Online SBI: Here is how to open RD account with State Bank of India
Online SBI: Even though we are in the middle of a health and economic crisis, there would always be those who would want to invest their money in safe options to get adequate amounts of returns. If you have been planning to start a recurring deposit, you can do it from home.
Online SBI: Even though we are in the middle of a health and economic crisis, there would always be those who would want to invest their money in safe options to get adequate amounts of returns. If you have been planning to start a recurring deposit, you can do it from home. State Bank of India allows its customers to open a RD account online. The investors can do it easily from SBI’s official websites. But, before we tell you how to open a RD account on online SBI, here is a quick look at some of its features.
What is Recurring deposit?
A Recurring Deposit is a unique term-deposit that is offered by Indian Banks. It is an investment tool which allows people to make regular deposits and earn decent returns on the investment. The interest rates for a recurring deposit vary from time to time.
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The minimum amount for monthly instalment is Rs 100. The amount of the instalment and the number of instalments cannot be changed after opening the account. The name and mode of operation and the branch of the newly generated RD account will be the same as in the debit account. The RD account is subject to TDS.
How to open e-RD account with SBI?
- Go to onlinesbi.com and log in using your credentials.
- Click on the ‘Fixed Deposit’ tab and select ‘e-RD (RD)/ e-SBI Flexi Deposit account' option.
- Select the e-RD (Recurring Deposit) option and click on ‘Proceed’.
- Select the account you want to pay from and enter the amount.
- You then need to select the tenure of deposit.
- Choose the maturity instruction for your RD account.
- Add a nominee. If you want the nominee(s) to be mapped to your term deposit account, click on the ‘yes’ option.
- The details of the Recurring Deposit amount will appear on the new page.
In case of premature closure of the RD account, the interest paid could be less than the contracted rate, as per the applicable rule on the date of premature payment. There is also a penalty charged on delayed payment of instalment.
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