizens (% p.a.)|
|1 year to 455 days||6.5||7|
|456 days to less than 2 years||6.5||7|
|2 years to less than 3 years||6.25||6.75|
|3 years to less than 5 years||6.25||6.75|
|5 years and up to 10 years||6.25||6.75|
Get the Highest Interest Rates on State Bank of India Recurring Deposit
State Bank of India is a leading public sector bank in India that offers attractive term deposits and reliable investment options to customers. One among these schemes is its Recurring Deposit scheme that can be opened with a minimum of just Rs. 100 and in multiples of Rs. 10 thereafter. There is no maximum limit on the amount that can be deposited. The deposit term ranges from 12 months to 10 years. Premature withdrawal of funds available in the Recurring Deposit is permitted.
SBI Short-term RD Interest Rates
State Bank of India offers Recurring Deposit for a short deposit term from a minimum of 12 months to 455 days at an interest rate of 6.90% for regular customers. For holding an RD for a short duration of more than 455 days to not more than 2 years, the rate of interest offered by the Bank is 6.75%.
SBI Medium and Long Term RD Interest Rates
State Bank of India also offers medium deposit tenures and long deposit tenures on Recurring Deposit. Medium tenures for holding an RD account with the Bank ranges over a period of more than 3 years to less than 5 years and the interest rate applicable is 6.50%. The long term RD can be held with the Bank for a tenure of more than 5 years to a maximum period of not more than 10 years, at an interest rate of 6.50% as well.
SBI Senior Citizen Recurring Deposit Interest Rates
Senior Citizens are offered an additional interest rate hike of 0.50% over the interest rate offered to the general public. In this case, they will receive 7.40% interest rate for a short term RD ranging from 1 year to 455 days and for a period of more than 455 days to not more than 2 years the interest rate applicable will be 7.25%. For a medium term and long term recurring deposit ranging from 3 years to 10 years, the interest rate offered by the Bank is 7.00%
SBI Recurring Deposit FAQs
Is it possible to open a recurring deposit (RD) account through Internet Banking?
The answer is, yes. You can open the SBI Bank Recurring Deposit account by login to the internet banking with your user ID and password. Once you have logged into the account, you will see the e-Fixed Deposit link under the Request tab. You will need to click on the e-RD/e-SBI Flexi Deposit link. After you have verified the details and selected the desired values, you can proceed to create an RD account.
What is the minimum amount that can be paid towards an RD account as monthly installment?
You can pay as low as Rs.100 as a monthly installment for an SBI RD account. The amount and the number of installments can be selected while opening the RD account. Once the RD account is opened, you won’t be able to change the amount or period of the account. The RD account can be opened for a minimum of 12 months and maximum of 120 months.
Do we have the option to open a deposit account for any other name or account that is not funding the RD account?
Currently, there are no online options to create an RD account for someone who is not funding it. You may approach your branch to obtain further information.
How to add a nominee in an RD account?
When you are creating an RD account on the internet banking platform, you will see an option to add/retain a nominee from the saving account that is funding the deposit account. You can add and edit a nominee by contacting the bank.
More you need to know about Recurring Deposit
- RD Calculator
- SBI Recurring Deposit
- Recurring Deposit
- Compare Recurring Deposit Interest Rates of SBI with Other Banks and Institutions
SBI RD Schemes
Read More Articles On RD
- How to Open Recurring Deposit Account in SBI Online
- Best RD Interest Rate Banks in India
- Recurring Deposit Interest Rates of All Banks
- Tax on Recurring Deposit Rates
Know how to Link Your KYC Dcuments to SBI Bank Account
Perfect Fixed Deposit Deals for you
News About SBI Recurring Deposit
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.
1st 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
3rd 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.
28th 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.
24th 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.
3rd 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.
29th October 2016
SBI Cash Deposit Limit Increased
State Bank of India has bumped up the limits on cash deposits allowed. Customers can now use the Cash Deposit Machines to deposit up to Rs.2 lakhs. This is already in effect. Earlier, the limit was Rs.49,900 which was a significantly low amount. The Cash Deposit Machines can also be used to make payments towards PPF and loan EMIs. Customers can utilise the machines to make their contributions towards their recurring deposit accounts as well. The Cash Deposit Machines will eliminate the need to go to SBI branches and transactions can be carried out quickly on the machines.
13th September, 2016
State Bank of India Considers 25 Basis Point Interest Rate Cut
A 25-basis points cut in interest rates is to be expected soon, according to State Bank of India Chairperson Arundhati Bhattacharya, who also commented on the relationship between the financial health of the banking sector and all-round performance of the economy. Talking to IANS, she claimed that the government’s target of 4% inflation is lower than ideal, in a country where food inflation has consistently remained above 6% in the last six decades, and 40-50% of components in Consumer Price Index were volatile food items. However, she predicted a fall in the current inflation owing to a statistical strategy involving price indices, that opens up the door for interest-rate cuts by commercial banks – something the central bank has wanted since it had itself cut rates. The Central Bank’s newly introduced set of norms for the sale of stressed items by commercial banks is largely meant to help the latter balance their balance sheets and ensure total transparency. She admitted that legacy issues in bad loans would take a long time to be addressed – though it would be no more than five years, by which time the economic activity would have picked up.
11th September 2016
State Bank Revises RD Interest Rates in Recent Announcement
State Bank of India recently revised its Recurring Deposit interest rates for the deposit tenure between 12 months - 255 days to 7.15%. For a deposit tenure between 455 days to 3 years, the RD interest rate stands at 7.25%. The rates for senior citizens has also been increased by 25 basis points. A short term deposit tenure between 1 year and 455 days will attract an interest rate of 7.40% and a tenure between 455 days to 3 years will attract an interest rate of 7.50%.
2nd September, 2016
SBI partners with IOC Kisan Seva Kendras to Extend Banking Facilities
Farmers across the country will now how easier access to banking facilities as SBI ties up with Indian Oil Corporation’s (IOC) Kisan Seva Kendras. IOC has already established 6,500 Kisan Seva Kendras in rural India and in remote areas. These KSKs provide agricultural inputs to farmers that include fertilisers, pesticides, seeds and diesel. With this partnership with SBI, banking products such as savings account, recurring deposits, fixed deposits, credit facilities, social security schemes and remittances will be available to farmers at the KSKs. Farmers will be able to access these banking facilities closer to home. This will help with bringing more financial organisation to the rural sectors.
25th July 2016