SBI Recurring Deposit Features & Interest Rate – January 2020

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 January 10, 2020 the interest rates have been revised to 4.50% – 6.10% for General and 5.00% – 6.60% for senior citizens depending on the tenure of deposit. The table below gives the details.

SBI Fixed and Recurring Deposit Interest Rate wef 10 January 2020

SBI Fixed and Recurring Deposit Interest Rate wef 10 January 2020

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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.

SBI Recurring Deposit Maturity value and Interest Rate for Rs 1000 Monthly Deposit – January 2020

SBI Recurring Deposit Maturity value and Interest Rate for Rs 1000 Monthly Deposit – January 2020

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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.

146 thoughts on “SBI Recurring Deposit Features & Interest Rate – January 2020

  1. Krishnendu Da says:

    I have open a rd account of 5000/pm for 5years. If i would like to close the rd account before maturity on third month of its opening. Then what will be tbe principal amount of the deposited money and what amount will be deducted from the principal amount.

    • The penalty on premature withdrawal for recurring deposit would ary from bank to bank. In most cases there would be no deduction from principal but you would get lower interest.

  2. I am looking for flexible RD option for one year can you please tell me which plan should i go for

  3. Sir, I have recurring deposit in SBI. Can I deduct it from Income Tax for the FY 2015-2016

  4. Sir I have deposit 10,000 every month my rd account is three years how much back money my maturity time

    • I cannot tell you the maturity amount until you disclose the interest rate. Assuming investment at 8%, you would get Rs 40,7728 on maturity.

  5. Plz tell me that why the my rd not deducted this month ?

  6. sohil makwana says:

    Hi sir,
    I want to invest 1,000 every month for two years. Pls suggest me the best.

    • Choose which ever bank offers highest interest rate for your duration – here is comparison of RD interest across major banks in India

  7. Hi sir,
    I want to invest 10,000 every month for two years. Pls suggest me the best.

  8. what is best plan for child education, pl suggest . i can save 4000 per year

  9. Hello sir. Can anybody replies me pls.

  10. And please let me know the calculation also if possible

  11. Sir i am paying Rs.5000 every month in sbi for one year. What amnt will i get after one year. pls suggest me

    • Assuming you invested at 8% interest rate, you would get Rs 62,648 on maturity. Of this Rs 60,000 is the principal amount and Rs 2,648 would be interest earned.

      • Hi sir, as per my calculation it is 4800/- and your calculation is 2648/-. How it is pls let me know.

        • If you deposit Rs 5000 for 1 year at 8%, you get Rs 400 as interest. In case of 1 year RD, you deposit 1st installment for 12 months, 2nd installment for 11 months and so on. So you cannot get Rs 4800!

  12. Naresh KUMBHAM says:

    Hello Sir,
    Can you please suggest to me monthly account or fixed deposit, which is best sir, i have only 20,000 present… but this amount belongs to my child, tell me which is the best….

    • I have compared the recurring deposit interest rates across all major banks in India. The FD rates are also in this range. You can have a look and decide for yourself.

  13. dear sir,
    i want to invest 2000 rs. but should i invest in rd or Mutual fund

    • @Ashish this information is not enough for suggesting where to invest. It depends on your risk bearing capacity, duration of investment among other things.

      • I would like to invest 6000/- per month for a period of 3years.which will be better for me..rd or mutual fund??? Please suggest.

        • It depends on your risk profile and tax bracket. Debt Mutual funds are risky but more suited for higher tax bracket else go for recurring deposit.

  14. Sir I’m going to fix deposite of Rs 200000 lac for 5 years. then what amount I’ll get on maturity time. pls tell

  15. sampashree pradhan says:

    Sir I want to invest rd 2000 per month for 15 years in a sip plan.can you suggest a best plan and way to invest.approximately how much I ‘ll get get in maturity….Pls ans……

    • SIP and Recurring deposits are two different things. You can do SIP in Mutual Funds while RD is done with banks. If you are looking for 15 years investment horizon, I would recommend equity or balanced mutual fund. On an average you can expect 10 – 12% annualized returns but remember the returns are volatile. You can gain 50% in one year while loose 30% in another. But historically speaking, Indian broader market indices (SENSEX/NIFTY) have never given negative returns for period of more than 10 years.

      • sampashree pradhan says:

        Thanks amit for quick reply.I m a housewife and interested in sip.Pls advice me how and where to start.can I invest ‘rs 2000 per month….Pls make me know the safest process with low to medium risk

  16. sadhan pramanik says:

    Dear Sir,
    i would like to Deposit 2lakh as mis policy, how much i will get interest every month? please tell me.

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