SBI FD/RD Scheme: The Fixed Deposit (FD) and Recurring Deposit (RD) scheme of banks is very popular for investment. The biggest reason for investing in it is that it is considered safe and investing on them gives a fixed return. There is no difference of market fluctuations here. State Bank of India (SBI) pays an additional interest of 1 per cent on FD or RD to its employees and pensioners. At the same time, senior citizens get half a percent more than the interest rate received by ordinary customers. Let us see how much interest the bank is paying to its workers and pensioners on FD and RD.
1% more interest to bank personnel on FD
Banks provide FD facilities at higher interest to people working in SBI. Bankers get one percent more than the interest that FDs get on FDs. According to the information given on the bank’s website, the common people are getting 2.9 per cent interest on FDs of 7-45 days for less than 2 crore days. At the same time, 5.4 percent interest is being received on 5-10 years FD. But if you are a bank employee, then you will get 1 percent. At the same time, senior citizens will get an additional interest of 0.5 per cent.
Interest to common people
Term – Interest Rate (%)
7-45 days – 2.9
46-179 days – 3.9
1-2 years – 4.9
2-3 years – 5.1
3-5 years – 5.3
5-10 years – 5.4
For SBI employees
Term – Interest Rate (%)
7-45 days – 3.9
46-179 days – 4.9
1-2 years – 5.9
2-3 years – 6.1
3-5 years – 6.3
5-10 years – 6.4
One percent more interest to bank workers on RD
Apart from FD, SBI personnel also get one percent more interest on Recurring Deposit (RD). They get the same interest as on FD. The interest rates given above will also apply to RD.
FD can start online
You can also start FD from home, but for this you should have net banking. You can start FD in the following way.
- You have to login by visiting the official website of the bank, www.onlinesbi.com.
- Click on the option of deposit schemes and go to term deposit.
- After that, click on e fixed deposit.
- After this, select FD and click on ‘Proceed’.
- If you have more than one account, choose the account from which to deposit money.
- Select the principal amount of the FD and fill in the box of the amount.
- If you are over 60 years of age, then click on the option of Senior Citizen.
- Choose one of the STDR deposits or TDR deposits and select your maturity period. Also, choose your internet frequency.
- Also choose the guidelines of maturity and after reading the terms and conditions, tick them and click ‘Submit’ and your FD account will be opened.
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Follow the steps given below to start RD.
- After logging into Net Banking, click on the e -RD (RD) / e- SBI Flexi Deposit option within the Fixed Deposit.
- If there are more than one account in the bank, select the account you want to link to the RD account.
- You have to choose the monthly installment amount and the tenure amount. Tenure will determine your interest rate.
- If you come in senior citizen, then choose that option.
- Then you have to choose whether to take the maturity amount into a savings account or convert the maturity amount into a fixed deposit. Then read and submit the terms and conditions.
- On the next page, the name, nomination will appear according to your link savings account. Then after clicking confirm, RD account will be created and a reference number and e-RD account number will be generated.
- Looking at the details of e-RD, you can download it or keep it in print. Apart from this, if you want to keep standing instruction (SI), you can do it online.
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