SBI Bank RD Interest Rates 2024

Updated on April 22, 2024 , 39143 views

Recurring deposit scheme offered by the SBI Bank provides an opportunity to build-up saving through regular monthly deposits of fixed sum over a period of time.

A recurring deposit is an investment cum savings option for those who want to save regularly over a certain period of time and earn a higher interest rate. It is a type of term deposit which allows one to save a fixed amount of money every month systematically. If you are familiar with SIP in Mutual Funds, RD works similarly in banking. Every month, a fixed amount of money is deducted either from a savings or a current account. And, at the end of the maturity, investors are paid back their invested money with accrued interest.

A user willing to open an RD account with SBI Bank can choose any amount and term according to your convenience.

SBI Recurring Deposit Interest Rates 2024

Here're the the interest paid by the bank to general citizens-

Tenure	RD Interest Rates
1 year to less than 2 years	5.00%
2 years to less than 3 years	5.10%
3 years to less than 5 years	5.30%
5 years to 10 years	5.40%

SBI Senior Citizen RD Interest Rates

Here're the the interest paid by the bank to senior citizens-

Tenure	RD Interest Rates
1 year to less than 2 years	5.50%
2 years to less than 3 years	5.60%
3 years to less than 5 years	5.80%
5 years to 10 years	6.20%

SBI RD Calculator

RD Calculator

Investment Amount:₹180,000

Interest Earned:₹20,059

Maturity Amount: ₹200,059

A Recurring Deposit calculator is a good way of calculating maturity amount on RD. You can follow this method to estimate your RD amount on maturity.

Illustration-

RD Calculator	INR
Monthly Deposit Amount	500
RD in month	60
Rate of Interest	7%
RD Maturity Amount	INR 35,966
Interest Earned	INR 5,966

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Types of RD Account Offered by SBI Bank

Currently, there are two types of RD accounts offered by the State Bank of India:

SBI Regular Recurring Deposits

SBI Regular Recurring Deposits can be opened for regular savings. Users can open this RD account by making minimum monthly deposits of INR 100 or more as per their wish.

SBI Holiday Savings Account

SBI bank joined hands with the leading travel advisory company, Thomas Cook and formed SBI Holiday Savings Account. If you love travelling then this RD account is for you. Under this account, a user can deposit a certain amount of money every month with an intention to avail a vacation. The list of vacation under this scheme is mentioned in the Thomas Cook website.

SBI RD Account Key Features

A minimum period to make deposit in SBI RD account is 12 months and the maximum is of 120 months
The minimum monthly deposits that can be made in SBI RD account is INR 100 and in multiples of INR 10. There is no maximum amount of deposits here
SBI Bank RD accounts offers Loan/Overdraft up to 90 percent against the balance in RD account
Tax Deduction at Source (TDS) is applicable
SBI RD account offers the nomination Facility
One can avail the premature withdrawal facility but the rules for TDR/STDR is applicable
Passbooks are issued of recurring deposit

Why Investing in SIP is Beneficial?

Systematic Investment plan (SIP) is a way to put your money in mutual funds. Investment can be done on a periodic Basis - daily, weekly, monthly or quarterly.
You need to deposit a small amount of money at every interval. The minimum amount can be as low as INR 500.
SIPs can help in all kinds of investment goals, whether short- or long –term, depending on the frequency of investment, funds chosen and other factors.
SIPs offer flexible instalment plans of daily, weekly, monthly, quarterly etc.
Returns can be earned better here. The longer you invest via a SIP in mutual funds, especially in an Equity Fund, the higher are the chances to earn good returns.
To Cancel SIP, the investors can simply close their investment and withdraw their money without any penal charges.

Best Performing SIPs to Invest 2024

Here's a list of best performing equity SIPs for an investment horizon of five years and above

Fund	NAV	Net Assets (Cr)	Min SIP Investment	3 MO (%)	6 MO (%)	1 YR (%)	3 YR (%)	5 YR (%)	2023 (%)
IDFC Infrastructure Fund Growth	₹46.686 ↑ 0.49	₹1,043	100	17.7	45.4	81.3	37	25.2	50.3
Franklin Build India Fund Growth	₹128.785 ↑ 1.68	₹2,191	500	13.1	39.2	76	38.2	24.5	51.1
Motilal Oswal Multicap 35 Fund Growth	₹49.8641 ↑ 0.14	₹9,660	500	9	29.7	56	17.5	14	31
L&T India Value Fund Growth	₹95.3712 ↑ 1.16	₹11,431	500	9.2	28.8	54.1	28	21.3	39.4
L&T Emerging Businesses Fund Growth	₹74.6662 ↑ 0.52	₹13,401	500	5.7	22.2	51.9	33.8	24.8	46.1
Invesco India Growth Opportunities Fund Growth	₹78.37 ↑ 0.40	₹4,996	100	9.3	29.4	51.6	22.5	17.9	31.6
Aditya Birla Sun Life Small Cap Fund Growth	₹78.1215 ↑ 0.92	₹4,444	1,000	5.4	18.5	50.9	22.3	17.3	39.4
DSP BlackRock Natural Resources and New Energy Fund Growth	₹87.265 ↑ 1.80	₹990	500	16.2	39.5	50.1	24.4	21.7	31.2
Tata Equity PE Fund Growth	₹317.461 ↑ 1.62	₹7,301	150	9.2	29.2	49.6	25.3	18.6	37
DSP BlackRock Equity Opportunities Fund Growth	₹527.507 ↑ 4.24	₹10,812	500	7.8	25.1	45.9	21.7	18.9	32.5
Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 25 Apr 24

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.