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State Bank of Patiala Recurring Deposit

Overview of State Bank of Patiala

State Bank of Patiala boasts of a very rich heritage. It was founded in the year 1917 by Bhupinder Singh, Maharaja of erstwhile Patiala State. Initially known as Patiala State Bank, its primary purpose was to foster growth of trade, agriculture and industry in the nation. The operations of the bank underwent a major change with the formation of Patiala and east Punjab States Union in 1948. The bank was then brought under the control of Reserve Bank of India. It became a subsidiary of State Bank of India in the year 1960 and was renamed as State Bank of Patiala. Currently, the bank provides CBS in all its branches and is the first fully networked Public Sector Bank in the country.

Recurring Deposit of State Bank of Patiala (SBP)

Want to save to achieve your financial targets, but don’t have a lump sum amount to start with? Opening a Recurring Deposit account is a perfect solution for you. A wise and practical saving scheme with lucrative rates of interest, Recurring Deposits are extremely convenient and popular. It is a unique kind of term deposit which allows the account holder to deposit a fixed sum into his/her RD account every month, throughout the tenure. To inculcate the habit of regular savings, State Bank of Patiala offers Swapan Luxmi Recurring Deposit Scheme to its customers.

Features and Benefits State Bank of Patiala Recurring Deposit

Swapan Luxmi Recurring Deposit Scheme

This Recurring Deposit offered by SBP, primarily targets female customers. The idea is to empower and encourage women to become financially independent by helping them save.

  • The minimum monthly instalment amount for this Recurring Deposit is as nominal as Rs. 500.
  • There is a facility to transfer the RD account from one SBP branch to another, absolutely free of any charges.
  • The deposit tenure is 3 years.
  • You can provide a standing instruction for auto-debit of the monthly instalment to your RD account from your Savings account.
  • This RD account can be opened by –
    1. Residents of India
    2. Any female holding a Savings account with SBP
    3. Any female can open this account in her name, or jointly with a minor/child. In case of the latter, the female should be the first applicant.
  • You can avail a loan/overdraft facility against the security of the Recurring Deposit. If the loan is being taken for the minor, it needs to be utilised for his/her benefit.

Interest offered on State Bank of Patiala’s Recurring Deposits

To maximise the returns on your investments, State Bank of Patiala offers Swapan Luxmi Recurring Deposit Scheme at competitive rates of interest. The interest rate is 8.75% p.a and is compounded with quarterly rests. To attain more clarity on the same, you can visit the nearest SBP branch or refer to the bank’s official website.

Frequently asked questions (FAQs)

  1. Is TDS applicable on Recurring Deposits?
  2. No, as per the existing income tax rules TDS is not applicable on Recurring Deposits. However, in case of SBP please inquire with the bank officials regarding the same.
  3. What is the minimum deposit amount to open an RD account with SBP?
  4. You can open a RD account with a nominal amount of Rs. 500.
  5. Does SBP provide loan against RD facility?
  6. Yes, SBP provides loan/overdraft facility against RD.
  7. Can I transfer my RD account from SBP to another?
  8. Yes, you can easily transfer your RD account from SBP branch to another without incurring any charges.

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