State Bank of India has various schemes for recurring deposits, which can be taken as safe and secure from all the market risks. The best benefit for all the recurring deposit schemes are those give you high rates of returns in the shape of interest and for them there is no tax deducted at source.
Recurring deposits are enormously helpful for the education, marriage, medical expenses, and many other needs. Recurring deposits systematically help in building up healthy saving habits. As the biggest commercial banks in India, the SBI giving best interest rates on RD in this 2014 year, while keeping your future secure.
Various highlights of SBI Recurring Deposit Schemes
- You can invest your money from 12 months to 120 months.
- The Bank also provides you with nomination facilities.
- You can take loan on the amount deposited in the recurring deposit. Loan can be availed against 90% of the amount deposited.
- You can opt for premature withdrawal anytime as you wish before the maturity.
- No tax will be deducted at source from the interest.
- As you begin a RD scheme, the bank shall issue you a Passbook.
- SBI offers low minimum amount as monthly deposit.
- The monthly deposits can begin as low as Rs 100 per month.
- If you are on a transferable job, you can transfer your recurring deposit account to anywhere in the county.
- You can access your information in recurring deposit schemes from online banking of SBI.
- For monthly deposits to your recurring deposit accounts, you can instruct your branch of State Bank of India to transfer funds from your current/savings account.
- For more information, you can enquire from 18004253800 and 1800112211. Both these lines are toll free.
RD Rates of interest on State Bank of India
For 01 year to less than 5 years RD Rats – the interest rate for all the deposit in recurring deposit account remains 9% per annum. For senior citizen it is 9.50% per annum.
For 5 years to 10 years FD Rates – the interest rates for all the deposit in recurring deposit on SBI account remain 8.50% per annum and for the senior citizens, it is 9% per annum.