About Personal Finance, Banking, Mutual funds and Investments

            

How To Open Online Recurring Deposit (RD) Account in SBI Through Internet Banking?

Finance Guru Speaks: Yes, now you can open Recurring Deposits in SBI through Internet Banking. No need to stand in long queues and waste your precious time in the branch. You can avail the facility with an ease and it’s just few clicks away!

Steps to open Online Recurring Deposits through in SBI:


1. Login to SBI Internet Banking Account.
OnlineSBI Login Page
OnlineSBI Login Page
2. Go to e-Fixed Deposit  -> e-RD / e-SBI Flexi Deposit  and select e-RD (Recurring Deposit) option. Now click on Proceed button. It is shown below :-

Online RD in SBI
Click to enlarge - Online RD in SBI

Fill the details in as shown in below page. Let me know if you face any difficulties in filling up the details.

eRD details in SBI
Click to enlarge - eRD details in SBI

3. Once your RD account opens, you can check its details under section Deposit Accounts in My Accounts > Account Summary page, as shown below:-

How to open RD Account in SBI Through Internet Banking
Click to enlarge - Online RD Created in SBI
Congratulations!! You have successfully opened your eRD Account using SBI Online Banking facility.


Important details provided by Bank:

- e-RD with additional rate of interest for Senior Citizens will be issued if option for "Senior Citizen" is selected by the customer and age of customer is 60 Yrs or above, on the date of creating the recurring deposit, as per date of birth recorded with the Bank. The minimum tenure and minimum amount applicable for additional rate of interest for senior citizen will be as per Bank's policy. "However, no additional rate of interest for senior citizen is provided under NRE and NRO term deposits."

- Kindly visit your SBI branch with your PAN card (original and copy) to get the same updated in the bank records.

- e-RD can be opened for minimum 1 year and maximum of 10 years.

 - e-RD can be opened only if mode of operation is 'Single' or 'Either or Survivor' or 'Any A/c Hold or Surv' or 'Power of Attorney' or 'Letter Of Authority' or 'Sole Minor-Above 10 Year' or 'Nat Guard Of Minor' or 'Former or Survivor' and 'Latter or Survivor'.

- For e-RD, interest will be paid at maturity.

- The Recurring Deposit for 555 days and 1000 days tenors are not available.

- Although you are submitting the instructions online, the account itself will not be opened in Internet Banking but in Core Banking, which is the accounting system of the Bank. Hence the rules pertaining to the account as applied in Core Banking will be applicable to this deposit.

- Interest paid on premature withdrawal of term deposits could be less than the contracted rate, as per the applicable rule on the date of premature payment. To know the current rules, please click on Domestic term deposit, NRO term deposit & NRE term deposit


e-TDR or FD FAQs by Bank: Follow this Bank link


Images Courtesy: SBI Internet Banking website


 Please share this article over social networks. For more Learning, Please visit "At A Glance" Section.

6 comments:

  1. Thanks for sharing good and helpful article with us. This is very helpful for me.
    Nre fixed deposit rates

    ReplyDelete
  2. After creating this e-RD account, the monthly deduction process has not been done. What I have to do??

    ReplyDelete
    Replies
    1. Hello Suneeta,

      Thanks for visiting this blog. You need to set "Standing Instructions" feature to auto-deduct monthly RD amount. Please use "Set Standing Instruction" option available as - "e-Fixed Deposit > e-RD / e-SBI Flexi Deposit >Set Standing Instruction".

      Let us know if you still find it difficult to find it.


      Regards,
      Team Finance Guru

      Delete
    2. Hi,
      Had the same issue, so i set standing instruction.But what about the previous months installments? Actually i opened e-RD on 30Nov2015 and today i set STDR so dedeuction will start from 13Apr2016 till the maturity, so last 4 deductions missed. Now what should i do ?

      Delete
  3. hii...
    I opened e-rd on 12th December and visited my branch on 14th December with pan.. but still the amount of rd is not deduct from my sb account. what should I do??

    ReplyDelete
    Replies
    1. Hi Dhaval,

      Once the eRD account opens successfully, then it deducts the first installment at the same time of account opening.

      You can first check whether your PAN is updated properly or not and if its updated in the bank records then you can cancel this RD account and open a new one.

      If you don't wish to do above then visit your home branch or any other nearby SBI branch and check with them about the issue.

      Regards,
      Team Finance guru Speaks

      Delete

Thanks for your interest in this blog.


Sincerely,
Team Finance Guru Speaks

Related Posts Plugin for WordPress, Blogger...