SBI RD Calculator is for calculating the maturity amount of Recurring Deposit saving invested in State Bank of India for a specified period.
Recurring Deposits are a special kind of Term Deposit offered by SBI which helps people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
This SBI Recurring Deposit calculator requires some data like – Your Monthly Deposit Amount, Rate of Interest of your bank, Period (in No. of Months), interest Compounding Frequency. After calculation, you will get the Maturity Amount after the maturity period and Effective yield in %.
Latest SBI RD Interest Rate:
| Bank Name | Tenors | Rates For Public | Rates for Senior Citizens | As on Date |
|---|---|---|---|---|
| SBI | 1 year to less than 2 year | 5 | 5.5 | 2021-11-25 |
| SBI | 2 years to less than 3 years | 5.1 | 5.6 | 2021-11-25 |
| SBI | 3 years to less than 5 years | 5.3 | 5.8 | 2021-11-25 |
| SBI | 5 years and up to 10 years | 5.4 | 6.2 | 2021-11-25 |
SBI RD Calculator Variables:
This recurring deposit (RD) calculator for State Bank of India (SBI) RD uses five different investment variables that most of the calculator requires. These saving calculator variables are:
Monthly Deposit Amount: This is a fixed monthly amount that is invested in an RD scheme. This deposit amount varies from person to person and scheme to scheme.
Rate of Interest: The Rate of Interest is the variable of the RD calculator that appears as a percentage and is different for different types of saving options. State Bank of India offers 5.1 to 5.4% p.a. (w.e.f. 27.05.2020) rate of interest on RD accounts.
Period of Investment: The length of the investment or period for the investment in months is another factor that plays a major role in the RD calculator. The longer investment increases the compounding of the returns and hence greater rewards are generated.
Maturity Amount: The desired or required amount that an investor wants at the end of the investment life cycle is known as the final amount or maturity amount.
Effective yield: The effective yield is that variable of the RD calculator that appears as a percentage and is used to compare the effectiveness of different types of saving options. This saving variable matters the most to the investors.
How SBI RD Calculator Works?
Anyone can calculate his saving returns from the SBI RD account through an online RD calculator available on this page with high accuracy.
Following are the steps to calculate the RD returns through this calculator:
- Step 1: Enter the fixed monthly amount that he wants to deposit every month.
- Step 2: After this, fill the rate of interest that he gets from his bank or financial institution for the specified period. Different banks or financial institutions offer different rates of interest-based on the amount of investment and period of investment.
- Step 3: The next step that one has to follow is to select the period for saving in months. It depends on saving option requirement for which he wants to stay invested.
- Step 4: Thereafter choose the frequency of compounding. The frequency of compounding may be monthly, quarterly, half-yearly, or yearly.
- Step 5: After submitting all variables required by an RD calculator, one will get the final maturity amount for investment query with effective yield.
SBI Recurring Deposit (RD)
State Bank of India Recurring Deposit (RD) account offers a monthly investment option with a handsome return at the end of specified years with an option to extend the accounting period. It gives you a higher rate of interest than a savings bank account.
Recurring Deposits are a special kind of Term Deposits offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
It is similar to making FDs of a certain amount in monthly installments. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.
Click Here for SBI Bank Saving Account Calculator
Click Here for SBI FD Calculator
Features of SBI RD Schemes:
- Period of deposit Minimum – 12 months, Maximum – 120 months
- Available at all branches
- The minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
- Maximum Deposit Amount: No Limit
- Penalty charges for non-Deposit of monthly Instalments:
- For a/c with maturity period 5 years and fewer Rs. 1.50 per Rs. 100/- per month
- For a/c with maturity period above 5 years- Rs. 2.00 per Rs. 100/- per month.
- A service charge of Rs. 10/- will be levied on Recurring Deposit accounts paid out on or after the date of maturity, wherein there is a default in payment of three or more consecutive installments and the account has not been regularized.
- In case six consecutive installments are not received, the account shall prematurely be closed and balance paid to the account holder.
- Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.
- Nomination: Available
- Universal Passbook will be issued.
- Loans/OD up to 90% of the deposited amount available
- Transferability among our Branches: Allowed
- Rate of Interest as applicable to Term Deposits
- The interest rate payable to SBI Staff and SBI pensioners will be 1.00% above the applicable rate.
- The rate applicable to all Senior Citizens age 60 years and above will be 0.50% above the applicable rate.
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SBI RD Interest Rate: Click Here
Terms and Condition of SBI RD:
- Premature Closure is available.
- For Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
- For Term Deposits above Rs 5.00 lacs, the applicable penalty will be 1% (all tenors).
- The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
- However, no interest will be paid on Deposits which remain for a period of fewer than 7 days.
- TDS is applicable as per Income Tax Rules.
- Form 15G/H can be submitted by the Depositor to get an exemption from tax deduction as per Income Tax Rules.
Eligibility for SBI Recurring Deposit (RD):
You are eligible if you are one of the following:
- Resident individuals
- Hindu Undivided Families
- Private & Public Limited Companies
- Trust & Societies
You are here to calculate the maturity value of your money in SBI’s Recurring Deposit (RD) account. Calculate the maturity value with this online SBI RD calculator.
(Calculate your State Bank of India Bank Recurring Deposit (RD) maturity amount by using this SBI RD Calculator)
