| TENURE | REGULAR RATES | SENIOR CITIZEN |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 179 days | 5.50% | 6.00% |
| 180 days to 210 days | 6.25% | 6.75% |
| 211 days to less than 1 year | 6.50% | 7.00% |
| 1 year to less than 2 year | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years and up to 10 years | 6.50% | 7.50% |
| 400 days (Amrit Kalash) | 7.10% | 7.60% |
| 444 days (Amrit Vrishti) | 7.25% | 7.75% |
SBI Recurring Deposit Scheme
The State Bank of India (SBI) offers a Recurring Deposit (RD) Scheme that allows individuals to save a fixed amount regularly over a specified period. This scheme is designed for those who wish to cultivate a disciplined savings habit while earning attractive interest rates. The RD scheme is popular due to its flexibility, safety, and potential for good returns.
Returns as high
as 7.1%*
Includes life cover
Completely Tax free+
as 7.1%*
Includes life cover
Completely Tax free+
Maximum returns Offered by
Guaranteed
Highest
7.1%*
Guaranteed Plan
(by insurance companies)
(10 Years)
6.5%**
Fixed Deposits
(by SBI bank)
(5-10 Years)
7.1%***
Public Provident Fund
(other popular options)
(15 Years)
Get Guaranteed returns up to 7.1%*
Fully Tax-Free* (unlike FD), Life Cover Included
- Home
- FD Interest Rates
- SBI FD Interest Rates
- SBI Recurring Deposit Scheme
SBI FD Interest Rates
What is a SBI Recurring Deposit (RD) Scheme?
An SBI Recurring Deposit is a savings scheme where customers can deposit a fixed sum of money at regular intervals (monthly) for a predetermined tenure. The key characteristics include:
-
Regular Deposits: Customers can choose the amount to be deposited monthly.
-
Fixed Tenure: The tenure can range from 12 months to 10 years.
-
Interest Earnings: Interest is compounded quarterly and paid at maturity.
Comparison Between
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
*For annual premium upto ₹5 Lacs
Highlights of SBI RD Interest Rates ~ w.e.f. 15 June 2024
| Tenure | SBI RD Rates for General Citizens | SBI RD Rates for Senior Citizens |
| 1 Year | 6.80% | 7.30% |
| 2 Year | 7.00% | 7.50% |
| 3 Year | 6.75% | 7.25% |
| 4 Year | 6.75% | 7.25% |
| 5 Year | 6.50% | 7.50% |
| 10 Year | 6.50% | 7.50% |
Features of the SBI Recurring Deposit Scheme
The SBI Recurring Deposit Scheme comes with several attractive features:
-
Deposit Tenure: Minimum of 12 months and maximum of 120 months.
-
Accessibility: Available at all SBI branches.
-
Minimum Deposit: Starts at â‚ą100 per month, with increments of â‚ą10.
-
Late Payment Penalty: Charges apply for delayed installments.
-
Account Closure: The account is closed if six consecutive installments are missed; the balance is refunded to the account holder.
-
Maturity Instructions: Customers can choose how to handle maturity proceeds (credit to account, issue IOI, or convert to STDR).
-
Nomination Facility: Available for individuals only.
-
Universal Passbook: Issued for tracking deposits and interest.
-
Loan/OD Facility: Loans or overdrafts available against the deposit.
-
Transferability: Accounts can be transferred between SBI branches.
-
Competitive Interest Rates: Aligned with Term Deposits for the public and senior citizens.
FD interest rates India have fallen consistently over the last 12 years.
SBI RD Rates for Domestic Deposits in 2024 ~ 15 June 2024
| Tenure | SBI RD Rates for General Citizens | SBI RD Rates for Senior Citizens |
| 1 Year to < 2 Years | 6.80% | 7.30% |
| 2 Years to < 3 Years | 7.00% | 7.50% |
| 3 Years to < 5 Years | 6.75% | 7.25% |
| 5 Years - 10 Years | 6.50% | 7.50% |
SBI RD Rates for NRE/ NRO Deposits in 2024 ~ 15 June 2024
| Tenure | SBI RD Rates For NRI |
| 1 Year to < 2 Years | 6.80% |
| 2 Years to < 3 Years | 7.00% |
| 3 Years to < 5 Years | 6.75% |
| 5 Years - 10 Years | 6.50% |
How to Apply for the SBI Recurring Deposit Scheme?
Applying for an SBI Recurring Deposit is straightforward:
-
Visit the SBI Website: Go to the official SBI website or use the mobile app.
-
Select 'Recurring Deposit': Navigate to the deposits section.
-
Fill in Details: Enter personal and deposit details, including amount and tenure.
-
Submit Documents: Provide necessary KYC documents (like ID proof, address proof).
-
Make Initial Deposit: Complete your first deposit as per the chosen amount.
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Benefits of Investing in SBI RD Interest Rates
Investing in an SBI Recurring Deposit offers several advantages:
-
Guaranteed Returns: Fixed interest rates ensure predictable earnings.
-
Disciplined Savings: Encourages regular saving habits.
-
Safety: Being a government-backed scheme, it is considered safe.
-
Tax Benefits: While RDs do not qualify for tax deductions under Section 80C, they are exempt from TDS if interest earned is below â‚ą40,000.
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Conclusion
The SBI Recurring Deposit Scheme is an excellent choice for individuals looking to save consistently while earning interest on their deposits. With flexible tenures, competitive interest rates, and online management facilities, it caters to various financial goals and encourages disciplined savings.
FAQs
-
What is the minimum amount required to open an RD account?
The minimum monthly deposit starts from â‚ą100. -
Can I withdraw money before maturity?
Premature withdrawal is allowed but may incur penalties. -
What happens if I miss a monthly deposit?
Missing a payment may lead to penalties or account closure after a certain period. -
Is there a loan facility against my RD?
Yes, you can avail loans against your RD after a specified duration. -
How is interest calculated on my RD?
Interest is calculated quarterly and credited at maturity based on the applicable rate for your tenure.
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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