SBI RD 2024: Get Up To Rs 55,000 Interest On Investment Of Rs 5,000, Know More Details Here
If you are looking for a good recurring deposit (RD) scheme then do consider opening one in State Bank of India (SBI). The bank has one of best recurring deposit (RD) schemes in the market. You can open an RD very easily online by using the SBI web portal.
State Bank of India also gives special rates for senior citizens as well. With SBI’s recurring desposite scheme, customers can get up to Rs 55,000 interest. Check the details.
What is an RD?
Recurring Deposit scheme allows customers to have savings through regular monthly deposit of fixed sum over a period in order to fulfill specific financial goals at the end of the applied period.
Recurring deposit (RD), like fixed deposit (FD), offers interest rates based on tenure and age. If you are a senior citizen, the interest rate would be higher.
SBI Recurring Deposit (RD) latest interest rates
SBI offers interest rates of 6.50% to 7% p.a. on Recurring deposits to other depositors. Meanwhile, the to senior citizens with a minimum monthly deposit of Rs 100 can get up to 7.35% to 7.5%. Note that the minimum amount to open a RD account with SBI is Rs.100. The minimum period will be 12 months and the maximum period will be 120 months.
Customers, who wants to open a State Bank of India recurring deposit account, need to posses an SBI savings account. You can also open a new savings account to facilitate the opening of the RD account.
Check the interest rates as per years.
1 Year to less than 2 years 6.80%
2 years to less than 3 years 7.00%
3 years to less than 5 years 6.50%
5 years and up to 10 years 6.50%
Specific amount of money will be deducted from your savings account on the SBI by investing on the RD scheme. For example if you invest Rs 5,000 per month for 5 years that means you will invest a total of Rs 60,000 at the end of the year. With interest rate of 6.5 %, you can get around Rs 3.5 lakh at the end of the period under the SBI RD scheme.
Hoe to open an SBI Recurring Deposit Account Online
Open a SBI e-RD account on the SBI web portal.
Account holder should have an active internet banking account with State Bank of India.
Go to the e-Fixed Deposit tab under the Request tab.
Then click on e-RD/e- SBI Flexi Deposit link and click on e-RD option
Now, click on the Proceed button.
Select the debit account from which the money will be deducted.
Enter the monthly deposit amount and the tenure of the recurring deposit.
Read the the terms and conditions and submit the online RD application
Clicking on submit will open an e-RD account for the SBI customer.
