SBI Recurring Deposit Interest Rates

SBI Recurring Deposit Interest Rates

RD Tenure	General Rates	Rates For Senior Citizens
1 Year	6.25 % p.a	6.75 % p.a
Above 1 Year to 455 days	6.25 % p.a	6.75 % p.a
456 days to less than 2 years	6.25 % p.a	6.75 % p.a
2 years to less than 3 years	6.00 % p.a	6.50 % p.a
3 years to less than 5 years	6.00 % p.a	6.50 % p.a
5 years to 10 years	6.00 % p.a	6.50 % p.a

SBI Recurring Deposit Eligibility Criteria

• To open a State Bank of India Recurring Deposit Account, you must be a resident of India or listed as Hindu Undivided Families (HUF).
• If you are an NRI (Non-Resident Indian), you can open an SBI RD Account through NRE or NRO.
• Minors can also open an SBI RD Account provided they have a guardian who will supervise them.
• You will need an SBI saving or current account to open a Recurring Deposit.
• The minimum monthly deposit is Rs.100 and in multiples thereof.
• There is no limit on the maximum monthly deposits.
• The minimum RD tenure is 12 months. You will not be allowed to choose a shorter tenure.

Documents Required to Open SBI Recurring Deposit Account

If you are an existing SBI account holder, you will be allowed to open a Recurring Deposit Account through net banking or visiting the bank. However, if you do not have an existing SBI Account, you will require the following documents:

• Proof of identity
  • Copy of your passport
  • PAN Card
  • Aadhaar Card
  • Voter ID
  • Driving Licence
  • Ration Card
  • Government ID Card
  • Senior Citizen Card
• Proof of residence
  • Copy of your passport
  • Aadhaar Card
  • Electricity bill
  • Phone bill
  • Bank statement with cheque
• Recent passport size photographs
• Duly filled application form

Types of Recurring Deposits Offered By SBI

SBI offers two types of recurring deposits, namely the SBI Regular Recurring Deposits and SBI Holiday Savings Account.

• SBI Regular Recurring Deposits: This is the most common and preferred recurring deposit account offered by SBI. This can be opened by account holders for no particular reason but just for savings. Account holders can open an SBI Regular Recurring Deposit Account by making minimum monthly deposits of Rs.100 or more as per the customer’s wish. The tenure of the RD ranges between 1 year to 10 years. The rate of interest will be declared by SBI from time to time.
• SBI Holiday Savings Account: If you are someone who loves to travel, this is for you. SBI Holiday Savings Account is a product that was formed when SBI joined hands with the leading travel advisory company, Thomas Cook. Under this account, customers can deposit a certain sum of money every month with SBI with an intention to avail a vacation that is listed under the Holiday Savings Account packages on the Thomas Cook Website.

Once you choose a vacation on Thomas Cook website, the total cost of the package will be divided by 13 months and you will be redirected to the SBI website to set-up an e-Recurring account for 12 monthly installments. You will also earn interest on this type of RD.

Other RD Schemes offered By SBI:

Apart from the above recurring deposits, SBI also offers “SBI Flexi Deposit Scheme” which is very similar to the recurring deposit.

• Under the SBI Fixed Deposit Scheme, instead of paying one fixed amount every month, the account holder can change the deposit amount every month.
• The minimum deposit amount should be Rs.5,000 in one financial year and the maximum deposit amount can go up to Rs.50,000 p.a.
• The minimum tenure of this deposit scheme is 5 years and the maximum tenure is 7 years.

How to Apply for An SBI Recurring Deposit Account?

• If you are an existing SBI account holder, you can use your netbanking username and password to login to your online account and open an e-RD right away. However, if you do not have your netbanking credentials, you can always walk into your nearest SBI branch.
• If you are not an SBI account holder, you will have to open an SBI savings account first. After your account is active, you will be allowed to open an e-RD by login into your net banking.