Recurring Deposit through SBI Internet Banking


Now a days it is very easy to make a Recurring Deposit(RD) without going to Bank. To create a Recurring Deposit in SBI you should have a Savings Account in SBI and it should have with internet banking facility.If both saving account and internet banking of that account activated then you can open a Recurring Deposit (RD) by one click.

It is very easy to make a recurring deposit is SBI Bank. Generally in people's mind it is seen that to open any type of account in SBI is very tough especially I thought that but yesterday it proved wrong. Now days SBI, has also improved itself to serve their valuable customers.

To create a Recurring Deposit in SBI you should have a Savings Account in SBI and it should have with internet banking facility. If both saving account and internet banking of that account activated then you can open a Recurring Deposit (RD) by one click.

Steps to open RD account in SBI

  1. Go to https://www.onlinesbi.com/
  2. Then at right side upper portion click on Personal Banking
  3. Click on Continue to Login
  4. Then sign in with your user name & password (Given at the time of Internet Banking Activation)
  5. Then Click on Request at top bar
  6. Then on Left Top click on e-RD
  7. Then fill the form where you have to fill amount of instalment, year of RD, source from where money will deposit monthly.
  8. You should have the amount in your saving account which you monthly installed.
  9. Congratulations. You have created a Recurring Deposit.
  10. After maturation your money will deposited to your Saving Account from where you monthly paid.


Comments

Guest Author: yagnaseni gupta02 Oct 2012

There it is written that the customer has to go to his/her branch with original pan card and it's phootocopy for the updation of it in the bank record. is it necessary to do so? If I do not, then what will happen? will the RD be closed?

Guest Author: Basker reddy14 Oct 2012

i followed the steps for creating e-RD account. but it saying that the mode of operation in not set for your account and contact the branch. why cant i open the account from online SBI

Guest Author: sanjeet savita16 Jun 2013

we want to open a new r/d account in sbi for one year

Guest Author: sam17 Dec 2013

After maturation the money doesnt get transferred to savings account. This is a nuisance..Hdfc rd are far much better and hassel free.

Author: Srikanta Kundu03 Jan 2014 Member Level: Bronze   Points : 3

No Sam ,I can not be agreed with you on "This is a nuisance..Hdfc rd are far much better and hassel free".I am telling you the process.First go to your recurring deposit page after login to www.onlinesbi.com and then there will be a option for transferring your matured amount to your linked Savings Account.It will transfer within few seconds.It is also hassle free.

Guest Author: sundhu09 Jan 2014

In SBI through internet banking if I try to put RD it is giving the error as "Mode of operation in not set for your account and contact the branch.".But I am able to transfer amounts through internet banking. can anyone suggest why i am getting this error.

Guest Author: Nishchal29 Jan 2014

I deposited more amount than maturity amount today only..What will happen in such case???

Guest Author: hmanshu singh13 Feb 2014

how to close my e-RD account?

Guest Author: detrix17 Mar 2014

Getting back money in e-RD is a small hassle on SBI. In spite of instructing that "Pay back interest and principle" the matured amount on e-RD doesn't come to the savings A/c automatically. Instead it gets rolled over for another year. This needs to be corrected.

However, for now I found a way around this. After the e-RD amount matures (30 days/1 month after the last deposit date, whichever is later) one can go to open a New e-RD page and on top there is a tab for closing A/c. On clicking that tab, one gets the option of closing one's mature e-RD and the amount get deposited to the savings A/c immediately. Try it, it works!

Author: Srikanta Kundu18 Mar 2014 Member Level: Bronze   Points : 2

Yes detrix,I agreed with you that it is a drawback of SBI,SBI need to change to it to automatic. But in the point of safety SBI is the best bank where we can save our money. Now IDBI Bank is the first one who is giving you a best services.

Guest Author: Deepika03 Jun 2014

My e-RD would be maturing on the tenth of this month. I got a msg from SBI today asking me to give instructions or else the deposit will be rolled over. Should I close the account now or on the 10th? Would I get the maturity amount (principal+interest) or just the principal if I close before the date of maturity?

Author: Ashok Goyal04 Jun 2014 Member Level: Gold   Points : 5

Yes, It is very easy to make a recurring deposit account through internet banking facility with SBI. HDFC Bank also provides the making of e-RD through internet banking but when compared the SBI e-RD has following advantages over the HDFC e-RD:
1. SBI provides online statement of your Recurring Deposit Account along with dates of execution of standing instructions set by the customer for deposit of RD installments automatically whereas HDFC Bank tells on the balance in the RD account and no statement of RD account can be downloaded to check the debits and credits.
2. In State Bank of India eRD, the customer can opt out of the eRD any time without visiting the Bank whereas HDFC Bank eRD has no such facility for premature discounting of RD in case of need.

