Below are the features, interest rates, maturity amount along with other details for SBI Recurring deposit.
SBI Recurring Deposit Scheme – Features:
- Maturity from 12 to 120 Months
- Nomination facility available
- The minimum amount of monthly installment shall be Rs 100.
- The amount of installment and number of installment can not be changed after opening of the account.
- Loan against security of the balance in the Recurring Deposit accounts available to the extent of 90% of the deposit, at 0.5% p.a. above the rate of deposit
- No TDS (Tax deduction at source) on interest income
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- Passbook Issued
- Hassle free premature spot payment anytime
- Senior citizens get additional 0.25% interest rate (Customers with age greater than 60 years are Senior Citizens)
- Can open RD online in SBI through e-RD feature in SBI internet banking
- Charges for RD pre-mature closure – Interest will be applied on premature withdrawal of RD at 1.00% below the rate applicable for the period the deposit has remained with the bank.
SBI Recurring Deposit Interest Rate:
Update: From February 10, 2020 the interest rates have been revised to 4.50% – 6.00% for General and 5.00% – 6.50% for senior citizens depending on the tenure of deposit. The table below gives the details.
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SBI Recurring Deposit Maturity value:
The table below shows the maturity value for Rs 1,000 monthly deposit with prevailing interest rates at SBI for general public and senior citizens.
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SBI RD penalty for default in installment payment:
Whenever a depositor fails to pay the installment on due date for three consecutive months the account shall not be closed and service charge of Rs 10/- is applicable.
Penalty in case of delay in payment of installment of RD of 5 years or less shall be Rs 1.50 for every Rs 100 per month and Rs 2.00 for every Rs. 100 per month for the account on more than 5 years.