Open Recurring Deposit Account in SBI : This time in the corona crisis, where the lives of the people are slowly recovering. On the other hand, if you are worried about your savings, then SBI’s Recurring Deposit (RD) can be a best option for you. In this, you can also save well by saving 100 rupees.
This is a better and safer option to invest. In RD, you do not even need to deposit money at once like a fixed deposit. You can deposit monthly money in it.
What is recurring deposit :
A recurring deposit is a special kind of term deposit offered by banks which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits.
Open RD account with 100 rupees.
Through RD, it can help in achieving investment targets of 1 to 10 years duration. But there is no tax benefit on investment in RD and TDS is deducted on interest income above Rs 40,000. Apart from this, the minimum amount for monthly installment is 100 rupees. That is, you can start investing with just 100 rupees. But the installment amount and the number of installments cannot be changed after opening the account.
Open RD account from home.
If you want to open RD in SBI, then there is no need to go anywhere for this. If you want, you can open RD account in SBI from your smartphone while sitting at home. For this, you have to take help of YONO SBI app. In the earlier times, to open RD, you had to get in big lines and do a lot of paper work. but now you can open an E-RD account online in very easy way. Let’s know what is the process for this.
Steps to open E-RD account online
First, login to SBI NetBanking account. After that click on ‘Fixed deposit’ from the menu on the home page and select ‘e-Rd (Rd)’ option. Now if you have more than one account, select the account from which you want to deduct your amount. After this, fill the amount you want to deposit every month.
More interest for Senior citizen
If you are a senior citizen, then choose the relevant option, because the interest rate given to the senior citizen is slightly higher. Now select the time frame for the deposit. The minimum duration is one year. Now read all the terms and conditions properly. Submit after this. After doing this process, you will have to give the information about the nominee. Now click on confirm.
Now you will see the details of RD amount on a new page, the customer should take a print out of it. If you select ‘Set SI’ option, then monthly installment will be transferred from your savings account to RD account. Now check your e-RD account information verify and confirm.
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You can also open an account like this
To open an SBI recurring deposit account, customers have to go to onlinesbi.com and login to their online banking accounts under the Personal Banking section. Online RD can be opened from 8 am to 8 pm.