If you are thinking about some small savings, then open a Recurring Deposit (RD) is one of the best options for you. Now this facility of RD is available on maximum banks, so choosing of bank is very important because of its interest rate and also terms & conditions. Already you read my previous post on SBI e-RD but now you will get with more detail and updated process.
State Bank of India (SBI) is one of the best choices as the interest rate is very good and also a good previous record of refunding money in time. Now a days SBI is giving 5.40 % (Normal) & 6.20 % (Senior w.e.f.: 27.05.2020) per year on investing of amount more and equal to 1 year. Minimum amount of this RD is Rs. 100/-.
SBI Recurring Deposit Interest Rate w.e.f. 27.05.2020.
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Now what you have to do to open a Recurring Deposit on SBI.
- First of all, you should have a savings bank account in SBI, if not then you have to open a saving account in SBI.
- So, to open a saving account on SBI you should have the following documents like color passport size photograph, photo identity proof like voter card/driving license/passport etc. and address proof like voter card/pan card/driving license/electric bill/phone bill etc.
- After opening a saving account you have to apply for SBI Internet Banking if you want to open RD online which is called e-RD, otherwise it is not required for offline application.
- So, if you want to activate Internet Banking on SBI then you have to fill up an Internet Banking activation form. After filling up this form a kit will be given to you which contain a user id and a login password and a transaction password.
- Now you are eligible to open a RD online mean with SBI Internet Banking.
- To open a e-RD first go to www.onlinesbi.com then log on to Personal Banking.
- With your username & login password (given to you at the time of opening Internet Banking) you have to login to your home page.
- Then Go to Request Tab and on left side you will find e-RD, click on the link.
- First you have to choose the savings account from which your amount will be deducted and will be deposit on your RD account (It will be affected if more than one savings account on SBI otherwise it will be selected your saving account default) Now you have to fill the amount which you have to deposit monthly and the Tenure of Deposit mean the nos of days or month you want to continue your Recurring Deposit.
- Before click on submit option read the terms & condition and then accept it. Such process you have opened a e-RD.
- Now question is that from where the amount will be deducted for your recurring deposit. Answer is the saving account which you have opened in SBI.
- One thing you have to remember that you should have the amount monthly which amount you have put in your RD.
- Now for opening RD offline you have gone to nearest SBI branch and filled up a Recurring Deposit Opening form which will be supplied from bank, and supporting document like your saving account passbook, passport size color photograph etc. For more detail click here
Follow the screenshot below.
Terms & Conditions of Opening a Recurring Deposit on SBI(Updated)
- Monthly Rs. 100/- no maximum.
- Deposit in Multiple of Rs.10/-.
- Minimum period 12 months maximum 120 months.
- Rate of interest as applicable to Bank’s TDR / STDR for the period of the RD.
- Premature withdrawal allowed at 0.5% below the rate applicable for the period the deposit has remained with the Bank.
- Loan / Overdraft facility available against the balance in RD account.
- Penalty charges for non-Deposit of monthly installments.
- For a/c of period 5 years and less –Rs. 1.50 per Rs. 100/- per month.
- For a/c of period above 5 years- Rs. 2.00 per Rs. 100/- per month.
- No Cheque Book / ATM Card will be issued.
- Passbooks are issued.
- Nomination facility available.
Informative! Thanks
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i can;t found request tab.<br />kindly help me.<br />
Hi Hirdesh,<br />First login to sbi online and then found a tab named e-Fixed Deposit.After opening the tab you will found e-RD/e-SBI Flexi Deposit tab.There you have to chose e-RD.<br />Now follow as described in the post.
The instructions were very clear. But can the RD be transferred to any other SBI or SBH account? What will happen if I stop RD in the middle? Also what are the latest interest rates?
Mr. Palla Sridhar, you van not transfer your RD to any other SBI or SBH account.After closing the RD you can open a new on any branch.If you stop the RD you will got normal interest on certain amount till the day.I will update the latest interest rates.
rd account application form
Dear Vadivuraj ,I think you want to download recurring deposit opening form online.But Sorry to say that Recurring Deposit opening form is not available online.You have to visit to nearest SBI branch for same.You may open online.I think you already read the post.If any further help required please reply on same comment.
can i get passbook for new e-rd account…………………………….???????
No Passbook has been issued for e-RD account.You can download e-statement for same e-RD account.Please follow the steps a written.
1.First log in to http://www.onlinesbi.com 2.Then go to Account Statement on left side. 3.Select the RD account 4.Chose by Date or by Month and Click GO to download as PDF or Excel Format.
