Something you may need to know about SBI Recurring Deposit

Something you may need to know about SBI Recurring Deposit

In India there are two types of deposits accounts are familiar as they are fixed deposit and recurring deposit. Here we are going to discuss about the things which are associated with the recurring deposit. The following things we must know when we go for recurring deposit in SBI bank.
Opening RD through Internet banking
Just login to SBI Internet banking with your user name and password, and at least one transaction account mapped to the username. Then you can open RD.

Minimum and Maximum tenure for RD in SBI
The period of deposit shall be minimum of 1 year and maximum of 10 years.
Interest rates for a recurring deposit in SBI
The interest rates vary from time to time. You can view the latest interest rates from your SBI online banking or contact your nearest branch manager.

Calculating maturity amount for Recurring Deposit
The maturity amount is based on the installment, tenure & type of account selected by you. You may calculate the maturity amount, maturity date and rate of interest, without opening e-RD by using Recurring Deposit Calculator for various mature amount, interest rate and tenure

Minimum amount for recurring deposit account
The minimum amount of monthly installment is Rs. 100. This may vary in future.

Requirement for Map your SBI account to debit an amount for the Deposit
To map your SBI account to debit an amount for deposit you should have the valid transactional Internet banking account that should not be stopped / dormant / locked account.
Is it possible to open RD account in others name(s)?
No, the account should be open with your name, for more details contact your branch manager.

Is it possible to transfer my maturity amount to any of my account?
No, maturity amount will be transferred only to the debit account from which the first was funded.
Adding nominees in Recurring Deposit account
While opening an RD, you will be provided with an option to retain the nominee(s) for recurring deposit account as in debit account from which it is funded.

Closing RD account online
To close your RD account through online "Close A/c" tab under e-RD, which are created through e-RD only otherwise you can't close it through online.

Penalty for default in installment payment
If you fail to deposit the amount for three months consecutively, the penalty of Rs 10/- will be applicable. The penalty of Rs 1.5 and Rs. 2/- for every Rs. 100/- per month will be applicable for failure installments for less than five years and more than five years respectively.

Interest on overdue account
Once your RD account matures, it is automatically converted into overdue a/c and SBI will not pay interest for overdue account

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