SBI RD Interest Rates 2021, Check SBI Recurring Deposit Interest Rates 2021, SBI Recurring Deposit Schemes Types, Deposit Features, and More

by Priyanka S | Updated Feb 03, 2021 19:30 IST

social social social social SBI RD Interest Rates 2021, Check SBI Recurring Deposit Interest Rates 2021, SBI Recurring Deposit Schemes Types, Deposit Features, and More

What are SBI RD Interest Rates 2021? The SBI RD Interest Rates 2021 are revised for this year as SBI is now open to it customers with some new savings and deposit options in the Recurring Deposit category and the Recurring deposit is a type of deposit option in which the customers can deposit monthly when compared to huge payments in Fixed Deposits. There are some new features added to the various SBI RD. Although SBI RD is similar to a fixed deposit, some of the added features are quite different when compared. In this article, we have provided complete information on SBI RD Interest Rates 2021 and SBI Recurring Deposit Schemes Types.

RD Interest Rates In SBI

Some of the RD interest rates which have been revised for 2021 are given below.

  • SBI offers RD interest rates up to 5.40%
  • Interest on RD with SBI is compounded quarterly.
  • SBI accepts minimum deposits starting at 100.
  • For senior citizens, SBI offers RD rate upto 6.20%.

SBI Recurring Deposit Features 

Some of the notable SBI RD features for 2021 are,

  • The Nomination facility is available
  • The Loan facility is provided up to 90% of your RD amount
  • The Recurring deposit tenure ranges from 1 year to 10 years
  • If you want to avail these features, we can visit any SBI branch.
  • The SBI TDS deductions are subject to the existing income tax rules same at the time of opening the RD account.

SBI Recurring Deposit Schemes Types

There are some new SBI Recurring deposit schemes that have been introduced. There are 3 types of SBI Recurring Deposit such as,

  • Short-Term RD
  • Medium-Term RD
  • Long-Term RD
  • Short-Term 

As the name suggests, this type of SBI Recurring Deposit, the deposit tenure usually ranges between 6 months to 3 years. The Short-Term RD will be much suitable for the people who wanted to save and used it as a savings account.

  • Medium-Term RD

If you don't want the tenure to be much longer, you can choose Medium Term RD. This type of SBI RD provides some balance of flexibility and commitment to invest. The tenure of Medium-Term RD ranges between 3 years to 7 years. 

  • Long-Term RD

If you want to grow your money much more patiently, you can choose long-term RD. You can also earn more returns by investing a small amount. By investing recurring deposits, you get the flexibility of making monthly investments, and earn the return similar to Fixed Deposits. The tenure of long-term RD ranges between 7 years to 10 years.

SBI Recurring Deposit Interest Rates 2021

The latest SBI Recurring Deposit Interest rates for 2021 that have been revised are explained below.

SBI RD Tenure

For Regular Citizens

For Senior Citizens

1 year to less than 2 years

5.10%

5.60%

2 years to less than 3 years

5.10%

5.60%

3 years to less than 5 years

5.30%

5.80%

5 years and up to 10 years

5.40%

6.20%

 

Factors Affecting SBI RD Rates

Some of the factors that affect the SBI Recurring Deposit rates are,

  • RBI Framed Policies
  • Recession
  • Inflation
  • The current State Of Economy

SBI RD Calculator

If you want to calculate the SBI Recurring Deposit according to the different interest rates are given below.

To use this RD calculator, one needs to furnish the following details:

  • Deposit amount (monthly instalments)
  • Tenure (in years/months)
  • The rate of interest
Disclaimer: The above information is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

SBI RD Interest Rates 2021 - FAQs

1. What is an RD?

RD is known as Recurring Deposits

2. What is a Recurring Deposit?

The Recurring deposit is a type of deposit option in which the customers can deposit monthly when compared to huge payments in Fixed Deposits.

3. What are the new SBI RD revision in 2021?
  • SBI offers RD interest rates up to 5.40%
  • Interest on RD with SBI is compounded quarterly.
  • SBI accepts minimum deposits starting at 100.
  • For senior citizens, SBI offers RD rate upto 6.20%.
4. What are the SBI RD features?
  • The Nomination facility is available
  • The Loan facility is provided up to 90% of your RD amount
  • The Recurring deposit tenure ranges from 1 year to 10 years
  • If you want to avail these features, we can visit any SBI branch.
  • The SBI TDS deductions are subject to the existing income tax rules same at the time of opening the RD account.
5. What are the SBI RD Scheme Types?
  • Short-Term RD
  • Medium-Term RD
  • Long-Term RD

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