Recurring deposit is a product that has been provided to any citizen of India who has a bank account in any reputed bank. This SBI RD Account is a process of saving a certain/fixed amount every month in the account. After some months or years, you can overdraft up to 90% of your deposit amount. Bank will give the good amount of interest for the RD amount. This is very helpful for the senior citizens. They can deposit some amount in their RD accounts every month and they can withdraw the amount. Only those people who are aged more than 60 years, they are eligible for these services of SBI.
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SBI RD Account
The features and process of how you can open recurring deposit account are discussed here below. Please have a look at it carefully.
- You can open RD account through online or net banking facility.
- Anybody wants to activate this rd account must deposit at least 1 year and maximum period is 10 years.
- You cannot expect a fixed amount of interest rate for all the months. It varies from month to month. So don’t worry, it will be the very slight difference.
- Click on view current interest rate. You can get the latest rates. SBI RD Calculator helps you to estimate the value of your account.
- 100 Rs is the least amount of deposit per month. You can alter the installment amount and number of installments after joining this rd account.
- E-RD page shows all the details about your maturity amount and the date of maturity and other important details there in the internet account by logging in.
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- Use your current or savings account to open an RD account at any time. SBI Recurring Deposit Calculator is easy to use to find the total amount you will get.
- You only can transfer or the official credit the amount to the persons who have opened the RD account.
- You can fill the nominee field at the time of opening the account. So the amount will be handover to the nominee if the account holder expired.
- Add nominee or alter nominee can only be done by visiting your nearest branch.
- Under e-RD account after login to the net banking account, click on the Close account tab. Notice that the accounts only created through e-RD only can be canceled through this process, else you cannot.
- The penalty for default in installment is low per hundred. 1.50 Rs per hundred per month and after 5 years of default in installment 2.00 Rs per month per 100 Rs.
SBI Recurring Deposit Interest Rate
These are some of the features and procedures in opening and handling/ managing the account with SBI RD accounts.
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Most of the senior citizens in India are well aware of this RD account and they are saving their amount with this RD facility in any bank of their choice. Why because he senior citizens who crossed their age 60, they have to save money at their arm’s length. Otherwise, nobody helps them when they fall ill and need to undergo any surgeries or hospitalized at any point in time.
SBI RD Calculator
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The children now a day are not that much close and careful about their parents. Either deposit some fixed amount of money in post offices or open RD accounts and deposit money for the later use. The parents can withdraw from the debit card of the post office account (interest for the deposit. Post office pays more interest rate than anybody else for the senior citizens). Better you arrange anyone between these two options.
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