If Found any problem feel free to contact me at contact@financedunia.com
What is the monthly date for depositing e-rd ?
Dear Jaswant
In which date you will create e-RD that date will be your monthly deposit date.Suppose you open a e-RD on 7/5/2015 then 7th will be your deposit date for e-RD (Monthly). Your money will be debited automatically from your savings account monthly if you chose standing instruction option at the time of opening e-rd.
Dear Sir,
Actually, i want to open a e-RD account in SBI through Net-Banking and i also have been tried for this. But there shows error that RD account not created online for this product. please contact your Branch. Please sir suggest me what to do…..????????
Regards & Thanks
Dharmender Mahaur
Hi Dharmender,
Sorry for the problem. I am not able to understant your problem in short description. Kindly contact 1800 425 3800 toll free no of SBI or contact them through https://retail.onlinesbi.com/personal/contact_us.html.
They will defenitely solve your problem.
Haii..
I have my account in xxx branch in a location and im in another state right now..Can I open Recurring deposit for my xxx branch account from any branch of sbi near to me??
It can only possible from Internet Banking. First activate your internet banking and then apply for RD. Otherwise you have open RD only from the branch where your account is available.
Hi Thanks for reply..i have already net banking with my account…but not allowing me to do so..is it mandatory to visit my branch to deposit RD??
Hi Rajsekhar,
Kindly check whether your internet banking has transaction facility.If transaction facility available then there should be no problem to open RD.
Please contact 1800 425 3800 toll free no of SBI or contact them through https://retail.onlinesbi.com/personal/contact_us.html.
They will help you.
Hello Sir,
After maturity of RD how can i get my maturity amount if i open RD online. In case if it is not credited in may account then how can i get my money.
Hi Anushka,
Your maturity amount will not automatically credited to your saving account.You have to manually transfer it.It will be happen by just one click.
You can transfer it to your saving account only from which you will pay installment amount.
Hello Sir Again,
If it will not come to my Saving account then where will the money go ?? sorry I didnot get you… and another question sir what is the meaning of Do you want your nominees to be mapped in term deposit in e-RD ?
Hi Anushka,
No problem.I am telling again in detail.When your RD amount mature,amount will show as balance in your RD account.Now you have to transfer the amount from your RD account.There will be an option as transfer amount to saving account.You have to follow this.
Kindly read FAQ on https://www.onlinesbi.com/sbijava/osbi_eTDR_faq.html .For more detail please contact 1800 425 3800 toll free no of SBI or contact them through https://retail.onlinesbi.com/personal/contact_us.html.
How to transfer sbi online RD maturity amount to saving account?
Hi K.Lakshmi,
Today I have just seen that maturity amount will automatically transfered to your saving account on maturity date.So don’t worry.
How can I open RD account through netbanking
Hi Amarjeet,
Did you follow the steps written on the article http://www.financedunia.com/easy-steps-to-open-a-recurring-deposit-on-sbi/ ?
If you can not understand then kindly mail me at contact@financedunia.com .I will show you in detail.
can we use sbh savings account for e-rd.plz
Hi Naresh,
Sure,You can open an e-RD from your SBI Hyderabad Savings account.Total process will be from online banking of SBH.Fore more help kindly call SBH toll free no 18004254055 .
Dear sir,
I want to open RD Account in SBI through by net banking but when I apply & submitted all data & formalities online there are appear a window message ” Recurring Account cannot be created online for this product combination ”
please suggest me what to do ………????
Dear Mr. D Mahor
I am sorry for your problem.Kindly contact 1800 425 3800 toll free no of SBI or
through https://retail.onlinesbi.com/personal/contact_us.html.
I think you will be helpful from the links given.Feel free to contact me if problem not resolved.
dear sir
iam dinesh and i have sbi online banking,if I open net banking i dont find e-RD any where in my page i even tried in e-fixed deposit bt i cant find it, if I have Internet banking user name and password, and at least one transaction account mapped to the username.
“one transaction account mapped to the username” what does it mean.
Hi Dinesh,
I have updated the post with a screenshot for easy understand.Please check now or Click Here to View the screenshot.
Hi sir I know how to open online e-rd I have a doubt it’s manual pay or auto pay then after finished e-rd years amount will automatically credit or manual process. Reply soon tank you…
Hi Mano,
There should be no confusion on it.Choose auto pay.It will debit automatically from your savings account.
