The State Bank of India is a leading public sector bank in India that offers attractive term deposits and reliable investment options to customers.

One among these schemes is its Recurring Deposit scheme that can be opened with a minimum of just Rs. 100 and in multiples of Rs. 10 thereafter.

SBI Recurring Deposit Scheme Features:

Maturity from 12 to 120 Months
Nomination facility available
The minimum amount of monthly installment shall be Rs 100.
The amount of installment and number of installment can not be changed after opening of the account.
Loan against security of the balance in the Recurring Deposit accounts available to the extent of 90% of the deposit, at 0.5% p.a. above the rate of deposit
No TDS (Tax deduction at source) on interest income

SBI Recurring Deposit Rates are:

Tenure ROI (% p.a) ROI for Senior Citizens (% p.a)

1 year to 455 days 7.25% 7.50%

456 days to less than 2 years 7.50% 7.75%

2 years to less than 3 years 7.50% 7.75%

3 years to less than 5 years 7.00% 7.25%

5 years and up to 10 years 7.00% 7.25%

Most Important Terms & Conditions:

Penalty charges for non-Deposit of monthly instalments:
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