SBI’s RD account (Recurring deposit account) helps you to do big planning by saving a little bit. SBI also allows its customers to open online RD account (e-RD). Here we will know how to open RD account online in (SBI). (How to open RD Account online in SBI Bank). In the second part of the article, we have also described the main features of SBI RD account.
How to open RD Account in SBI
In order to open online RD account in SBI, it is necessary that you already have a deposit account such as savings account, current account, OD account, etc. Because SBI Netbanking is required for online RD account (e-RD account). His username and password are also required. Therefore, if you do not have an account first, get a savings account opened, then start the process of opening an online RD account (e RD).
The steps required to open an online RD account are as follows-
Step 1 : Open SBI website. Its web address is www.onlinesbi.com
Two sections of Personal Banking and Corporate Login appear on its homepage . You have to click on the login button present in the Personal Banking section .
Next, the screen that opens, click on the button Continue to Login where it is written. On the next page, enter your username, password and captcha and login to your account. If you want to go direct to the login page, its link is- https://retail.onlinesbi.com/retail/login.htm
Step 2: In the screen that opens, move the cursor over the Fixed Deposit button in the line of the upper . A dropdown list opens in front of you, in which click on the option of e-RD (RD) .
Step 3: On the next page e-RD (Recurring Deposit down the Select a type of deposit account to proceed get written. At this point you, you’ll deposit e-RD (Recurring Deposit) or e-SBI Flexi Deposit is asked to choose. You have to select e-RD (Recurring Deposit) . Then click on the Proceed button below . We have introduced the e-SBI Flexi Deposit later in this article.
Step 4 : Now, you have to choose the already opened account (saving / current / OD account) from which money is to be deducted and deposited in your e RD account. Apart from that account, you also have to provide some other details, such as –
Senior Citizen (Mandatory If age 60 years or above): If you are a senior citizen i.e. if you are over 60 years of age, then tick the small empty circle made before this sentence. Note, SBI RD to senior citizens The account earns half a percent (0.50%) more interest.
- Tenure of Deposit : Here you have to tell how much RD (year) and how many months (month) you want to do.
- Please Choose Maturity Instruction For Your RD Account: Here you have to choose how you want to get the RD account amount after maturity .. It has two options –
- Payback Principal and Interest: If you want to put the maturity amount of your e-RD in an account so that you can withdraw money, then tick the option of Payback Principal and Interest.
- Convert to STDR (Special Term Deposit Receipt) : If you want to deposit the maturity amount of e-RD, FD for a fixed period ahead, then tick this option before Convert to STDR.
Step 5 : I accept the Terms and Conditions : If you accept all the terms and conditions of the State Bank related to RD, then click on the circle made before this sentence. (Before clicking, also read all the terms and conditions carefully by clicking on the link given here.)
- View Interest Rate: Here you have a link to see the interest rates related to the amount deposited in SBI for a fixed term. Keep in mind that the interest rate is different for domestic consumers and foreign consumers NRO and NRE.
- After this, you have to click on the button at the bottom (Submit) . With this your e-RD account opens.
What is e-SBI Flexi Deposit scheme
Every month a certain amount of installment has to be deposited in SBI’s RD account or e-RD account. However, e-SBI Flexi Deposit scheme does not have this restriction. In it, you can deposit money anytime during the year, within a minimum and a maximum limit.
- At present, e-SBI Flexi Deposit scheme can be deposited in a financial year for a minimum of Rs 5,000 and a maximum of Rs 50000.
- It is necessary to deposit at least 500 rupees at a time. More than this, money can be deposited in a coefficient of 500 rupees. You can also submit it several times within a month.
- The e-SBI Flexi Deposit account can be opened for at least 5 years and maximum for 7 years.
Key Features of SBI e-RD Main Features of SBI e-RD Account
Indian or NRI citizen can open RD account with State Bank. Neither e-RD names of joint account holders can be opened. Baby names can also be opened by e-RD. Children above 10 years of age can also open their own names e-RD.
Can open for 1 to 10 years
SBI e-RD account can be opened for at least 1 year (minimum 12 months) and maximum for 10 years (maximum 120 months).
More interest to elderly citizens
Senior citizens above 60 years of age get half percent (0.50%) more interest than general account holders. But you can get this facility only if you have crossed 60 years of age on the date of opening an RD account.
SBI pensioners and its employees get 1 percent more interest on the SBI RD Account than the fixed rate of interest.
The rate of interest on RD account varies. SBI announces this from time to time. You can find the current interest rate by visiting this link on the bank’s website itself.
Minimum installment of Rs 100 required
It is mandatory to deposit an installment of at least 100 rupees every month. There is no restriction on the maximum amount of installment, any amount of installment can be selected in a coefficient of 10.
Whichever installment amount and duration you choose while opening an account, it cannot be changed later.
Penalty for delayed installment
If you deposit the installment late after the due date, then the penalty will also be paid along with the installment. The quantity of penalty will be as follows-
For RD of 5 years or less, late penalty will be paid at the rate of 1.50% per month on the outstanding installment.
In case of RD of more than 5 years, late penalty will have to be paid at the rate of 2% per month on the outstanding installment.
Service charge for three months late submission
If you deposit RD installment late for three consecutive months, your account will not be closed. But, for this reason you will be charged a service charge of 10 rupees. It will be charged at the time of maturity or whenever you withdraw money from it. This service charge is different from late penalty.
Account closed for no installment of 6 months installment
If the installment of e-RD account is not deposited continuously for 6 months, then the account will automatically be closed and its money will be deposited in your savings account, from which the installment of RD account was deducted.
You can also turn off e-RD online
You can also turn off e-RD online. Close A / c has an option to close it under e-RD only. But keep in mind, this option to close RD account will only work for online opened e-RD. This method will not work for RDs opened by offline or otherwise. For that you have to apply by going to the direct bank branch.
