Sunday, September 28, 2008

RECURRING DEPOSIT ACCOUNT

Want to create a fund for your children's education or marriage or to buy a car or for a dream holiday? Whatever may be your financial goals, through our Recurring Deposit Scheme you can save a little every month so that at the time of need you have sufficient funds to achieve your financial goals. Recurring Deposit provides you the element of compulsion to save at high rates of interest applicable to Term Deposits alongwith liquidity to access that savings any time. So set aside a small amount every month and earn at compounded rates of interest.

Wide Choice in Period of Deposit

Flexibility in period of deposit with maturity ranging from 12 months to 120 months.
Low minimum monthly deposit amount.
You can start a Recurring Deposit with SBI for a monthly instalment of Rs.100/- only.
SBI Term Deposit Rates Apply

Highlights

Safety : SBI understand the value of your hard earned money and continue to deliver on our promise of safety and security over two centuries.

Liquidity Loan /overdraft facility: You can avail a loan/overdraft against your deposit.SBI provides you loan / overdraft upto 90% of your deposit amount at nominal cost.So you continue to earn interest in your deposit and still can meet your urgent financial requirements.

Transferability : Transfer of Recurring Deposit accounts between the branches without any charge.

Regular Instalments to your Account. Now you have motivation/compulsion to save a chosen amount every month and create a fund, which helps you to meet your future financial needs.
Recurring Deposits are available at all SBI Branches. Easy and convenient access of information at SBI Internet Banking

Other Benefits

Nomination Facility - Available

Regular Instalments to your Account
–Save in your account through Fixed Monthly Instalments.
–Monthly Instalments can be deposited on any working day of the month.
–Delayed monthly instalments attract penalty.
–Instalments payable in multiples of Rs.10/-

Free Fund Transfer
Free transfer of your funds through standing instructions from your Current or Savings Bank Account to your Recurring Deposit Account every month for the payment of your instalments, so that you do not have to worry about regular payments.

Regular Updates
You can monitor your deposit through SBI Internet Banking or through a passbook issued to you

2 comments:

Ronotosh said...

Getting back money in e-RD is a small hassle on SBI. In spite of instructing that "Pay back interest and principle" the matured amount on e-RD doesn't come to the savings A/c automatically. Instead it gets rolled over for another year. This needs to be corrected.

However, for now I found a way around this. After the e-RD amount matures (30 days/1 month after the last deposit date, whichever is later) one can go to open a New e-RD page and on top there is a tab for closing A/c. On clicking that tab, one gets the option of closing one's mature e-RD and the amount get deposited to the savings A/c immediately. Try it, it works!

Anonymous said...

Thanks bro for your nice information. I feel SBI Online services are not up to the mark. Its so confusing and time consuming.