Guest Author: Suraj04 Jun 2014

There is no Request tab in my SBI login.

Guest Author: phani09 Jun 2014

There is no E-RD tab available in SBI website. Only E-FD is available. Please let me know how to open RD account online without going bank.

Guest Author: rohini12 Jul 2014

For RD Deposit Money, automatically deduct from our sbi saving account or not?

Can I withdraw RD account amt when I needed?

Author: Srikanta Kundu14 Jul 2014 Member Level: Bronze   Points : 2

Yes rohini,your monthly money will deduct from your linked saving account.
Yes you can withdraw it anytime but if you withdraw it before maturity you will got return in calculation with normal savings interest.

Guest Author: Guna11 Aug 2014

For e-RD , Is the installment amount will be auto deducted from my saving account or I have to transfer the amount to e=RD account ?

Author: Ashok Goyal15 Aug 2014 Member Level: Gold   Points : 2

Yes Guna, It will be auto deducted from your linked saving account. Moreover before the due date every month you will receive SMS to provide sufficient balance before hand so that the automatic system can work smoothly.

Author: Pravat Kumar Das09 Sep 2014 Member Level: Gold   Points : 5

Recurring Deposit is now days become one of the best safe investment option for Job holder people.

Why should you choose recurring deposit than normal savings bank account or fixed deposit?


1- You can invest a fixed amount systematically every month.

2- you get control on your emotion to regular withdraw from that account ( as it is not flexible fr withdraw).

3- You get the compound benefits if stay invested for longer period ( like 15-20 year).

So start your investment early which would help you to get a big corpus later stage.

That money can be used for big expenses like buying a house, car, daughter's marriage, child education etc.

So as per you capacity start a monthly investment of a fixed amount.

Guest Author: preeti17 Sep 2014

Didn't find request tab in home page. Please tell me the solution.

Guest Author: Ket29 Sep 2014

I opened the SBI e-RD before 2 months but the amount is not getting deducted automatically from my SBI saving account. Is there any setting to do that? Please inform me.

Guest Author: soumitra chattoraj09 Oct 2014

I opened 2 Nos. e-RD Accounts on dt. 18-09-2014 but the amount is not being deducted from my SB Account as I have not given SI. How shall I give the SI now ?


Guest Author: NITIN SHARMA10 Oct 2014

It is process to open e-rd but I want to know that how to close my e-rd which is running.

Author: Ashok Goyal11 Oct 2014 Member Level: Gold   Points : 12

It is presumed that all the guest authors have opened their e=RD account online through 3-Fixed Deposit Menu with minimum contribution of Rs.100 and term ranging from 12 months to 120 months. If you have changed mind after opening the e-RD account and want to close it the same can be done in fraction of minutes by cancelling your standing instructions, which can be set through Internet Banking, by "View/Cancel" tab, under Request -> Standing instruction link. But the maturity amount on either date of maturity or discounting date before the due date the proceeds will go to the account from where RD was made and standing instructions were set. Once discounted same e-RD can not be revived but you can open fresh e-RD at the prevailing rates of interest. It is not mandatory to set Standing Instructions as you can deposit the monthly amount in cash or through NEFT/RTGS. Only e=RD accounts opened online can be be closed online prematurely or on date of maturity. There are no charges for premature closure but the depositor will get Interest on premature withdrawal of RD at 1.00% below the rate applicable for the period the deposit has remained with the bank.
Most Important : RD and Flexi RD accounts are out of the ourview of TDS though they command same rate of interest as on fixed deposit which attrat TDS @20% if PAN Number is not provided to the banks and TDS @10% if the total interest in one fiscal year is Rs.10000/- or more. Plan with caution!

Guest Author: Paromita Sen13 Oct 2014

Please let me know how to close matured E-RD A/C online.
Please provide the steps.

Kindly do the needful.

Regards,

Paromita Sen

Guest Author: Pallavi02 Nov 2014

How to transfer money in e- rd account from saving account every month without going to the bank? Please help.

Guest Author: Sayani05 Nov 2014

Is it necessary to set standing instruction for SBI e-RD or it will automatically deduct the money?

Guest Author: RK2902 Dec 2014

I closed my matured RD as you suggested. And within 2 minutes total amount got deposited to Saving account.

Guest Author: Manoj09 Dec 2014

Getting error message while creating a new account for e-Fixed Deposit "Mode of Operation is not set for your account"

Guest Author: P P28 Dec 2014

I have opened ERD in SBI. Can I keep changing the date of monthly installment thru SI depending upon my cash inflow situation? Example, I opened on 1 May. For 6 months I had set date as 5 May, however now I want it to be 25 May for next 10 months.

