SBI RD Interest Rates

SBI RD interest rates in 2023 on deposits below Rs. 2 crores are as high as 7.00% p.a. for regular citizens and 7.50% p.a. for senior citizens. SBI Bank offers special RD rates to Senior citizens with additional 50 basis points on all tenures. The bank provides flexibility in recurring deposit (RD) periods ranging between 7 days to 10 years.

Returns as high
as 7.1%^##

Includes life cover

Completely Tax free^{^}

We are rated^~

7.7 Crore

Registered Consumer

50

Insurance Partners

4.2 Crore

Policies Sold

In-built life cover

Get Guaranteed returns upto 7.1%* With Life Cover

Your Name

+91

Mobile Number

View Plans

Your personal information is secure with us

By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use Tax benefit is subject to changes in tax laws

Get Updates on WhatsApp

We are rated^~

7.7 Crore

Registered Consumer

50

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: *The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

Learn all the features, and benefits of SBI Recurring Deposit in this article.

SBI RD Interest Rates 2023

Note: SBI RD rates are effective as of 26 April 2023

Tenure	Interest Rate (in % p.a.)	Interest Rates for Senior Citizens (in % p.a.)
1 Year to less than 2 years	6.80%	7.30%
2 years to less than 3 years	7.00%	7.50%
3 years to less than 5 years	6.50%	7.00%
5 years and up to 10 years	6.50%	7.50%*

*Includes the special additional 0.50% FD rate u/ “SBI We-Care” FD Scheme.

Disclaimer: RD Interest rates are subject to change with time. Policybazaar does not endorse, rate, or recommend any particular company or product. The policyholder bears the investment risk in the investment portfolio.

Features of SBI Recurring Deposit

Features	Details
Flexibility of Tenure	1 year- 10 years
RD Amount Limit	Minimum: Rs. 100 Thereafter, deposits in multiples of Rs. 10 Maximum: No Limit
Special RD Rates for Senior Citizens	Additional 0.50% than for general citizens
Nomination Facility	Available Only in favour of an individual
Penalty on Delayed Payments	A penalty is levied on late payment of RD instalments: <= 5-Year Tenure: Rs. 1.50 per Rs. 100/ month > 5-Year Tenure: Rs. 2 per Rs. 100/ month
Universal Passbook	Is permitted across India
Loan on RD	Available
Taxation	TDS is levied on the interest earned and maturity amount
Transferability	Its facilities can be availed from anywhere across all SBI branches
Maturity Instructions	The customer must provide the maturity instructions: Maturity amount creditable to Savings Account or Current Account Issuance of IOI Issuance of STDR

Types of SBI RD Accounts

SBI Recurring Deposit
- Enables customers to accumulate savings through monthly recurring payments for a pre-determined time
- No maximum deposit amount limit
- Customers will earn a set interest on maturity
SBI Flexi Deposit
- Deposit variable recurring deposits rather than a fixed instalment with this RD variation
- RD Tenure Limit: 5 – 7 years
- RD Amount Limit: Rs. 5,000 – Rs. 50,000 annually
- Minimum Amount of 1st Instalment: Rs.500
- Payment Frequency: Any Day/ Month/ Any No. of Times
SBI Holiday Saving Account (Thomas Cook)
- Holiday Savings Account with SBI and Thomas Cook India partnership
- Customers can make monthly deposits for the pre-selected vacation package offered by Thomas Cook India
- Holiday RD Bundle holds a 13-part cost, with interest accruing over 12 months
- After a year, Thomas Cook will fund the 13th instalment for the package
SBI Holiday Saving Account (Cox & Kings)
- Holiday RD Plan is offered by SBI and Cox & Kings
- Allows you to save regularly to finance your ideal vacation
- Make monthly savings for a vacation package offered on the Cox & Kings website.
- Package cost is divided into 13 instalments
- You will pay for 12 monthly instalments and Cox & Kings will fund the last payment
- Maturity amount is received by Cox & Kings as the payment of your holiday vacation package

Eligibility Criteria

To open an RD with SBI, the following customers are eligible:

A Hindu Undivided Family (HUF)
Indian Citizens

Conditions to Avail of the SBI RD Scheme:

Individuals must already have a Savings Account with SBI
Must have a reliable source of income
NRO/ NRE accounts are also allowed for NRIs to open an RD account

Documents Required

Keep these documents handy if you want to open an SBI RD account:

Aadhar Card
Voter ID
PAN Card
Senior Citizen ID
Ration Card
Driving Licenses
Utility Bills
Bank Account Details

How to Open an SBI RD Account?