E-RD maturity amount will not credit automatically.But you can transfer with a single click.
Don’t worry total process is very simple.
Tanks u for fast replay. It was useful for me. tank u…
i want to open an e-rd in sbi.but my question is should i have to visit branch with documents?if yes..then please tell me the documents required
Hi Shubhranil,
First of you should have a savings account on the SBI.If already have an account then you need not required any documents to open an RD from branch (PAN will required if not submitted previously).You can also open from sbi online banking.
sir , I am Raghuveera my policy is money back policy 20yrs i take loan to this policy 8000/- one year back plse tell loan intrest details and plse tell this is money back policy can i will get bonus amount check to this year because i take loan thats my doubt plse tell thank u
Sir,
How could I register sbi reward points
It ask entered a card number I entered a card number it was invalid card number my card number was alpha numerical(ex: o123 60995678904 o867) is that eny problem for that or change my debit card…
Hi Mano
I understand your problem.But it should be clear to you that no debit card no should be alpha numaric ,it always be numaric only.So please check your debit card no before putting (you may visit to branch for their help).I think my comment will help you.
Ok thank u..
I had opened a SBI e-rd through internet banking . My first installment is already been deducted. But I did not printed out the summery sheet just after completion of opening of the e-RD account. I thought there would certainly be some options to print the RD summery sheet in later time. But I cant not find any way to print that sheet. Please help.
Hi Dibyajyoti,
You can easily take print of your e-RD summary and details also.Just open your RD account and click on “View e-RD details”.You can see an option with print.(Please check whether your browser pop up blocker unchecked) .You can also take bank statement of your RD account.This will help you to get all details.
I opened an E-RD on 2nd september 2015for a year..the amount was deducted at that time only…but i want to set my money deduction date to be 20th of each month.what should i do
Hi Pragya,
It is not possible to fix your installment date 20th of every month whether you have opened your RD on 2nd Sept,2015.Your monthly installment will deduct on 2nd of every month.Kindly contact your branch manager if anything can be done.
Dear Sir,
I need to invest money in RD for 12 months period.
I am having NRE SBT Account.
I need to know the interest rate & what is the diff between payback principal & interest and convert to STDR.
can I deposit diff amount at diff months are not.
like first month 10000, next month 20000 like that…..
Hi Murali,
Kindly contact on 18004257733 or 18004255566.They will definitely help you on the above matter.Bank personals only can answer you better.
At the day of maturity, do I have to close my e RD account? Or it will be closed automatically?…instead of paying by standing instuctions can I pay manually before the pay by date? I have opened a 5000 rupees e RD for 1 year…is 15G/15H form required to be submittes? At what limit above which TDS will be deducted?
Hi Rajesh,
Sorry for late reply.No you need not require to close RD account it will close automatically but you have to trnsfered money to your saving account manually by just a single click.No you can not pay manually.It totally depends on your interest amount on maturity.If tax deducted from the interest amount then you need to file 15G/15H to get return of money.
HI, I WANT TO OPEN RD FOR MY BABY, CAN U PLS TELL ME WHAT IS THE PROSESS,AND WERE I GET THE FORM , CAN I APPLY ONLINE.
Hi Savita,
You need to submit Date of Birth proof of your child and KYC of You to open a RD in name of your baby.
Hi,
I have opened sbhflexi deposit
but I dont have pan card.
will it be a problem.
Hi Bharath,
It may be create problem at the time of withdrawl of money.So submit xerox copy of PAN card in bank to avoid unwanted problem.
Hi I have opened an e-RD account and the monthly installment has been already deducted from my savings account i.e on 12/10/2015 so when I have to pay the next installment as I didn’t get the standing instructions option in while opening the account. Can I pay my installment amount manually every month? Or it will deducted automatically on 12th of every month.
Thanks
Hi Indrasen,
Your monthly installment amount will deduct from your linked savings account on 12th of every month.You no need to create any extra SI.
How can i create acc in sbi. I am having 1current add proof ration card. And i am having photo identity proof with my parent address
Hi Sriram
To open an account in any bank including SBI you need
1.An address proof (Example- Voter Card,Driving License,Aadhar Card etc.)
2.A photo identity proof like Voter Card,Driving License,Aadhar Card etc.
3.PAN Card
4.Color Passport Size Photo (Two Copy or more)
all those are enough for opening a SB Account in SBI as well as other banks also.
Sir,
Suppose I have opened an recurring deposit account offline. Can I submit the monthly amount online through net banking?