Author: Ashok Goyal29 Dec 2014 Member Level: Gold   Points : 7

@Manoj, Guest Author, It is mistake by the SBI branch and you will have to visit to get set the "Mode of Operation" which is to be done by the branch officials immediately while providing internet banking userid and password credentials. Without having set the "Mode of Operation", I think you can not make any internet banking transactions what to talk of eRD or eFD.
@PP: Guest author, You will have to first cancel the existing standing instructions and again fix new SI as it suits you but if will have an effect on the maturity date of the RD as in case of RD opened on 1st May for 18 months and the last installment is deposited or set by you as 25th then the RD will mature on 25th November instead of 1st November that is exactly after 18 months.
@Sayani, Guest Author: In case of SBI you need to set the SI whereas in HDFC the installment is deducted automatically. In case your saving bank account does not have sufficient balance to execute the standing instructions the system will try at 3 occasions and SI for that month will get suspended. Moreover the there is penalty clause if the RD installment is not paid in time every month.

Guest Author: umesh08 Jan 2015

thanks a lot.

Guest Author: Gyan11 Feb 2015

I opened a e-RD in SBI through online on 10th January 2015. It is supposed to be deducted money from my saving account on 10th February, but it has not been happened. I also don't understand what the minimum 2 months standing instruction is. Waiting for your valued reply.

Author: Ashok Goyal11 Feb 2015 Member Level: Gold   Points : 2

@Gyan, It appears that you have not set the standing instructions online. You might have thought that SI is automatic but it is not so and you have to set it through Request » Standing Instructions ». If their is sufficient balance in account and SI has been set properly then there is no reason that SI is not executed automatically on due date.

Guest Author: girish k u26 Feb 2015

I have opened SBI RD through normal process not eRD at SBI another branch and now amount automatically deducting from my saving bank account. Now I want to transfer my RD account to where I was opened my saving account. advice how to transfer my RD account and after maturing amount will automatically credited to my saving account or not. Please give me a valuable information and transferring process of SBI RD.

Guest Author: ankur sharma05 Mar 2015

what happens to e rd if payment not done for 6 months? I had stopped the payment in rd 6 months bac and after 6 months the rd automatically closed and cheque of remaining amount was generated . I want to as that why the amt. was not transferred to my account directly?

Guest Author: prateek09 Mar 2015

I have opened a ERD account on 25/01/2015 but there are no deduction from my sb account till 09/03/2015.Now am Puzzled what to do please suggest me..

Guest Author: Arpan04 Apr 2015

My SBI bank RD having auto facility i.e. my saving amounts transfer to RD. By mistake I have deposited two installments (one manual and one automatically deducted). What may happen?

Guest Author: RAMAn16 Jun 2015

How should I receive my Recurring deposit matured amount

Guest Author: Anand26 Jun 2015

I have opened a e-RD account on 4/5/15 but no deduction from my SBI account till 4/6/15. What to do now? Please suggest me.

Guest Author: Ankita13 Jul 2015

I had set standing instructions for my RD which is 12 months period. Till 10th month, the money was getting deducted properly but in the 11th month the money did not get deducted plus I have available balance in my account too. I am not able to check standing instruction period too. How do I do that? Can I manually transfer money for this month?

Guest Author: Dharmender Mahor19 Aug 2015

Dear Sir/Madam,
I have opened an RD account in SBI and I want to know about how can I activate auto debit fund For RD account from my Saving Account? Please tell me what is the procedure to do this.

Guest Author: Anshu05 Nov 2015

To close E-RD. Follow below step
1. Open create new E-RD page
2. Go to Close tab
3. Close the E-RD account, then maturity amount will be automatically deposited in to saving account.

Guest Author: Chitra Raveendran24 Nov 2015

I have paid my final RD amount on 10th Oct 2015. As I had given standing instruction while opening e RD to pay back principal and interest, I have not closed my matured RD on or before maturity date. It has been automatically deposited for another 24 months and showing rate of interest as 0.0%. How to transfer the amount to my SB account or invest in an e FD online? Thanks

Guest Author: SONI MISHRA28 Apr 2016

How can I transfer my mature Recurring deposit to my SBI saving account through my online SBI account?
Please guide me step by step if possible.

Guest Author: Aman11 May 2016

Is there any way to change Maturity instructions and can I change the tenure of RD?

