- In case of SBI annuity deposit scheme, the rate of interest is same as applicable to the fixed deposit (FD) account of the term opted by the person India’s top entrepreneurial platform recognises the best SMEs, MSMEs and Startups of the year. Watch Leaders of Tomorrow Season 8 eAwards on 13th of.
- SBI RD Calculator. Most people opt for recurring deposits to earn something extra on their savings. The maturity amount on your RD depends on various factors such as the deposit amount, the rate of interest, tenure of the RD, TDS, and other such factors.
SBI FD Online – State Bank of India is India’s largest public sector bank. SBI FD is one of the most preferred, popular, and safe investment options. SBI FD’s are offered with an interest rate of 2.9% to 6.2%. SBI fixed deposit can be purchased offline as well as online. You just required a net banking facility to open SBI fixed deposit online. You can also renew or close fixed deposit online.
SBI Fixed deposit key features
SBI Bank RD (Recurring Deposit) Interest Rates 2021 Updated on February 25, 2021, 10657 views. Recurring deposit scheme offered by the SBI Bank provides an opportunity to build-up saving through regular monthly deposits of fixed sum over a period of time. The rate of interest as applicable to the SBI annuity scheme is the same as SBI FD. (Mint) SBI annuity scheme vs fixed deposit vs recurring deposit: Investment cheat sheet.
- SBI Fixed deposit interest rate payment is monthly, quarterly, or maturity basis as per your requirement.
- The rate of interest applicable is different based on duration and amount of FD.
- A higher interest rate applies to the senior citizen.
- Deposit tenure is 7 days to 10 years.
- The minimum deposit amount is Rs.1000. No limit on the maximum amount.
- The nomination facility is available on the fixed deposit.
- Premature withdrawal can be done by paying a penalty.
- TDS is applicable if form 15G or 15H is not submitted.
- Automatic renewal is done in case instruction for closure is not given.
SBI FD Options
SBI Term Deposit
SBI Term Deposit is also known as normal fixed deposit. This type of deposit is opened for a specific term. Term deposit offers guaranteed returns, choice of interest payout & liquidity. The tenure of this deposit is from 7 days to 10 days. Interest payout is monthly, quarterly, half-yearly and yearly.
Do not miss below posts -
SBI Tax Saving FD
The fixed deposit that is used for saving tax is known as Tax Saving FD. The rate of interest applicable to SBI Tax Saving FD is same as that of term deposit. The lock-in period for tax saving FD is 5 years. The amount is payable only at the time of maturity.
SBI Recurring Deposit
A recurring deposit is one that allows investor to invest fixed sum over a period of time. The minimum period is 12 months and the maximum period is 120 months. The minimum deposit amount is Rs.100 per month.
SBI FD reinvestment scheme
SBI FD reinvestment scheme is a scheme where interest earned is reinvested in the fixed deposit again to generate appreciation. The maturity duration is 6 months to 10 years. If you are not in need of money for long term you can opt for a reinvestment scheme.
Who can open SBI FD?
The eligibility criteria to open SBI FD is given below.
- The depositor must be an Indian resident
- NRI are also eligible to open NRE fixed deposit
- Partnership firm and HUF
SBI FD Interest Rates 2021
Domestic term deposit interest rate below 2 Cr.
| Tenors | Revised Rates For Public w.e.f. 08.01.2021 | Revised Rates for Senior Citizens w.e.f. 08.01.2021 |
| 7 days to 45 days | 2.90% | 3.40% |
| 46 days to 179 days | 3.90% | 4.40% |
| 180 days to 210 days | 4.40% | 4.90% |
| 211 days to less than 1 year | 4.40% | 4.90% |
| 1 year to less than 2 year | 5.00% | 5.50% |
| 2 years to less than 3 years | 5.10% | 5.60% |
| 3 years to less than 5 years | 5.30% | 5.80% |
| 5 years and up to 10 years | 5.40% | 6.20% |
How to open SBI FD Online?
Step by step method to open SBI FD online is given below.
- Visit SBI net banking website and login via net banking user name and password.
- Under fixed deposit section you will find e-TDR/e-STDR (FD). Click on that option to proceed. TDR stands for term deposit and STDR stands for Special Term Deposit.
- Select the appropriate option and click on Proceed. You will be able to see multiple bank accounts that you have with SBI.
- You need to select the account from which the money needs to be debited.
- Now enter the fixed deposit principal amount in the amount column.
- Select the tenure of the deposit. You have options to select days, years, months, days or maturity date.
- Now choose the maturity instruction on your tem deposit. Click on the terms and condition and press submit button.
- Your Fixed deposit will be generated with complete details such as name, tenure, principal amount, maturity amount. You need to press OK button.
