SBI Recurring Deposit Features & Interest Rate – July 2015

Below are the features, interest rates, maturity amount along with other details for SBI Recurring deposit.

SBI Recurring Deposit - interest Rate & Maturity Value

SBI Recurring Deposit – interest Rate & Maturity Value

SBI Recurring Deposit Scheme – Features:

  • Maturity from 12 to 120 Months
  • Nomination facility available
  • The minimum amount of monthly installment shall be Rs 100.
  • The amount of installment and number of installment can not be changed after opening of the account.
  • Loan against security of the balance in the Recurring Deposit accounts available to the extent of 90% of the deposit, at 0.5% p.a. above the rate of deposit
  • No TDS (Tax deduction at source) on interest income

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  • Passbook Issued
  • Hassle free premature spot payment anytime
  • Senior citizens get additional 0.25% interest rate (Customers with age greater than 60 years are Senior Citizens)
  • Can open RD online in SBI through e-RD feature in SBI internet banking
  • Charges for RD pre-mature closure – Interest will be applied on premature withdrawal of RD at 1.00% below the rate applicable for the period the deposit has remained with the bank.

SBI Recurring Deposit Interest Rate:

Update: From July 17, 2015 then interest rates have been revised to 7.75% – 8.00% for General and 8.00% – 8.25% for senior citizens depending on the tenure of deposit.

The table below gives the details.

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SBI Recurring Deposit Maturity value:

The table below shows the maturity value for Rs 1,000 monthly deposit with prevailing interest rates at SBI for general public and senior citizens.

SBI Recurring Deposit Maturity value and Interest Rate for Rs 1000 Monthly Deposit – July 2015

SBI Recurring Deposit Maturity value and Interest Rate for Rs 1000 Monthly Deposit – July 2015

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SBI RD penalty for default in installment payment:

Whenever a depositor fails to pay the installment on due date for three consecutive months the account shall not be closed and service charge of Rs 10/- is applicable.

Penalty in case of delay in payment of installment of RD of 5 years or less shall be Rs 1.50 for every Rs 100 per month and Rs 2.00 for every Rs. 100 per month for the account on more than 5 years.

90 thoughts on “SBI Recurring Deposit Features & Interest Rate – July 2015

  1. Sudam Kumar Sahu says:

    Sudam
    Sir pleases tell me now this month i start RD account… when i m having saving account in SBI……. & pls tell me how much interest i will get on RD of 25000 per month for 1 year.(or on maturity)

    • You will get 7.75% interest rate (non-senior citizen). So on Rs 25,000 RD per month your maturity value after 1 year would be Rs 3,12,800 and the interest gained would be Rs 12,800.

  2. Can i close my rd account in sbi without completing my 1 year. i deposit the money for 4 months

  3. om prakash srivastava says:

    sir, i am senior citizen,at present operating RD account no 34011224143 w.e.f 02-08-2014 maturity date 02-09-2015 @ Rs 8,000/- for 13 month,please calculate maturity amount.
    My next RD investment @ Rs 12,000/- for 14 months w.e.f Oct 2015,please suggest any substitute for investment.
    Thanks
    op srivastava

    • As you have not mentioned the interest rate I cannot calculate the maturity amount. The alternative investment options can be SIP in mutual funds or NCDs. But then it depends on a lot of factors like – Whats your returns expectation, the risk you want to take, how you would use the money, etc

  4. Amit pls tell me that how can i start RD account… when i m having saving account in SBI……. & pls tell me how much interest i will get on RD of 2000 per month for 1 year.(or on maturity)

    • You can start RD account either online or visiting your bank branch. At 8.5% interest rate and depositing Rs 2,000 per month you would get Rs 25,127 on maturity

  5. Rs 3000 which I planning to invest in a RD account in SBI how much amount do I get at the end of the year? Any other bank give more tnterst rate than SBI

  6. nice information sir.. sir mujhe ek bat puchni thi apse. jaise k agar main 100 repee se sbi rd start karta hun to kya mujhe sir 100 he dene honge per month. kya mai 500 ya kabi kabhi 1000 bhi invest kar sakta hun bich bich mai. to mujhe kis hisab se interest milega. pls advise.

    • In most cases banks allow a fixed amount for the entire tenure. However there are products from different banks where you have option to invest flexible amount every month.
      iWish flexible RD from ICICI bank is one such product. You might want to look other bank’s website to find out more

  7. jimmy paul says:

    i have invested in non convertible secured bond ( kosamattam) for 3 year, and it is in demat form, if I want to sell what is the procedure, it is listed in BSE. another information required is , if I started invested in mutual fund say for 3 or more years, do I need to change the fund by checking their performance because I am not a expert or stay invested in the same fund and wait till the end of the period

    • You need to follow the same process for selling a NCD as you do for shares in demat account.

      If you think you are not able to select the right mutual funds you should consult financial advisers. B’coz if you are able to select your first set of mutual funds for investment yourself, you can also track it and change it if required. If not I strongly suggest you consult an expert!

  8. Hi,
    Can you pls suggest me few mutual fund(sip).i want to invest it for 5year.monthly around 5k.pls suggest with approx return value.

  9. how to calculate RATE OF INTEREST of recurring deposit.

    Suppose I’m investing 2500 per month in recurring deposit account for 2 years with rate of interest 8% compounded quarterly. Now I have to find out MATURITY AMOUNT. For this i will use formula :

    ACTUAL AMOUNT (MATURITY AMOUNT) = PRINCIPLE AMOUNT *( (1+RATE/100/4)^(4*2)-1)/(1-(1+RATE/100/4)^(-1/3))

    ACTUAL AMOUNT (MATURITY AMOUNT) = PRINCIPLE AMOUNT *( (1+8/100/4)^(4*2)-1)/(1-(1+8/100/4)^(-1/3))

    ACTUAL AMOUNT (MATURITY AMOUNT) = 65229/-

    ========================

    Now I want to know the FORMULA OF HOW TO CALCULATE RATE OF INTEREST.

    Suppose I’m investing 2500 per month in recurring deposit account interest compounded quarterly. My MATURITY AMOUNT IS 65229/-.
    But i don’t know what INTEREST RATE I HAVE GOT. I want to find out INTEREST RATE . WHAT FORMULA SHOULD I USE TO FIND OUT RATE OF INTEREST

    PLEASE REPLY.

  10. Hi Amit,
    I am @ initial stage of plan for investment so Can u plz suggest me for better RD option between SBI & POST Office………..also as per interest rate.
    and why????

    Thnks,
    Vaibhav

    • RD in banks are more convenient and easy to operate. You can start RD anytime through internet banking, also cancellation is not difficult. In most cases Post office Accounts are still not online. So you will need to visit them for any transaction. Moreover at present Post Offices offer 8.4% interest which is competitive with Banks.

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