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The largest bank in the country, State Bank of India (SBI) offers many other investment options along with savings account. One of these is SBI RD. Recurring Deposit is a product that gives an individual the opportunity to save through regular monthly deposits of a fixed amount over a period of time. This is an investment option in which the interest rate is not reduced. If you start investing in SBI RD today, then the current rate of interest (SBI RD interest rate 2020) will remain for the entire investment period. This also reduces the interest rates of SBI, so you will not be affected. If you have a savings account with SBI, you can avail SBI RD scheme.
These are the special things about SBI RD
1. The period of deposit in SBI RD is minimum 12 months and maximum 120 months.
2. SBI RD investment option is available in all branches of the bank.
3. Minimum Rs 100 per month can be deposited in SBI RD.
4. There is no limit on the maximum deposit amount in SBI RD.
5. There is a fee for not depositing EMI. An account with a maturity period of five years or less charges Rs 1.50 per month at Rs 100. At the same time, Rs 2 is charged at Rs 100 per month for an account with a maturity period of more than five years.
6. If six consecutive installments do not come, then the account is closed before maturity and the deposit amount is paid to the account holder.
7. Nomination facility is available in SBI RD.
8. Universal passbook is issued in SBI RD.
9. Transfer between bank branches of SBI RD is allowed.
10. The interest rates in SBI RD are the same as the interest rates applicable to term deposits.
10. In SBI RD, SBI staff and SBI pensioners are provided one percent higher interest rate than the applicable rate.
11. In SBI RD, people above 60 years of age ie Senior Citizens are given an additional interest rate of 0.50% over the applicable rate.
Rate of interest
According to the SBI website, the bank is offering an interest rate of 5.1 per cent on FDs of one to two years duration. The bank is offering 5.3 percent interest on FDs of three to five years duration and 5.4 percent on FDs of five to 10 years duration.
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