- The tenure of SBI recurring deposit may be from from 12 to 120 Months<\/strong> – in multiple os 3 months like 3, 6, 12, 15 months and so on.<\/li>
- SBI RD is available both online and in Offline mode in all branches<\/li>
- Nomination facility available<\/li>
- The minimum amount of monthly instalment shall be Rs 100<\/strong>.<\/li>
- There is NO limit on maximum amount you can deposit in RD<\/li>
- The amount of instalment and number of instalment can not be changed after opening of the account.<\/li>
- Loan against<\/strong>\u00a0security of the balance in the\u00a0Recurring Deposit accounts available to the extent of 90% of the deposit, at 0.5% p.a. above the rate of deposit<\/li>
- TDS (Tax deduction at source) at the rate of 10%<\/strong><\/strong> is deducted, if the interest income is more than Rs 40,000 in financial year<\/li>
- Passbook Issued<\/li>
- Hassle free\u00a0premature spot payment<\/strong>\u00a0anytime<\/li>
- Senior citizens get up to additional 0.80% interest rate<\/strong> (Customers with age greater than 60 years are Senior Citizens)<\/em> depending on the tenure of RD<\/li>
- Can open RD online<\/strong> in SBI through e-RD feature in SBI internet banking<\/li>
- Charges for RD pre-mature closure<\/strong> –\u00a0Interest 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.<\/li>
- The SBI Recurring Deposit account can be transferred from one branch to other.<\/li><\/ul>\n\n\n\n
SBI Recurring Deposit Interest Rates 2021<\/h2>\n\n\n\n
SBI Recurring Deposit Interest Rates has been last revised on 8th January 2021. General Public can get 3.90% – 5.40% while senior citizens get 4.40% – 6.20% depending on the tenure of deposit. <\/strong>The table below gives the details.<\/p>\n\n\n\n
![\"SBI](\"https:\/\/www.apnaplan.com\/wp-content\/uploads\/2021\/06\/SBI-Recurring-Deposit-Interest-Rates-2021-1024x625.png\" "\\"\\"")
SBI Recurring Deposit Interest Rates 2021<\/figcaption><\/figure>\n\n\n\n SBI Recurring Deposit Interest Rates 2021 & Maturity value<\/h2>\n\n\n\n
The table below shows SBI Recurring Deposit Interest Rates & the maturity value for Rs 1,000 monthly deposit<\/strong><\/span> for general public and senior citizens for 1 to 10 years.<\/p>\n\n\n\n
![\"SBI](\"https:\/\/www.apnaplan.com\/wp-content\/uploads\/2020\/01\/SBI-Recurring-Deposit-Maturity-value-and-Interest-Rate-for-Rs-1000-Monthly-Deposit-2021--1024x602.png\" "\\"\\"")
SBI Recurring Deposit Maturity value and Interest Rate for Rs 1000 Monthly Deposit – 2021<\/figcaption><\/figure><\/div>\n\n\n\n How to Calculate Maturity Amount on SBI RD<\/h2>\n\n\n\n
The interest on SBI Recurring Deposit is compounded quarterly and is computed using the formula below.<\/p>\n\n\n\n
M=R[(1+i) (n-1)]\/1-(1+i)(-1\/3))\n\nWhere, M = Maturity value\nR = Monthly Instalment [60 for Post office RD]\nN = number of quarters (tenure) [20 for Post office RD]\ni = Rate of interest\/400<\/code><\/pre>\n\n\n\nHelpful Posts on Recurring Deposits<\/h2>\n\n\n\n
- Which bank offers Highest Interest Rate on Bank FD?<\/a><\/li>
- 13 Most Important things to know before investing in Bank Fixed Deposits<\/a><\/li>
- Section 80TTB: Senior Citizens can Save Tax on their Interest Income<\/a><\/li>
- TDS threshold on Bank FD increased to Rs 40,000 from April 1, 2019 <\/a><\/li>
- Avoid TDS: fill Form 15G and 15H<\/a><\/li>
- Small Bank FDs offer interest up to 9% – Should you invest?<\/a><\/li>
- How SWP in Debt Funds generate higher returns than FD<\/a><\/li>
- How to increase bank deposit insurance through Joint accounts?<\/a><\/li>
- How Safe is Your Fixed Deposit in Bank?<\/a><\/li>
- How you loose Money in Fixed Deposits?<\/a><\/li>
- Fixed Deposits that you can use to save Tax <\/a><\/li>
- Fixed Deposits for NRIs<\/a><\/li>
- Highest Interest Rate on Recurring Deposits<\/a><\/li>
- Understanding Compounding and Yield in Fixed Deposit<\/a><\/li>
- How to get Credit card against Fixed Deposit?<\/a><\/li>
- 7 High Rated Companies Offering more than Bank Fixed Deposits<\/a><\/li>
- All about Post Office FD Schemes<\/a><\/li><\/ul>\n\n\n\n
Who should open SBI Recurring Deposit Account?<\/h2>\n\n\n\n
SBI Recurring Deposit suits someone with consistent regular income (like salary) and would like to accumulate certain amount for a goal without taking much investment risk.<\/strong> An example could be if you want to buy car in next 2 years, you can easily open a RD account with any leading bank and start saving. If you deposit Rs 5,000 every month for 2 years at 7%, you would get about Rs 1,29,000 at maturity. This would be good for downpayment of the car.<\/p>\n\n\n\n
It\u2019s also for someone who may not have lump sum amount available for fixed deposit but would like to lock prevailing higher interest rate for long period of time. <\/strong>An example situation is – In March 2013 SBI was offering 9% interest rate on their recurring deposits for 10 years. I had opened a RD with Rs 5,000 just to lock a high interest rate for 10 years. On maturity I would get about Rs 9.7 lakhs – which is good accumulated amount. As of today SBI is offering 5.4%. So I have a good investment. It’s always good idea to lock when interest rate cycle reverses and it goes high. <\/strong><\/p>\n\n\n\n
SBI\u00a0RD Penalty for Default in Instalment Payment<\/h2>\n\n\n\n
- 13 Most Important things to know before investing in Bank Fixed Deposits<\/a><\/li>