SBI FD calculator online - Calculate SBI FD Interest rate using SBI Fixed Deposit calculator 2021. Check SBI FD rate of interest and calculate FD final amount via SBI FD Calculator on The Economic Times.

Open Recurring Deposit in SBI : State Bank of India is undoubtedly the best bank in India providing a lot of banking products for its customers. If you have want to save some amount on a monthly basis, it is a good idea to get a SBI Recurring Deposit Account. On the Recurring Deposit Amount, you will be getting a fixed rate of interest from the Bank, depending upon the Monthly Deposit Amount and Period of Recurring Deposit. However, the interest will be taxable. When you open a Bank Account in SBI, you can open a recurring deposit account as well. Even at a later stage if you are planning to open RD in SBI, you can get it. In this Article we will tell you the procedure to open recurring deposit in SBI. Don’t forget read one of our previous articles on how to open Fixed Deposit in SBI.

1. STATE BANK OF INDIA RD calculator online - Calculate STATE BANK OF INDIA RD Interest rate using STATE BANK OF INDIA Recurring Deposit calculator 2021. Check STATE BANK OF INDIA RD rate of interest and calculate RD final amount via STATE BANK OF INDIA RD Calculator on The Economic Times.
2. Recurring Deposits is a systematic investment plan (SIP) to build an accumulated savings fund for achieving one’s financial goals. It is meant for those who wish to invest a specific chosen amount of money on a monthly basis for a fixed rate of return. The first deposit made at the time of opening will be the denomination of the account.

Recurring Deposit is considered to be a safer and convenient investment option as compared to other investments like shares or the mutual funds. Opening a recurring deposit account in SBI is a quick and easy process. What you have to do is to just deposit the first instalment of the Recurring Deposit and enjoy interest in the specified period.

In this Article, we will tell you how to :

Sbi Recurring Deposit Interest Rates

• Open Recurring Deposit in SBI Online through Internet Banking
• Open Recurring Deposit in SBI by Branch Visit

How to Open a Recurring Deposit in SBI ?

Before we tell you the complete procedure to open Recurring Deposit in SBI, let us tell you what is a Recurring Deposit.

What is a Recurring Deposit ?

Recurring Deposit is a type of Term Deposit which is offered by all the banks in India which needs the account holder to deposit a fixed amount every month into their Recurring Deposit account and earn interest on it.

How to Open Recurring Deposit in SBI Online ?

In order to open a Recurring deposit in SBI Online, you need to follow the step by step procedure given below :

Sbi Recurring Deposit Interest Rates 2021

1)Login to Online SBI Account using your Internet Banking Username and Password.

2) Select on the E-Fixed Deposit option on the Top Menu. Once you click on the E-Fixed Deposit Tab, you will reach another page.3) Click on e-RD / e-SBI Flexi Deposit option on the left sidebar.

4) Select e-RD (Recurring Deposit) radio button and click on Proceed.

5) Enter the Amount of which you want to open the Recurring Deposit & Scroll down.

Note : Senior Citizens must click on the box which says ‘Senior Citizen’. Kindly note that Senior Citizens get higher Interest Rates.

6) Select the Tenure of Deposit i.e., Select the Number of Years & Months for which you want to open the Recurring Deposit Account in SBI.

Select from the Maturity Instruction for your RD Account dropdown :

• Payback Principal and Interest : Select this Option if you want to receive the Principal and Interest at the time of Maturity of your recurring deposit account, or
• Convert to STDR : Select this Option if you convert the Principal+Interest into a Fixed Deposit at the time of Maturity of your recurring deposit account.

Once you select one of the Maturity Instructions, tick mark on the box corresponding to ‘I Accept the terms and Conditions’ and click Submit button.

Note : RD Account in SBI can be opened only between 8:00 am to 8:00 pm on all working days, otherwise it will be scheduled for next working day. Your SBI recurring deposit account will be mapped to the Net Banking account.

You will be notified at the time when your Recurring Deposit is going to mature. This is done so that you can take necessary action for it.

These are the complete steps to open Recurring Deposit in SBI Online. Let us now know about the process to open SBI RD by Branch Visit.

