SBI RD Interest Rates 2023 – SBI Recurring Deposit Interest Rates

SBI RD Interest Rates: Explore State Bank of India RD Interest Rates for the Latest Year Check out the recurring deposit interest rates offered by State Bank of India for various tenures, both short and long term. By investing a fixed sum of money on a monthly basis in SBI Recurring Deposit, you can benefit from attractive interest rates. This allows you to build up your savings through regular monthly deposits of a fixed sum over a specified period of time with SBI RD.

SBI RD is an excellent option, particularly for those with limited earnings, as the monthly deposit amount is quite modest in an SBI account. This financial product provides customers with the opportunity to securely build up their wealth through the regular monthly deposit of a fixed sum over a chosen duration.

Advantages of SBI Recurring Deposit

FEATURES	BENEFITS
Attractive Interest Rates	🌟 Upto 6.20% for Senior Citizens 🌟 Upto 5.40% for Individuals
Flexible Tenor Options	🔄 Minimum Tenor: 12 Months 🔄 Maximum Tenor: 120 Months
Minimum Amount	💵 As low as ₹ 100
Deposit Multiples	💵 As low as ₹ 100
Ease of Booking	🖱️ Open RD on click of a button using internet or mobile banking.

Terms and Conditions for SBI RD Account:

In the event of depositors failing to pay an installment for a calendar month, the Bank will not send any reminders.

Penalty Charges for Non-Deposit of Monthly Installments:

• For accounts with a period of 5 years and less: Rs. 1.50 per Rs. 100/- per month
• For accounts with a period above 5 years: Rs. 2.00 per Rs. 100/- per month

A service charge will be imposed on Recurring Deposit accounts paid out on or after the date of maturity, where there is a default in payment of three or more consecutive installments 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.

If six consecutive installments are not received, the account should be prematurely closed, and the balance paid to the account holder. Instructions for the disposal of maturity proceeds are accepted at the time of the opening of accounts.

Terms and Conditions for SBI RD Account:

In the event of depositors failing to pay an installment for a calendar month, the Bank will not send any reminders.

Penalty Charges for Non-Deposit of Monthly Installments:

• For accounts with a period of 5 years and less: Rs. 1.50 per Rs. 100/- per month
• For accounts with a period above 5 years: Rs. 2.00 per Rs. 100/- per month

A service charge will be imposed on Recurring Deposit accounts paid out on or after the date of maturity, where there is a default in payment of three or more consecutive installments 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.

If six consecutive installments are not received, the account should be prematurely closed, and the balance paid to the account holder. Instructions for the disposal of maturity proceeds are accepted at the time of the opening of accounts.

SBI reserves the right to close the recurring deposit in case the customer misses 5 consecutive recurring deposit installments.

The minimum tenor of the Recurring Deposit should be 12 months. The maximum tenor of the Recurring Deposit should be 120 months. The minimum installment amount should be ₹ 100. Loan/Overdraft up to 90% is available against the balance in the RD account. The installment amount should be in multiples of ₹ 100.

List of Other Banks Offering RD

State Bank of India	HDFC Bank	ICICI Bank	Axis Bank
Indian Bank	RBL Bank	IDBI Bank	IDFC Bank
Corporation Bank	Andhra Bank	PNB Bank	Canara Bank
Union Bank of India	Central Bank	Bank of India	Bank of Baroda
SBI	AU Bank	Equitas Bank	UCO Bank
Syndicate Bank	Allahabad Bank	Kotak Mahindra Bank	🏦

SBI RD Interest Rates 2023

SBI provides recurring deposit interest rates of up to 5.40%. The interest on the recurring deposit with SBI is compounded quarterly. SBI accepts minimum deposits starting at Rs. 100. For senior citizens, SBI offers a recurring deposit rate of up to 6.20%. The latest SBI RD rates are as of June 22, 2023.

enure	RD Rates for General Citizens	RD Rates Senior Citizen
1 year – 1 year 364 days	5.00%	5.50%
2 years – 2 years 364 days	5.10%	5.60%
3 years – 4 years 364 days	5.30%	5.80%
5 years – 10 years	5.40%	6.20%

How to Open an SBI RD Account

Existing SBI customers can easily open a Recurring Deposit through the SBI Mobile Banking Application or SBI Internet Banking. Another option is to visit the nearest SBI branch to initiate the Recurring Deposit process. If you prefer assistance, you can contact SBI, and a Customer Care Executive will schedule a service appointment with a Relationship Manager to guide you through the application.

Special Features of SBI Recurring Deposit

• Nomination facility available for designating family members or spouses as the final amount receiver.
• Loan facility up to 90% of your SBI RD amount, with the possibility of overdraft on the RD amount.
• Deposit tenure ranges from 12 to 120 months.
• Minimum deposit amount can be made in multiples of Rs. 100.
• This service is available in every SBI branch, allowing you to conveniently start an RD account.
• TDS deductions are applicable as per existing income tax rules at the time of opening the RD account.
• Penalty for delayed installment payment is Rs. 1.50 for every Rs. 100, per month.

Documents Required to Open an 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 invested amount in the RD is considered part of your annual income, and a TDS (Tax Deducted at Source) of 10% is applicable on interest earned (if it exceeds Rs. 10,000 per year). To avoid TDS on your RD gains, you can fill either Form 15G or Form 15H.

Conditions for Submitting Form 15G:

• Individual or HUF
• Resident Indian
• Less than 60 years old
• Tax calculated on Total Income is nil
• Total interest income for the year is less than the minimum exemption limit for that year (Rs. 2,50,000 for the financial year 2016-17)

Conditions for Submitting Form 15H:

• Individual
• Resident Indian
• 60 years old or turning 60 during the year for which the form is submitted
• Tax calculated on Total Income is nil

SBI RD Interest Rates 2023 FAQ