- You can note down the transaction number for the future reference. The on screen PDF can be downloaded.
You will need documents such as identity proof – Aadhaar card, Passport, PAN card, passport size photos. Bank will also ask for resident proof, age proof and income proof for opening for fixed deposit.
Post Office Recurring Deposit (PORD) Scheme is a systematic savings plan, where you can deposit your money for a definite time period and earn interest on that. You need to invest an equal amount of sum for a minimum period of 60 months. 5 years post office recurring deposit scheme allows you to earn fixed yet guaranteed interest on your investment.
Though banks also offer recurring deposit accounts, however, Post Office RD is a more popular saving tool in rural and suburban areas. The interest is compounded quarterly in a PORD account. As a result, you get a higher interest rate compared to many other small savings schemes.
In this article I will discuss about everything about Post Office RD like:
- Post Office RD Interest Rate
- Where Can You Open an Account
- How to Open an RD in Post Office
- Important Features
- Online Payment Rules
- Minimum and Maximum Deposit Limit
Post Office RD Interest Rate 2021
Post Office 5 year recurring deposit account (PORD) offers an interest rate of 7.3% per annum. The interest is compounded quarterly, consequently, giving a rate of 8.4% compounding quarterly. As a result, you can rest assured that the money is multiplied at the time of maturity.
The interest rates are fixed periodically. Therefore, make sure to check the current interest rate of post office recurring deposit, before opening an account.
Where Can You Open an Account?
You can open the account in any of your nearest/ preferred post office.
Documents Required for Post Office Recurring Deposit
The needed documents for opening an account are:
- An account opening form from your nearest post office
- Two passport size photographs
- Address and identity proof such as the Aadhaar card, passport, driving license, voter ID card, ration card, PAN card, or declaration in Form 60 or 61 as per the Income Tax Act, 1961
How to Open an RD in Post Office?
First of all, collect the documents mentioned above.
Also, carry the original identity proof for verification at the time of account opening. Fill up the form carefully and provide nominee details. Finally, get a witness signature and complete the procedure to get started.
Post Office Recurring Deposit Features
- An account can be opened by cash only.
- One account can be opened in one post office.
- To keep the account active, it is necessary to have at least one transaction (either deposit or withdrawal) in three financial years.
- You have the option to convert a Single account into a Joint and Vice Versa.
- Two or three adults can open a Joint account together.
- Cheque facility can be taken in an existing account also.
- Nomination facility is available at the time of opening and also after opening of the account.
- You can transfer your RD account from one post office to another.
- The account can be opened in the name of a minor. Also, a minor of 10 years and above can open and operate the account.
- Minors need to apply for conversion of the account in his/ her name after attaining a majority.
- Customers are allowed to deposit and withdraw through any electronic mode in CBS Post offices.
Also Check: Post Office Monthly Income Scheme (MIS): Interest Rates 2021, Maturity Calculator, Premature Withdrawal Rules
Post Office Recurring Deposit Tax Benefit
Recurring Deposit schemes are not eligible for tax exemption.
Post Office Recurring Deposit (RD) Online Payment
Post office RD online payment is not yet possible except through Electronic Clearing Service (ECS). Hence, you can use ECS to pay the amount. Furthermore, if you have an agent, he or she can use the post office agent portal and do the online payment for you.
Minimum and Maximum Deposit in Post Office RD Account
The minimum amount to deposit in Post Office RD is Rs.10 and it should be in multiples of Rs.5, afterward.
No such maximum limit specified, as of now.
FAQs on Post Office RD
Can I open post office recurring deposit online?
No, this facility is not yet available. Therefore, you need to open an account in the post office itself.
What is the maturity value of post office RD?
The maturity period is of 5 years where you need to deposit 60 installments of equal monthly sums. You can use the post office recurring deposit maturity calculator to calculate the maturity amount.
What is the tenure of post office recurring deposit premature closure?
Premature closure is permissible after expiry of three years. Furthermore, the interest rate applicable to post office savings account shall be payable in this case.
Is post office RD premature withdrawal possible?
Premature withdrawal of recurring deposits in the post office is possible after 3 years. Also, one withdrawal of 50% of the balance is allowed after one year.
What are the late payment fees?
Monthly deposit amounts can be credited on any day of the month. Due to any reason, if the monthly installment is not credited for any particular month, then it will be considered as a default. The amounts for that month can be credited with a penalty of 0.20 paise for Rs. 10/- (for each month of default). And, a maximum of 4 defaults is allowed.
Sbi Recurring Deposit Interest Rate Calculator
Hope you will find the article useful. Please feel free to share your queries and experiences, if any. Also, don’t forget to share this article with your friends who might want to open an account under the Post Office Recurring Deposit scheme.