Recurring Deposit SBI Bank
- Minimum Deposit: Minimum monthly deposit is Rs.100 and also your monthly installment should be in multiples of Rs.10.
- Interest Rate: Interest rate is 8.25% for senior citizens and 8.0% for general citizens, it also varies on the tenure/duration of the deposit.
- Tenure/Duration: Minimum period is 12 months and maximum is 120 months(10 years).
- Penalty Changes for non deposit of installment: For account of period of 5 years or less, it will be Rs.1.50 per Rs.100 per month. And account of period of 5 years or above, it will be charged Rs.2 per Rs.100 per onth.
- Premature withdrawal: Premature withdrawal is allowed but rules for TDR/STDR are applicable.
For more information about recurring deposit scheme in State bank of India please see these fequently asked questions and this page.