If you thinking about some small savings then Recurring Deposit (RD) is one of the best option for you.Now this facility of RD is available on maximum banks,So choosing of bank is very important because of its interest rate and also terms & conditions. Already you read my previous post on SBI e-RD but now you will got with more detail and updated process.
State Bank of India (SBI) is one of the best choice as the interest rate is very good and also a good previous record of refunding money in time.Now a days SBI is giving 9.00 % per annum (Effective from 24th April’2012) on investing of amount more and equal to 1 year.Minimum amount of this RD is Rs. 1000/-.
Interest Rate(Senior Citizen)
|7 days to 180 days|| |
|181 days to less than 1 year|| |
|1 year to less than 3 years|| |
|3 years and up to 10 years|| |
Now what you have to do to open a RD on SBI.
- First of all you should have a savings bank account in SBI ,if not then you have to open a saving account in SBI.
- So to open a saving account on SBI you should have the following documents like color passport size photograph,photo identity proof like voter card/driving license/passport etc. and address proof like voter card/pan card/driving license/electric bill/phone bill etc.
- After opening a saving account you have to apply for SBI Internet Banking if you want to open RD online which is called e-RD ,otherwise it is not required for offline application.
- So if you want to activate Internet Banking on SBI then you have to fill up a Internet Banking activation form.After filling up this form a kit will be given to you which contain a user id and a login password and a transaction password.
- Now you are eligible to open a RD online mean with SBI Internet Banking.
- To open a e-RD first go to www.onlinesbi.com then log on to Personal Banking.
- With your username & login password (given to you at the time of opening Internet Banking) you have to login to your home page.
- Then Go to Request Tab and on left side you will find e-RD, click on the link.
- First you have to chose the savings account from which your amount will be deducted and will be deposit on your RD account (It will be affected if more than one savings account on SBI otherwise it will be selected your saving account default) Now you have to fill the amount which you have to deposit monthly and the Tenure of Deposit mean the nos of days or month you want to continue your Recurring Deposit.
- Before click on submit option read the terms & condition and then accept it.Such process you have opened a e-RD.
- Now question is that from where the amount will be deducted for your recurring deposit.Answer is the saving account which you have opened in SBI.
- One thing you have to remember that you should have the amount monthly which amount you have put in your RD.
- Now for opening RD offline you have go to nearest SBI branch and filled up a Recurring Deposit Opening form which will be supplied from bank,and supporting document like your saving account passbook,passport size color photograph etc. For more detail click here