SBI hikes recurring deposit (RD) interest rates. Details here
PremiumSBI hikes RD rates: The recurring deposit account can be opened for a period that ranges between 12 months and 10 years
The State Bank of India (SBI) allows you to open a Recurring Deposit (RD) account with the bank for a minimum deposit of ₹100. The RD account can be opened for a period that ranges between 12 months and 10 years. Senior citizens are offered an additional interest in all tenures.
What is Recurring Deposit (RD)?
RD is a well-known saving scheme for many in India. In the RD account, the customer makes the payments in instalments and receives the maturity amount at the maturity date. The instalment amount once fixed, cannot be altered.
SBI Recurring Deposit (RD)
SBI RD interest rates vary between 5.1%-5.4% for the general public and an additional interest rate hike of 50 basis points for senior citizens. These rates are effective from 15 January 2022. In the SBI RD account, customers are required to make monthly deposits of a minimum of ₹100 and in multiples of ₹10. There is no maximum limit on the deposits.
SBI RD rates effective 15 January 2022
1 year to less than 2 years - 5.1%
2 years to less than 3 years - 5.1%
3 years to less than 5 years - 5.3%
5 years and up to 10 years - 5.4%
How to open an RD Account in SBI?
You can open a recurring deposit account with SBI in two ways:
- By visiting the branch
- Through Netbanking
If you are an existing SBI account holder, use your net banking username and password to log in to your online account and open an e-RD.
Premature withdrawal rules
SBI allows you to withdraw your RD money prematurely. If you withdraw the money before it matures, there will be a nominal penalty. SBI does not allow partial withdrawals of RD.
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