SBI Recurring Deposit

SBI Recurring Deposit Features & Interest Rates February 2019

SBI or State Bank of India is one of the most reputed as well as the No.1 bank in India. Being a public sector bank owned by the Government of India, SBI is a highly secured and safe bank for all your investments and savings for the future.

One such financial investment scheme offered by SBI is the Recurring Deposit plan. Opening a Recurring Deposit account at SBI is quite simple and offers a lot of benefits for the investor. Here are the features of SBI Recurring Deposit scheme as follows:

Salient Features of SBI Recurring Deposit Scheme:

• Open a Recurring Deposit Account with a maturity tenure from minimum 12 months to maximum 120 months.
• Facility to assign a nominee for your RD account.
• You can open an RD account by depositing a minimum monthly installment of Rs. 100. There’s no maximum limit for a Recurring Deposit account.
• Once active, you can’t change the fixed monthly installment amount and number of installments as per the tenure of your RD account.
• Facility to avail Loan against the security of the balance is available with Recurring Deposit account for an extent of 90% of the deposit @ 0.5% p.a. above the rate of deposit.
• There are No TDS (Tax Deducted at Source) on interest income with Recurring Deposit account. So you can withdraw your maturity value fully at the end of the tenure.
• Get a Passbook with your RD account.
• Senior citizens can enjoy an additional 0.50% interest rate compared to other individuals.
• With Online SBI facility, you can also open an RD account online using the e-RD feature.
• Get premature spot payment anytime without any trouble.
• For premature closure, the interest rate will be reduced by 1.00% from the original rate applicable for the period the deposit was invested in the bank.

SBI Recurring Deposit Interest Rates ( Revised 11 November 2018):

The interest rates offered for Recurring Deposit account at State Bank of India are the same as any other term deposit schemes offered by SBI. Lately, SBI has revised the interest rates for all their term deposit plans.

Check out the revised interest rates for SBI Recurring Deposit schemes for February 2019:

For 1 year to less than 5 years

Minimum tenure for a Recurring Deposit account is 1 year (i.e. 12 months) as mentioned above. The interest rate for the public (w.e.f. 28.11.2018) for Recurring Deposit account for a term of 1 year to less than 5 years is revised to 6.80% from the previous 6.70%. For the same tenure, the interest rates for senior citizens (w.e.f 28.11.2018) is revised to 7.30% from the previous 7.25%.

Current Recurring deposit table:

Table updated: 17 February 2019

Calculate rd maturity value

For 5 years and up to 10 years

The interest rates for public (w.e.f 28.11.2018) for Recurring Deposit account for a term of 5 years and up to 10 years is revised to 6.85% from the previous 685% whereas for the same tenure, the interest rates for senior citizens (w.e.f. 28.11.2018) is revised to 7.35% from the previous 7.35%.

Note: All the above interest rates are collected from the official SBI website by the Bank India team. SBI or State Bank of India reserves the right to change the applicable interest rates at any time, so you must check the latest interest rates at the source website given below.

Check term deposite rates in details: https://www.bankindia.org/fixed-deposit/sbi-fd-interest-rates