Let us learn the procedure to open an SBI Recurring Deposit Account from the steps mentioned below:

Mode to Open RD Account	Details
Offline Mode	Step 1: Visit the nearby SBI Bank Step 2: Duly fill up the RD application form Step 3: Submit all the relevant documents of the accountholder and the nominee Step 4: Upon successful payment of the 1st instalment and submission of the form, the RD Account gets opened
Online Mode	Step 1: Sign in to your personal SBI net banking account Step 2: Click on the “Fixed Deposit” option and select the choice “e-RD/ e-SBI Flexi Deposit” Step 3: As the “e-RD” option is selected automatically, click on “Proceed” Step 4: Fill in the required details and thoroughly check the form in the Preview receipt Step 5: Click on “Confirm” and save the final receipt for future reference.

SBI RD Calculator

The SBI RD Calculator is a tool that allows you to calculate the maturity amount you can earn by investing in a recurring deposit account with the State Bank of India (SBI).

Steps to Use the SBI RD Calculator:

Step 1: Go to Policybazaar SBI RD Calculator

Step 2: Enter the following details:

Monthly instalment amount you want to invest
Period for which you want to invest
SBI RD Rate of Interest rate for the specific tenure

Step 3: Click on the "Calculate" button

Details Shown by the SBI RD Calculator:

Total Investment in SBI RD Scheme
Maturity amount
Interest Earned

In Brief

SBI offers competitive interest rates for its Recurring Deposit accounts, which can be a suitable investment option for individuals looking to earn a fixed return on their savings. Individuals can use the RD Calculator to determine the maturity amount based on the prevailing interest rates.

FAQ's

What is the RD interest rate of SBI?

The table below lists the SBI RD interest rates for various tenures:

Tenure	Interest Rate (in % p.a.)	Interest Rates for Senior Citizens (in % p.a.)
1 Year to less than 2 years	6.80%	7.30%
2 years to less than 3 years	7.00%	7.50%
3 years to less than 5 years	6.50%	7.00%
5 years and up to 10 years	6.50%	7.50%*

Which bank RD is best?

The top banks that offer the highest RD interest rates are as follows:

Bank Name	General RD Interest Rates (in % p.a.)	Senior Citizen Interest Rates (in % p.a.)
SBI RD Interest Rates	4.40% – 5.50%	4.90% – 6.20%
ICICI RD Interest Rates	3.50% – 5.50%	4.00% – 6.30%
HDFC RD Interest Rates	4.40% – 5.50%	4.90% – 6.25%
Kotak Bank RD Interest Rates	4.30% – 5.20%	4.80% – 5.70%
Axis Bank RD Interest Rates	4.40% – 5.75%	4.65% – 6.50%
BOB RD Interest Rates	4.30% – 5.25%	4.80% – 5.75%
IDFC First Bank	6.75% – 7.25%	6.75% – 7.25%
PNB	4.40% – 5.30%	4.90% – 6.05%
IDBI Bank	7.00% – 7.15%	7.50% –7.65%

Which bank gives 7% interest in RD?

Here is a list of banks that offer RD interest rates of 7% and above:

Bank Name	General RD Interest Rates (in % p.a.)	Senior Citizen Interest Rates (in % p.a.)
Equitas Small Finance Bank	6.25% – 6.50%	6.75% – 7.00%
IDBI Bank	7.00% – 7.15%	7.50% –7.65%
IDFC First Bank	6.75% – 7.25%	6.75% – 7.25%
Jana Small Finance Bank	5.50% – 6.75%	6.00% – 7.25%
Ujjivan Small Finance Bank	4.75% – 6.50%	5.25% – 7.00%
Yes Bank	5.00% – 6.50%	5.50% – 7.25%

Disclaimer: †† 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 done in alphabetical order (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

Is it necessary to regularly establish standing instructions for RD installment payments?

No, you can always set up a standing order at your branch or through Internet banking and pay your installment there. Once you open your RD account, you only need to make the payment of the first installment.
Is it possible for me to move the maturity funds to any of my accounts?

No, only the debit account from which the initial funding came would get the maturity amount or the amount due before maturity.

†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

* Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy male of 18 years old paying Rs. 30,000/- monthly (exclusive of all applicable taxes)

** Fixed deposit rate applicable for 5 year's 1 day to 10 years for investment amount less< 2 Crore ( Not for senior citizens).

*** PPF interest rate applicable for 15 years for investment amount upto 1.5 Lac

+ 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

## The Guaranteed Returns are dependent on the policy term and premium term availed along with the other variable factors. 7.1% rate of return is for an 18 years old, healthy male for a policy term of 20 years and premium term of 10 years with Rs.10,000 monthly installment premium. All plans listed here are of insurance companies’ funds.

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