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.

Read more
Best Investment Options
  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD+

We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns+
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

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

  1. 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

  2. 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

  3. 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

  4. 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.)
    IDFC First Bank 6.75% – 7.25% 6.75% – 7.25%
    IDBI Bank 7.00% – 7.15% 7.50% –7.65%
    Yes Bank 5.00% – 6.50% 5.50% – 7.25%
    Ujjivan Small Finance Bank 4.75% – 6.50% 5.25% – 7.00%
    Equitas Small Finance Bank 6.25% – 6.50% 6.75% – 7.00%
    Jana Small Finance Bank 5.50% – 6.75% 6.00% – 7.25%
  • 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.

*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
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL