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Total Interest : ₹49,919
Maturity Amount : ₹1,19,80,558
Invested Amount : ₹69,80,558
Invested Amount
Total Interest
SBI recurring deposits help you to create savings by investing a fixed amount every month over a period. The interest rates vary from 7.25% p.a. to 7.60% p.a. for senior citizens and 6.50% to 7.10% p.a. for regular depositors with a minimum monthly deposit of Rs. 100. Before you invest in an SBI recurring deposit, it is important to know the maturity amount and the total interest earned at the end of the deposit. Knowing these parameters will help you plan your investments for the future. An SBI RD calculator can help you with the calculations. Once you input the interest rate, monthly investment amount, and the period, the maturity amount and the total interest earned at the end of the tenure will be displayed immediately.
How to Use the SBI Recurring Deposit Calculator on CreditMantri
- Step 1 : Input the amount you want to invest every month regularly
- Step 2 : Enter the rate of interest given to you and specify the tenure
- Step 3 : The result shows the maturity amount, total interest earned, and the total amount invested.
SBI Recurring Deposit Interest Rates 2024
Here are the SBI recurring deposit interest rates across various tenures.
| Tenure | RD rates for general citizens | RD rates for senior citizens |
|---|---|---|
| 1 year to 1 year 364 days | 6.80% | 7.30% |
| 2 years to 2 years 364 days | 7.00% | 7.50% |
| 3 years to 4 years 364 days | 6.50% | 7.00% |
| 5 years to 10 years | 6.50% | 7.00% |
Disclaimer : The interest rates given above are as of August when this page was written and are subject to change. For exact interest rates, contact the bank or refer to SBI’s website.
Features of SBI Recurring Deposits
Minimum tenure for the deposit - 12 months
Maximum tenure for the deposit - 120 months
Available at all branches
The minimum deposit amount is Rs. 100 per month (Thereafter in multiples of Rs. 10/-)
Premature account closure will be done if six consecutive installments are not received. The balance will be paid to the account holder.
SBI RD account offers nomination facility
Senior citizens are given an additional interest rate of 0.50% over the regular interest rate.
Existing income tax rules apply to SBI recurring deposits and the TDS will be deducted according to the applicable rates.
Loan up to 90% of the total balance in the recurring deposit can be obtained.
How to Compute the SBI RD Maturity Amount and Interest Rate?
The formula that CreditMantri’s SBI recurring deposit calculator uses for computing the maturity amount.
M = P*(1+R/N)^(Nt)
Where M is the maturity amount
P is the monthly installment
R is the annual rate of interest
t is the tenure of the RD.
N is the frequency at which the interest is compounded in a year.
Let us take an example: Suppose you are investing Rs. 4000 in an SBI RD monthly for a period of 1 year at an interest rate of 8%. Here, the interest is compounded on a quarterly basis.
| Month | Formula | RD Maturity Amount |
|---|---|---|
| 1 | = 4000(1+0.08/4)^(4*1/12) | 4026.491 |
| 2 | = 4000(1 + 0.08/4)^(4*2/12) | 4053.157 |
| 3 | = 4000(1 + 0.08/4)^(4*3/12) | 4080 |
| 4 | = 4000(1 + 0.08/4)^(4*4/12) | 4107.02 |
| 5 | = 4000(1 + 0.08/4)^(4*5/12) | 4134.22 |
| 6 | = 4000(1 + 0.08/4)^(4*6/12) | 4161.6 |
| 7 | = 4000(1 + 0.08/4)^(4*7/12) | 4189.16 |
| 8 | = 4000(1 + 0.08/4)^(4*8/12) | 4216.90 |
| 9 | = 4000(1 + 0.08/4)^(4*9/12) | 4244.83 |
| 10 | = 4000(1 + 0.08/4)^(4*10/12) | 4272.94 |
| 11 | = 4000(1 + 0.08/4)^(4*11/12) | 4301.24 |
| 12 | = 4000(1 + 0.08/4)^(4*12/12) | 4329.72 |
| Total | 50117.278 |
Therefore the maturity amount is Rs. 50117.278
The total amount invested is 48000
The interest earned is 2117.278
Calculating the maturity amount and the total interest earned manually is quite time-consuming. So, it is ideal to use an SBI RD interest calculator, which will give the results instantaneously.
Premature Withdrawal Rules for SBI Recurring Deposit
State Bank of India allows you to withdraw the money in your recurring deposit prematurely. However, there will be a nominal penalty if you withdraw the money before it matures. SBI does not allow partial withdrawals from its recurring deposits.
SBI RD Calculator - FAQs
1. How is recurring deposit computed in SBI?
For recurring deposits, the maturity amount is the total of all investments plus the interest earned during the investment period. The interest on SBI RD is compounded on a quarterly basis.
2. Can I open an RD in SBI for 6 months?
You can open an SBI RD for 6 months. SBI offers recurring deposits with flexible tenures ranging from seven days to ten years.
3. How is the SBI RD taxed?
SBI recurring deposits are taxed if the interest incurred on the deposits is more than Rs. 40,000 for regular customers and Rs. 50,000 for senior citizens. A TDS of 10% will be applicable on the RD and 20% if the PAN is not furnished under Section 80C of the Income Tax Act.
Disclaimer : This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.