Say goodbye to your worries about savings, as here we will inform you about the best saving option you can opt for. We are talking about SBI's Recurring Deposit (RD) under which you can save really well by saving just Rs 100. So, yes it is a better and safer option to invest. Also, In RD, you do not even need to deposit money once collected like a fixed deposit. You only need to deposit monthly money in it.
SBI's Recurring Deposit: Open Account for Rs 100
By RD, you can help in achieving investment targets of 1-10 years duration. It is to be noted that there is no tax benefit on investment in RD & TDS is deducted on interest income above Rs 40,000. Besides, the minimum amount for monthly installment is Rs 100. In other words, you can start investing with just Rs 100. However, the installment amount & the number of installments cannot be changed after the account is opened.
How to open SBI RD Account?
If you want to open RD in State Bank of India (SBI), then you need not go anywhere. You can simply open RD account in SBI from your smartphone while sitting at home. You only need to take help of YONO SBI app.
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How to open E-RD account online?
You can open an E-RD account online very easily by the following steps
Step 1: Login to SBI Net Banking account
Step 2: Tap on 'Fixed deposit' from the menu on the home page
Step 3: Select 'e-Rd (Rd)' option. (If you have more than one account, select the account from which you want to deduct your amount)
Step 4: Fill the amount you want to deposit every month
Step 5: Senior citizen will get more interest on RD
Step 6: Select the time frame for the deposit (the minimum duration is 1 year)
Step 7: Read all the terms & conditions properly, maybe twice
Step 8: Submit after reading it.
Step 9: Now, give the information about the nominee.
Step 10: Click on confirm.
Step 11: Your account will be opened now.
Step 12: Tell the details of RD amount on a new page (the customer must take a print out of it)
Step 13: If you choose 'Set SI' option, only the monthly install of your savings account will be transferred to RD account.
Step 14: After this, you can verify & confirm by looking at your e-RD account details.
Another method to open SBI RD account:
For opening an SBI recurring deposit account (RD), customers must go to onlinesbi.com and then login to their online banking accounts under the Personal Banking section. Please note that the online RD can be opened from 8 am - 8 pm.