Also Read :: How to Open Demat Account in SBI Online ?

How to Open Recurring Deposit in SBI by Branch Visit ?

In order to open a Recurring Deposit in SBI by Branch Visit, you need to follow the step by step procedure given below :

1) Visit the SBI Branch in which you want to open your Recurring Deposit Account.

2) Collect the SBI Recurring Deposit Account Opening Form from the Accounts Executive.

3) Fill up the Recurring Deposit Form carefully, re-check the filled up form and put your signature wherever needed.

4) Submit the self attested Copy of your Address Proof and PAN Card along with theRD Form to the Accounts Executive.

5) Once your RD Form and Documents are verified, you will need to deposit the first Instalment of your Recurring Deposit through the Cash Deposit Window.

6) Finally, your SBI Recurring Deposit Account will be opened and you will be given your RD Account Number and related documents(if any).

These are the the complete steps to open Recurring Deposit in SBI by visiting SBI Branch.

Final Words :

You might have noticed that opening a Recurring Deposit in SBI is quite an easy process and does not take much time. Although both online and offline processes are simple, but it all depends upon your convenience which one you want to use. If you have SBI Internet Banking Account, you can easily open a Recurring Deposit in SBI in not more than 4-5 minutes.

READ ALSO :

Savings, Savings and Savings is what we all think for when we look at our monthly expenses. When we see how much we have spent in the whole month and we are running out of savings then we think of opting in into some investment instruments which will help us to save some money. Recurring deposit is one of the investment instrument which will help you save money every month in a systematic way, there are many other investment instruments about which you can think of investing your money in Public Provident Fund, (PPF) Fixed Deposit (FD) etc.

It’s your choice you can invest your money in any of the invest instrument which you think can benefit you. There are many advantages and disadvantages of all the investment schemes but it is we who have to choose to the right one for us. We all have a saving bank account in which we get our salary but we don’t like to keep our money in our SB account. Because we don’t get enough interest on the money we keep in our saving bank, like State Bank of India which is one of the biggest and most trusted bank in India they give 4% interest on saving bank account per annum.

I am not telling that we don’t get more interest rates on Saving bank accounts, there are some banks which are playing very good when it comes to offering interest on saving bank account. Recently I was reading some stuff to know more about the interest rates we get on various investment options I came across RBL Bank’s Advantage account in which you will get 7.1% Per annum along with some amazing features of debit and credit cards.

I am not aware of the terms and conditions of this Advantage account, but you can read more about that on their official website. I have mentioned in the starting part of this article that every investment option or instrument has it’s own advantages and disadvantages so I have mentioned them below.

You can read about the banks who offer highest interest rates on saving bank accounts by following this link. And when it comes to saving bank account there are many hidden charges in saving bank accounts, if you wish you can read them by following this link.

Contents

Advantages of Recuring Deposits:

First, let us check out the advantages which you will get if you open an RD account and invest in that account.

• When you invest in RD account then returns are fixed and with high-interest rates when compared to savings bank accounts.
• With RD accounts you can invest systematically like if you want to buy a car next year you can invest money for your car in this account and you will get the maturity amount at the time of buying a car.
• Even recurring deposits offer fixed interest rates but the interest rates do not fluctuate like it does in Fixed deposits, it says fixed interest.
• There will be no TDS applied on the interest earned, after maturity, the full amount + full interest earned will be deposited into your account.
• When you open any of the banks which offer recurring deposit accounts in India then your RD account will be linked with your saving bank account. You can easily transfer money from your SB account to RD account every month, there is no need to visit bank branch every month.

Disadvantages of Recurring Deposits:

So now check out the disadvantages.

• These accounts are not like your simple SB accounts where you can deposit or withdraw money as you wish. The money can be withdrawn only after maturity.
• When you are opening an RD Account in India the bank will ask you the amount which you will be depositing in your Recurring deposit account every month. That amount is fixed and can’t be changed.
• There are many other investment plans which offer better interest rates when compared to RD Accounts.