Hi Rajatsubhra,
Yes you can send money monthly to your RD account but don’t miss the installment date otherwise Bank make charge penalty.
I have Opened RD- Account online, First installment has been debited automatically but that 2nd installment has not been debited even after 10 days of pay date . Do i need to pay installment manually?
Please contact your local branch why installment has not deducted automatically.Otherwise you may do it manually by make an installment.
I have opened RD account from net banking last year and my maturity date is 23/1/16 . How can I get the amount after maturity ?
Your maturity amount will be credited to your main account automatically on maturity date.
i have create e-rd account but i cannot view my e-rd account.
Please check it on front page your RD will be viewable to you.If not showing then kindly contact with SBI on 1800118005 .They will help you.
The amount is also not deducted.Is the amount deducted next month.
I think RD account was not cterated succefully.Can you view your RD account?Please contact me on contact@financedunia.com for more help.
Hai Sir,
Is it possible to start multiple RD in SBI,i have already one account
You may surely open another RD account.There would not be any problem on opening another RD account.
when will be the deducted the installment amount from my account,i have started my RD account on 12th of this month,Suppose cash is not there in my account for 5 days,i may put the cash back to my account after 5 days,then what will the procedure,whether my RD account will get cancel or they may deduct the fine ,can u explain ?
Your money will deduct on 12th of each month.If money not avl. for 5 days then bank will charge penalty.Try to make money on 12th on each month other wise you may have to transfer money manually.
If i don’t submit my RD deposit in a month can I submit it next month with that month RD amount, do I will be charge some penalty over it??? Please clarify it???
Bank will charge penalty for the same or they may close your RD with normal savings interest rate if delay continue regularly.
What is the set standing instruction in sbi, Just i finished my RD account and after coming new window set SI ,I click and confirmed.What is this means,Its good or bad,
Standing Instruction mean you are instructing your bank to deduct your RD installment money automatically on the installment day of every month.There is no good or bad.It is required to submit installment money.
While opening RD Account what i need to select as maturity instruction:
Payback Principal and Interest
Convert to STDR
No need to convert to STDR.
So that means, if i select Payback Principal and interest, amount after completion of maturity will automatically credited into my account?
So that means, if i select Payback Principal and interest, amount after completion of maturity will automatically credited into my account?
Hi Srikanta, Kudos for the well written article. It clearly describes everything a new e-RD opener needs to know. I have planned to open an e-RD. But within some days I need to take a home loan against the same savings bank account which I need to connect to the e-RD. I have this only savings bank account in SBI. Can I get the same amount of loan, which I would have got without the e-RD.? If possible please reply soon. Thanks again for your valuable tips.
Hi Srikanta,
I would like to get your answer for following queries: (1) Can I try e-RD for few months (say 6 months) for Rs. 5,000 per month and later (say after 3 months) upgrade to Rs. 10,000?; (2) Can I upgrade for longer period than initially selected and does it have any benefit doing so?; (3) I am also curious about multiple e-RD, Can you tell us more about it?
**Please note your step by step clarification has helped me understand e-RD better and do continue with your well informed posts.
hello sir whilw iam do RD ,it is sying Sorry Unable tp process..
So because of this iam unable to do RD..So please send me what can i do for that problem
Is the amount is automatically debited from saving account for rd in sbi or w need to transfer every month
Automatically debited.
when it will be debited
It will debited monthly.On same date each month on which you will open the RD.
But on that day the amount not debit from my account so only i ask
I think you have not selected the standing instruction option during creation of Recurring Deposit.
Now what i do
Suggest you to contract local SBI branch or call on their toll free number.
Setting standing instruction option when we are opening eRD seems to have stopped by SBI recently. We need to set the standing instruction manually after opening the account. I opened an eRD today and did the same. Please check it and do update.
SIR I OPEN RD IN SBI MONTHLY FOR 1 YEAR BUT THEY CANNOT GIVE ME ANY KIND OF PROOF LIKE RECEIPT AND FORM,SO SIR PLEASE GIVE ME A SUITABLE INFORMATION ABOUT RD OF 1 YEAR.I AM WAITING FOR UR REPLY.
Have you opened it from SBI branch or online?If you have opened it from branch then they will provide you an passbook separately for RD account.If you have opened it online then the RD account will show in your welcome page.
sir I opened RD manually from my branch and ticked the option ( in the manual form) to debit RD installment from my SB account of the same branch, on this they have debited Standing instruction charges, is it correct. is any such charges deductible if the fund is transferred from one’s saving account to RD account of the same branch.
