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Save money while enjoying a higher interest rate with SBI Recurring Deposits. SBI Recurring Deposit Interest Rates differ for resident and NRI customers. SBI Senior Citizen RD Interest Rates are higher.
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A Recurring Deposit (RD) instils the habit of setting aside a small part of your earning every month. Proper planning of a recurring deposit helps an individual to save the money for some expected lumpsum expenditures in the future.
Recurring deposit has an advantage over fixed deposit since it allows for a regular monthly deposit as opposed to a lump sum deposit in case of a fixed deposit.
About SBI Recurring Deposit Rate
Being the most sought-after bank in India, State Bank of India (SBI), has numerous deposit schemes to encourage its customers to save their money while earning attractive interest rates. Their recurring deposit schemes are thoughtfully designed to give maximum benefit to the customers. Pre-mature withdrawal facility, nomination facility and passbook option for recurring deposits allow the customers to carefully plan their monthly deposit.
SBI Regular Recurring Deposit Account
SBI Flexi Deposit Scheme
SBI Holiday Savings Account
Recurring deposit interest rates are the same as fixed deposit rates. They are calculated on a quarterly basis. The latest interest rates announced by SBI for recurring deposits below Rs.1Cr are
| Tenure | Interest Rate (per annum) |
|---|---|
| 1 year to less than 2 year | 6.80% |
| 2 years to less than 3 years | 6.80% |
| 3 years to less than 5 years | 6.80% |
| 5 years and up to 10 years | 6.85% |
Senior citizens are paid a slightly higher interest rate for their recurring deposit accounts
| Tenure | Interest Rate (per annum) |
|---|---|
| 1 year to less than 2 year | 7.30% |
| 2 years to less than 3 years | 7.30% |
| 3 years to less than 5 years | 7.30% |
| 5 years and up to 10 years | 7.35% |
A recurring deposit account is a very basic form of deposit account offered by banks to all its customers. However, SBI required that one open a savings bank account before opening a recurring deposit account. Individuals eligible to open a recurring deposit account with SBI include
1. What is the minimum amount to open a recurring deposit account?
The minimum amount to open a regular recurring deposit account is Rs. 100 per month. To open an SBI Flexi Deposit scheme, the minimum amount is Rs.500 per instance and Rs 5000 per financial year.
2. What is the minimum and maximum tenure for SBI Flexi Deposit Scheme?
The minimum deposit tenure is 5 years and the maximum is 7 years
3. How can I open a recurring deposit with SBI?
If you are an existing customer of State Bank of India, you can open a recurring deposit from the convenience of your home using internet banking. If you are not an existing customer, then you are required to open a savings bank account and then a recurring deposit account. You can avail facilities like nomination, passbook and even set maturity instructions at the time of opening a recurring deposit account.
4. What are the documents required to open a recurring deposit account?
If you are an existing customer of SBI, you can open a recurring deposit account linking it to your savings bank account. If you are not an existing customer, then you are required to open a savings bank account first. The documents required are
5. Is the interest earned on my recurring deposit taxable?
Yes, SBI applies TDS on the interest earned on a recurring deposit account.
6. Can I prematurely withdraw my recurring deposit?
Yes, a recurring deposit can be closed prematurely. The interest earned shall be adjusted for any penalty applicable as per terms & conditions prevailing on the date of premature withdrawal.
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