Easy Steps to Open a Recurring Deposit on SBI

Easy Steps to Open a Recurring Deposit on SBI

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 8.50 % (Normal) & 8.75% (Senior Citizens) per year (Effective from 8th December,2014) on investing of amount more and equal to 1 year.Minimum amount of this RD is Rs. 100/-.

Tenors

Interest Rate(General)
Interest Rate(Senior Citizen)
7 days to 180 days
7.00%
7.00%
181 days to less than 1 year
7.50%
7.50%
1 year to less than 3 years
8.50%
8.75%
3 years and up to 5 years
8.50%
8.75%

Now what you have to do to open a RD on SBI.

  1. First of all you should have a savings bank account in SBI ,if not then you have to open a saving account in SBI.
  2. 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.
  3. 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.
  4. 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.
  5. Now you are eligible to open a RD online mean with SBI Internet Banking.
  6. To open a e-RD first go to www.onlinesbi.com then log on to Personal Banking.
  7. With your username & login password (given to you at the time of opening Internet Banking) you have to login to your home page.
  8. Then Go to Request Tab and on left side you will find e-RD, click on the link.
  9. 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.
  10. Before click on submit option read the terms & condition and then accept it.Such process you have opened a e-RD.
  11. 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.
  12. One thing you have to remember that you should have the amount monthly which amount you have put in your RD.
  13. 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

Follow the screenshot below

Open a Recurring Deposit Online on SBI

Terms & Conditions of Opening a Recurring Deposit on SBI(Updated)

  •     Monthly Rs. 100/- no maximum.
  •     Deposit in Multiple of Rs.10/-
  •     Minimum period 12 months maximum 120 months
  •     Rate of interest as applicable to Banks TDR / STDR for the period of the RD
  •     Premature withdrawal allowed at 0.5% below the rate applicable for the period the deposit has remained with the Bank
  •     Loan / Overdraft facility available against the balance in RD account
  •     Penalty charges for non-Deposit of monthly instalments:
  •     For a/c of period 5 years and less –Rs. 1.50 per Rs. 100/- per month
  •     For a/c of period above 5 years- Rs. 2.00 per Rs. 100/- per month
  •     No Cheque Book / ATM Card will be issued
  •     Passbooks are issued
  •     Nomination facility available

Read Easy Steps to Open a PPF Account in SBI

Comments

    • says

      Hi Hirdesh,<br />First login to sbi online and then found a tab named e-Fixed Deposit.After opening the tab you will found e-RD/e-SBI Flexi Deposit tab.There you have to chose e-RD.<br />Now follow as described in the post.

  1. says

    The instructions were very clear. But can the RD be transferred to any other SBI or SBH account? What will happen if I stop RD in the middle? Also what are the latest interest rates?

  2. says

    Mr. Palla Sridhar, you van not transfer your RD to any other SBI or SBH account.After closing the RD you can open a new on any branch.If you stop the RD you will got normal interest on certain amount till the day.I will update the latest interest rates.

    • says

      Dear Vadivuraj ,I think you want to download recurring deposit opening form online.But Sorry to say that Recurring Deposit opening form is not available online.You have to visit to nearest SBI branch for same.You may open online.I think you already read the post.If any further help required please reply on same comment.

    • says

      Dear Jaswant
      In which date you will create e-RD that date will be your monthly deposit date.Suppose you open a e-RD on 7/5/2015 then 7th will be your deposit date for e-RD (Monthly). Your money will be debited automatically from your savings account monthly if you chose standing instruction option at the time of opening e-rd.

  3. Dharmender Mahaur says

    Dear Sir,
    Actually, i want to open a e-RD account in SBI through Net-Banking and i also have been tried for this. But there shows error that RD account not created online for this product. please contact your Branch. Please sir suggest me what to do…..????????
    Regards & Thanks
    Dharmender Mahaur

  4. Rajasekhar says

    Haii..
    I have my account in xxx branch in a location and im in another state right now..Can I open Recurring deposit for my xxx branch account from any branch of sbi near to me??

  5. Anushka says

    Hello Sir,
    After maturity of RD how can i get my maturity amount if i open RD online. In case if it is not credited in may account then how can i get my money.

    • says

      Hi Anushka,
      Your maturity amount will not automatically credited to your saving account.You have to manually transfer it.It will be happen by just one click.
      You can transfer it to your saving account only from which you will pay installment amount.

    • says

      Hi Naresh,
      Sure,You can open an e-RD from your SBI Hyderabad Savings account.Total process will be from online banking of SBH.Fore more help kindly call SBH toll free no 18004254055 .

  6. DHARMENDER MAHOR says

    Dear sir,

    I want to open RD Account in SBI through by net banking but when I apply & submitted all data & formalities online there are appear a window message ” Recurring Account cannot be created online for this product combination ”
    please suggest me what to do ………????

  7. dinesh says

    dear sir
    iam dinesh and i have sbi online banking,if I open net banking i dont find e-RD any where in my page i even tried in e-fixed deposit bt i cant find it, if I have Internet banking user name and password, and at least one transaction account mapped to the username.
    “one transaction account mapped to the username” what does it mean.

  8. mano says

    Hi sir I know how to open online e-rd I have a doubt it’s manual pay or auto pay then after finished e-rd years amount will automatically credit or manual process. Reply soon tank you…

    • says

      Hi Mano,
      There should be no confusion on it.Choose auto pay.It will debit automatically from your savings account.
      E-RD maturity amount will not credit automatically.But you can transfer with a single click.
      Don’t worry total process is very simple.

  9. SHUBHRANIL BHOWMICK says

    i want to open an e-rd in sbi.but my question is should i have to visit branch with documents?if yes..then please tell me the documents required

    • says

      Hi Shubhranil,
      First of you should have a savings account on the SBI.If already have an account then you need not required any documents to open an RD from branch (PAN will required if not submitted previously).You can also open from sbi online banking.

  10. Raghuveera says

    sir , I am Raghuveera my policy is money back policy 20yrs i take loan to this policy 8000/- one year back plse tell loan intrest details and plse tell this is money back policy can i will get bonus amount check to this year because i take loan thats my doubt plse tell thank u

  11. mano says

    Sir,
    How could I register sbi reward points
    It ask entered a card number I entered a card number it was invalid card number my card number was alpha numerical(ex: o123 60995678904 o867) is that eny problem for that or change my debit card…

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