RECURRING DEPOSIT

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Recurring Deposit

Recurring Deposit is a product to provide a person with an opportunity to build up saving through regular monthly deposits of fixed sum over a period of time

Features

  • Period of deposit Minimum - 12 months,Maximum - 120 months
  • Available at all branches
  • Minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
  • Maximum Deposit Amount : No upper Limit
  • Penalty charges for non-Deposit of monthly Instalments:
    • For a/c with maturity period 5 years and less Rs. 1.50 per Rs. 100/- per month
    • For a/c with maturity period above 5 years- Rs. 2.00 per Rs. 100/- per month.
  • A service charge of Rs. 10/- will be levied on Recurring Deposit accounts paid out on or after the date of maturity, wherein there is default in payment of three or more consecutive instalments and the account has not been regularized.
  • In case six consecutive instalments are not received, the account shall prematurely be closed and balance paid to the account holder.
  • Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.
  • Nomination : Available
  • Universal Passbook will be issued.
  • Loans/OD up to 90% of deposited amount available
  • Transferability among our Branches : Allowed
  • Rate of Interest as applicable to Term Deposits
  • The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
  • The rate applicable to all Senior Citizens of age 60 years and above will be 0.50% above the applicable rate.

Terms and Condition

  • Premature Closure available.
  • For Term Deposit upto Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
  • For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
  • The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
  • However, no interest will be paid on Deposits which remain for a period of less than 7 days.
  • TDS is applicable as per Income Tax Rules.
  • Form 15G/H can be submitted by the Depositor to get exemption from tax deduction as per Income Tax Rules.

Interest Rates

5.30%

3 years to less than 5 year

5.40%

5 years to less than 10 years

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