RD Interest In State Bank Of India

Hello ! myself ishaan and I have recently open my bank account in State Bank of India so kindly tell me the latest notifications about the interest on Recuring Deposit (RD) in State Bank of India …please solve the above mentioned query???

Hii buddy , Will you please tell me What are the interest rates for a recurring deposit Recurring Deposit of State Bank Of India ?

[Shaleen]

Friend ,Here I am providing information about Recurring Deposit scheme of State Bank Of India :

Recurring Deposit scheme is offered by State Bank Of India

• Recurring Deposit is very popular among the salaried class, specially who can afford to save only few hindered or say few thousand rupees per month.

• This scheme is a boon for people who do not have a large amount of savings and thus can not use the Fixed Deposit scheme of the banks.

• According to this scheme, the customer deposits a minimum amount (normally fixed) every month, and bank pays the interest at the pre-determined rates (which is usually the same as applicable to fixed deposits ).

• At the end of the period i.e. on maturity date, the customer is paid the maturity value i.e. principle deposited and the interest payable.

Key features of the Scheme:

Monthly deposits of Minimum Rs.100/- and in multiples of Rs 10/- No maximum.

Minimum period 12 months maximum 120 months.

Rate of interest as applicable to Bank's TDR / STDR for the period of the RD.

Loan / Overdraft up to 90% available against the balance in RD account.

TDS is applicable.


Important Terms & Conditions:

Penalty charges for non-Deposit of monthly installments:

For a/c of period 5 years and less --Rs. 1.50 per Rs. 100/- per month

For a/c of period above 5 years- Rs. 2.00 per Rs. 100/- per month