SBI RD Interest Rates 2019 – SBI Recurring Deposit Interest Rates 2019

SBI Recurring Deposit: Check State Bank of India RD Interest Rates for latest year. Compare SBI Recurring Deposit Interest Rates for Various Tenure (Short and Long Term).

Invest fixed sum of amount on monthly basis in SBI Recurring Deposit and get attractive interest rates. Build up your savings through regular monthly deposits of a fixed sum over a period of time with SBI RD. This is a great option for those who have fewer earnings as the monthly deposit amount is very less in SBI Account.

Recurring Deposit allows customers with an opportunity to build up their wealth securely through regular monthly deposit of fixed sum over a period of time.

Key Benefits of SBI Recurring Deposit

FEATURESBENEFITS
Attractive Interest Rates
  • Upto 7.45% for Senior Citizens
  • Upto 6.45% for Individuals
Flexible Tenor Options

  • Minimum Tenor
  • Maximum Tenor
  • 12 Months
  • 120 Months
Minimum AmountAs low as ₹ 100
Deposit MultiplesAs low as ₹ 100
Ease of BookingOpen RD on click of a button using internet or mobile banking.

Terms and Conditions on SBI RD Account:

  • Where the depositors fail to pay an instalment for a calendar month, no reminders will be sent by the Bank.
  • Penalty charges for non-Deposit of monthly instalments:
  • 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.
  • A service charge will be levied on Recurring Deposit accounts paid out on or after the date of maturity, wherein there is default in payment of three or more consecutive instalments and the account has not been regularized.
  • A service charge of Rs.10/- will be levied on such accounts at the time of payment at or after maturity.
  • In case six consecutive instalments are not received, the account should prematurely be closed and balance paid to the account holder.
  • Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.ng of accounts.
  • SBI reserves the right to close the recurring deposit in case the customer misses 5 consecutive recurring deposit instalments.
  • The minimum tenor of Recurring Deposit should be 12 months.
  • The maximum tenor of Recurring Deposit should be 120 months.
  • The minimum instalment amount should be ₹ 100.
  • Loan / Overdraft up to 90% available against the balance in RD account.
  • The instalment amount should be in multiples of ₹ 100.

List of Other Banks Offering RD

State Bank of IndiaHDFC BankICICI BankAxis Bank
Indian BankRBL BankIDBI BankIDFC Bank
Corporation BankAndhra BankPNB BankCanara Bank
Union Bank of IndiaCentral BankBank of IndiaBank of Baroda
SBIAU BankEquitas BankUCO Bank
Syndicate BankAllahabad BankKotak Mahindra Bank

How to Apply for SBI RD Account

  • SBI Existing customers can open Recurring Deposit through his bank Mobile Banking Application and SBI Internet Banking.
  • Visit the nearest SBI branch and open Recurring Deposit
  • You can also contact SBI and our Customer Care Executive will fix a service appointment with our Relationship Manager to help you with the application process.

SBI RD Interest Rates 2019

  • SBI offers RD interest rates up to 6.95%
  • Interest on RD with SBI is compounded quarterly.
  • SBI accepts minimum deposits starting at Rs. 100.
  • For senior citizens, SBI offers RD rate up to 7.45%.
Investment periodRD rates for regular depositRD rates for Senior Citizens
1 year to 1 year 364 days6.80%7.30%
2 years to 2 years 364 days6.80%7.30%
3 years to 4 years 364 days6.80%7.30%
5 years to 10 years6.85%7.35%

Recurring Deposit: Special Features

  • Nomination facility is available so you can nominate your family members or spouse as the receiver of the final amount
  • Loan facility is available up to 90% of your SBI RD amount. Some times SBI also allows you to take an overdraft on the RD amount
  • The deposit tenure ranges from 12 months to 120 months
  • The minimum amount can be deposited in multiples of Rs. 100
  • This service is available in every bank branch. You can visit your nearest branch to start an RD account
  • TDS deductions are subject to the existing income tax rules as at the time of opening the RD account
  • A penalty in case of delay in payment of an installment of RD is Rs 1.50 for every Rs. 100, per month

Documents Required to Open SBI RD Account

Proof of Identity

  • Aadhaar Card
  • Passport
  • PAN card
  • Voter ID card
  • Driving license
  • Government ID card
  • Photo ration card
  • Senior citizen ID card

Tax benefits on SBI RD

All Recurring Deposits, including State Bank of India Recurring Deposit, are taxable under the Income Tax Act 1961. The money that is invested in the RD will be included in your yearly income and a TDS (Tax Deducted at Source) of 10% is applicable on the interest earned (if it is more than RS. 10,000 per year). To save TDS on your RD gains, you can fill either Form 15G or Form 15H.

Conditions for submitting Form 15G:

  • You are an individual or HUF
  • You must be a Resident Indian
  • You should be less than 60 years old
  • Tax calculated on your Total Income is nil
  • The total interest income for the year is less than the minimum exemption limit for that year, which is Rs 2,50,000 for the financial year 2016-17

Conditions for submitting Form 15H:

  • You are an individual
  • You must be a Resident Indian
  • You are 60 years old or will be 60 years old during the year for which you are submitting the form
  • Tax calculated on your Total Income is nil