SBI Recurring Deposit – Check information about SBI RD Interest Rates, SBI RD, SBI Recurring Deposit Rates, SBI Deposit, Schemes, Details, Eligibility.
SBI offers many benefits to the customers. Being the largest bank in India, it takes the privilege of providing deposit schemes. One of the famous deposit scheme is RD (Recurring deposit) under SBI details of which is given below.
KEY FEATURES OF RD
- Monthly deposit of Rs. 100 (Minimum) & thereafter in multiples of Rs. 10.
- No maximum limit of deposit.
- Rate of interest as applicable to bank’s TDR / STDR depending on the period of Recurring deposit.
- Loan upto 90% against the RD account balance facility available.
- Pre – mature withdrawal is allowed.
- Passbooks are issued under RD.
- To have a savings account with SBI is a minimum requirement for opening RD account.
- No TDS (Tax Deducted at Source) is applicable.
- Anyone with Indian citizenship can apply.
- NRI can apply too.
PENALTY ON NON – DEPOSIT OF MONTHLY INSTALLMENTS
- For RD account of period 5 years and less – Rs. 1.50 will be deducted at Rs. 100 per month.
- For RD account of period above 5 years – Rs. 2.00 will be deducted at Rs.100 per month.
Minimum tenure period for SBI RD account is 1 year upto 10 year.
SBI Recurring Deposit Interest Rates
|Above 1 year to 455 days||6.50||7.00|
|456 days to less than 2 years||6.50||7.00|
|2 years to less than 3 years||6.25||6.75|
|3 years to less than 5 years||6.25||6.75|
|5 years to 10 years||6.25||6.75|