Guest Author: Nibedita Athpariah06 Nov 2016

My e-RD would be maturing on the 11th of this month (November). I got a message from SBI today asking me to give instructions or else the deposit will be rolled over. Should I close the account now or on the 10th? Would I get the maturity amount (principal+interest) or just the principal if I close before the date of maturity?

Guest Author: nibedita02 Feb 2017

My e Rd amount is not being deducted by the bank automatically every month. After first opening I have transferred the money for my second month by myself. Previously it was automatically deducted. Why is this happening? Is there any specific reason??

Guest Author: john02 Feb 2017

My e-RD would be maturing on the 5th of this month 2017. I got a message from SBI few days back asking me to give instructions or else the deposit will be rolled over. Should I close the account now or on the 5th? As I had given standing instruction while opening e RD to convert to STDR. I want to know whether I can change the instructions from convert to STDR to payback principal and interest so that I would get my money to saving account after maturity.

Guest Author: Parth12 Mar 2017

I opened e-rd online using internet banking but it is not shown in my account and also the amount is deducted from my account.
And also message is delivered to my phone with e-rd account is opened and also new opened account number is given.
But I am not able to see this account from my internet banking login.
What should I do?

Guest Author: Wasim01 May 2017

I opened a e-RD account using SBI internet banking in February 2017. The first premium deducted was from SB account. But the next month premium was not deducted. Now what should I do?

Author: Partha K.06 May 2017 Member Level: Gold   Points : 6

I have three bank accounts and I operate all these accounts online. While writing this response, I remember that I have not visited one of these three branches for more than 4 years, although I operate this account regularly. This benefit is undoubtedly due to online banking and ATMs. So far as opening an e-RD account in SBI or in one of its associate banks is concerned, it is very easy, convenient and matter of some clicks. An online customer is required to open his/her profile, check at the centre of the top. He/She will find e-Fixed Deposit. If he/she clicks it, he/she will get the option of opening e-RD/Flexi account at the left-hand side. After opening the account, the customer is required to give a monthly/quarterly mandate for automatic deduction of the amount in every month or quarter.

However, I would like to avail this opportunity to point out that in the present regime of decreasing interest rate, SBI and its associate banks are offering RD at a very meagre rate of 6.9% p.a. only. It will not protect the capital of the investor from inflation risk. Any liquid mutual fund gives a better return that RDs. Moreover, no tax benefit is available on the interest accrued on the invested amount.

Guest Author: simi Banerjee07 May 2017

I opened one recurring account in SBI from my home branch. Every month the amount has been deducted from my main account and they told that the maturity amount will go automatically to my main account. Today the amount has matured, but my account not showing it. Now I am in Bangalore while my home branch is Kolkata. What should I do now?Please guide me.

Author: Vandana12 May 2017 Member Level: Platinum   Points : 3

Simi,

You can send a formal letter by Speed Post to the Kolkata branch to do the needful. Give them complete details, including your current address and contact phone numbers and email ID. If you have opened an SBI account at your current place in Bangalore city, then you can approach the bank manager of that branch and seek his help too.

We also have a very useful Ask Experts section . You can post your query in the category of Banking and get free advice on how to get the RD maturity amount.

Guest Author: Neha Singh12 May 2017

I opened a RD on 2nd April from SBI netbanking. So money was supposed to be deducted on 2nd May but it didn't get deducted this month till now. The Customer care people saying to contact home branch which is in UP whereas I am in Bangalore. Please guide me.

Author: Partha K.12 May 2017 Member Level: Gold   Points : 3

Ms. Simi Banerjee: Sometimes I also face the same problem. I give a call to the concerned branch, and the maturity amount (Principal + Interest) is immediately transferred. However, there may be a possibility of entire amount is automatically shifted to a fixed deposit in absence of your advance direction. In any case, your amount is safe.

You can also lodge complaint going to https://onlinesbi.com and logging to your online account.

The helpline numbers are 1800 11 2211, 1800 425 3800, 080 - 26599990 (accessible from all landlines and mobile phones). While contacting the helpline numbers, you have to indicate the Savings A/c No., R/d account No. and Branch Code.

Guest Author: Lavanya23 May 2017

I started e-RD online on 26th April 2016. It is getting matured on 26th May 2017. I have received a message from SBI. Can I close my account now or should I wait till 26th May 2017?

Author: Umesh12 Jul 2017 Member Level: Diamond   Points : 2

Very interesting article and it has got so many comments and solution to individual problems.

Opening a recurring deposit through online mode is a good facility and one can make use of it. Actually RD deposit is good for those who cannot save at one go, otherwise FD is a hassle-free deposit and you need not to bother for your account always having requisite amount for feeding the RD. Another thing is that generally RD interest is slightly more than FD so it is one's individual choice for going for it.



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