So these were the advantages and disadvantages of RD, now let me tell you what is the difference between Fixed Deposit (FD) and Recurring Deposit (RD) after that I will tell you the complete procedure which you need to follow to open a recurring deposit in SBI Online.

What is the difference between Fixed Deposit and Recurring Deposit?

Now both of these are investment options which help us to save some money and along with that, we get interest on the money we keep in Fixed Deposit or Recurring deposit. If you invest in both you will get fixed income with zero risks which means your investment is not in any kind of risks, you will get the returns for sure soon after your FD or RD’s tenure gets over.

Let us discuss the differences between these two now while in Fixed deposits the interest rate fluctuates but in Recurring deposit the interest rate will not fluctuate it will stay constantly the same. In FD you have to invest a big amount of money at once for example if you want to open an FD of Rs. 2 Lakh then you have to get that amount of money ready at once. And in the case of RD you can invest monthly in it there is no need to arrange the big amount of money at once.

And in the case of RD you can invest monthly in it there is no need to arrange the big amount of money at once. These are the few points which make difference between these two investment options.

Step by Step Procedure to Open Recurring Deposit in SBI Online

So now let us get started with this guide and check out the procedure to open recurring deposit in SBI Online. Basically, to open a State Bank of India RD the account holder or customer have to visit onlinesbi.com (official bank website) and login into their internet banking account and click on e-Fixed deposit tab.

Before we proceed to the further part of this article let me tell you that you should have an active internet banking account to open recurring deposit in SBI Online. If you have an active internet banking account then you can proceed to the further part of this guide but in case you have not activated your it yet then you can get it activated by following the steps mentioned below.

Activating Internet Banking in SBI.

• First of all, you need to visit SBI online and click on New User Registration.
• When you click on that you will be redirected to a new webpage in which you will be asked to enter your account number, registered mobile number, Account CIF number etc. fill everything and choose the country as India.
• Now click on Submit, once you click on submit you will receive OTP (one-time password) to your registered mobile number. Enter that mobile number there and you will be asked to create a username, login password, and profile password.
• Create them all and you are done with it.

Procedure to open Recurring deposit in SBI Online:

Now let us move to the further part of this guide and open an RD for you in SBI Online through internet banking.

1. The first thing you have to do is opening Onlinesbi.com and click on Login under personal banking section of the page.
   
2. Now you will get space to enter your username and password, enter them and click on Login again. You can refer the image which is embedded below.
3. Once you enter your username, password, and successfully login into your internet banking account you will see the homepage of SBI Net banking.
4. Now click on e-Fixed Deposit which you will find in the upper menu of your Net banking interface, you can refer the image embedded below.
   
5. After that click on e-RD / e-SBI Flexi Deposit which you will find in the left sidebar of your internet banking interface.
   
6. You will get two options on your screen now, click on e-RD (Recurring Deposit) and click on Proceed button.
7. You will be asked to select the account number from which you wish to debit the amount every month, you have to select this only when you have multiple accounts in SBI. But if you have only one account then there is no need to select the account it will be selected by default.
8. Enter the amount of which you want to open the RD.
9. If you are a senior citizen then tick mark it.
10. Now comes the tenure selection of the recurring deposit, you can select the tenure or period of RD in years or months.
11. And finally, you have to select maturity instruction for your RD account.
12. Read all the terms and conditions carefully, you can read the terms and conditions by following this link too. Once you read them all carefully click on Submit.

So this was the online procedure to open Recurring Deposit in SBI Online through internet banking.

You can check the SBI Recurring Deposit Rates by following this link.

Before opening RD in SBI consider reading this table below to know the RD rates of different banks in India, which will be beneficial for you and will help you get more interest on your money.

We have tried our best to keep this table to updated with the latest interest rates as on 3 January 2017 but we strongly recommend you to get this verified with the respective bank and if you find any outdated data in this table please let us know about it by commenting below.

We hope you have understood all the steps which are involved in opening recurring deposit in SBI Online, if in case you have any kind of doubts then you can leave your comment below we will respond to your comment as soon as possible to us. You can also get your doubts cleared by calling State Bank of India customer care at their toll-free number 1800 425 3800.