Reply.
Bank should not deduct any such amount for depositing money to own RD from own S/A.You may check that is they deducted money for late deposit.SBI charge for late deposit of monthly installment.Know more https://www.onlinesbi.com/sbijava/osbi_e-RD_faq.html .
Kindly contact your branch or on their toll free no for clear clarification. Toll free nos are 18004257733 or 18004255566.
SIR, Payback Principal and Interest what the mean that in RD
Payback Principal mean the principal amount you are depositing monthly and interest which is paying against the deposited amount .Now it will show in your RD account separately.
Payback Principal and Interest MEANING WHAT
I opened an RD offline with SBI with debit date starting from 6.5.2014 for two years @4000 p.m. It is seen that the Bank has automatically credited the maturity amount only on 9.9.2016 i.e. after 4 months of expiry of maturity date and thereby I had a loss of interest on maturity value of around One lakh for more than 5 months. The very purpose of starting RD was to get a better interest than the SB interest. But in my case I have lost even SB interest for 5 months on an amount of more than one Lakh Rupees. Kindly advice, whether I have the right for the interest on the maturity amount from the maturity date to the date of credit to my SB account.
On my practical view I have seen that in SBI you have to manually transfer your maturity amount to your linked saving account.So I think for you case money have been transferred to your saving account automatically after 4 month when they have seen you are not transferring money from matured RD account to saving account.However I will suggest you to talk to your branch manager of nearest branch on the issue.They will better guide you.
On my practical view I have seen that in SBI you have to manually transfer your maturity amount to your linked saving account.So I think for your case money have been transferred to your saving account automatically after 4 month when they have seen you are not transferring money from matured RD account to saving account.However I will suggest you to talk to your branch manager of nearest branch on the issue.They will better guide you.
I am not able to open eFlex-Deposit, previously I have opened 2 flexi fds..Now hen i tried getting the message “e-SBI Flexi Deposit cannot be opened online for the selected account type.Please contact your branch.”.
So it will be better to talk to bank personnel or call on SBI toll free number 18004257733 or 18004255566 .
Hey, I wanna do a Rd online in SBI. I have a savings account and activated internet banking. So it says like “Kindly visit your SBI branch with your PAN card (original & copy) to get the same updated on the bank records”. My account is in Jamshedpur and now am working in Bangalore. So can i update it later or i have to it immediately?
After updating the same you will be able to create RD online.So I think you should do it at earliest to avail the online facility.You may talk to them on their toll free number 18004257733 or 18004255566 . regarding this.
Opened an e-RD account. I opened it on 2nd of jan and my first installment get deducted automatically. I want to set Standing instruction to pay periodically the amount.
Your amount will be automatically deduct from your account ,there is nothing to do.
Thanks for the quick response, I am wondering, what Standing instruction is used for then. I read in the details that for automatically deduction I need to set it (periodic deduction). Can you please clear that.
Hi sir
How many e -rd accounts can be opened in sbi at a time?
I have no specific knowledge about it but I was opened 3 RD account in a month.Please contact their toll free customer care number 18004257733 or 18004255566.
Hi,
I started a RD account in SBI on 17 April 2017. And the first installment amount is already deducted. So in the coming months will it be deducted on the same day i.e 17th of every month..? or Is there any way to change it to the starting of the month..? what exactly is the use of Standing Instructions..? can u please provide more insight to this.
No need to make any SI just wait it will automatically deduct money from your linked saving account.
How can i change the date if deduction of money ??
It can not be changed.
when i am try to open a e-rd account a error message shown that “resently e-RD is not available for selected debit account type. Inconvenience caused is deeply regretted” ……what can i do…..
Have you activated transaction facility in your SBI net banking?Please check.It may cause this type of massage.
Dear Sir,
Actually, i want to open a e-RD account in SBI through Net-Banking and i also have been tried for this. But there shows error that PAN IS INVALID FOR YOUR ACCOUNT. please contact your Branch. Please sir suggest me what to do…..????????
Regards & Thanks
Have you checked if you are putting wrong PAN Number or not?
Hello,
I have opened the RD account,not willing to see the account details which i created…
what is the solution for this?
and one more query is not debited the amount from savings…
could you please help me out of this?
Thanks!
Hi,
Do you want to close the RD or you are not able to view the RD account details?Please clarify.
If amount is not debiting automatically then you need to create a standing instruction.
Please reply for more quarry.
can i open RD account without Saving account?