SBI RD Calculator
Table of Contents
Introduction To SBI RD
SBI Recurring Deposit or SBI RD is an investment option where you invest a fixed amount on a particular date of every month in order to generate the higher return then a SBI saving account offers to you.
Usually, SBI RD is the best option for you, if you don’t have much knowledge or time to understand about mutual fund investing and if you get a regular income from any source that you wanted to invest in order to keep growing your investment for the future.
While doing a SBI RD generate much more returns as compared to a Indian Post Office RD but the biggest disadvantage is that you get the security of up to 5 Lakh by RBI if in any case the bank defaults.
SBI RD Calculator
SBI Recurring Deposit (RD) Calculator enables you to calculate SBI RD maturity amount quickly without any hassle or wasting you time in doing manual calculations.
Knowing in advance how much return your State Bank of India Recurring Deposit (SBI RD) will provide, helps you to do the future financial planning in advance.
How SBI RD Calculator Works?
To use RD Interest Rate Calculator of SBI follow the below steps:-
- In first option in our SBI RD Calculator, you need to enter how much money you will invest every month in your State Bank of India (SBI) recurring deposit (RD) in the “Monthly Investment Amount” Column.
- Then enter the SBI RD Rate of Interest it is offering when you are starting your RD or if you have already started checkout the interest rate at which you invested & enter the detail in “Expected Average Annual Return” column.
- Finally, choose the month or year option first before entering the duration of your RD and enter the time period in “Investment Period” column.
Result Display:
- Total Amount Invested: This is the total amount you will be going to invest through out the time period in your SBI RD.
- Total Returns: The total returns are the interest amount or your earnings you have made over your SBI RD investment over the period.
- Final Amount After x Time Period: The total amount you will receive from your SBI RD including the total amount you have invested and total returns you have received on that amount.
SBI RD Interest Rates 2024
Here is the SBI RD Interest Rates of 2024:
Do remember if you are a senior citizen (60 years or above) then you will get an additional returns on RD for the same time period in State Bank of India.
| Tenure | Normal Citizen RD Rate | Senior Citizen RD Rate |
|---|---|---|
| 3 Months to 6 Months | 4.50% | 5.00% |
| 6 Months to 9 Months | 5.25% | 5.75% |
| 9 Months to 1 Year | 5.75% | 6.25% |
| 1 Year to 2 Years | 6.80% | 7.30% |
| 2 Years to 3 Years | 7.00% | 7.50% |
| 3 Years to 5 Years | 6.50% | 7.00% |
| 5 Years to 10 Years | 6.50% | 7.50% |
Do Note the interest rate on SBI RD keeps changing the above shown interest rates are as on 1st November 2023.
How To Open SBI Recurring Deposit (RD)
You can open SBI Recurring Deposit through different methods like by visiting the nearest SBI Bank Branch, or through online methods.
If you wanted to open SBI RD through online then follow the below steps:-
- Login in your SBI internet banking portal.
- Click on “Fixed Deposit” Option and choose e-RD (RD)/ e-SBI Flexi Deposit option.
- Choose e-RD (Recurring Deposit) option and click on proceed.
- Choose your SBI account to transfer the fund every month in your SBI RD and enter the Amount you wanted to invest monthly. (If you are a senior citizen choose the option)
- Choose the Tenure of Deposit in terms of Years and Months.
- To know the current SBI RD Interest Rate – Click on Domestic Term Deposit.
- Then choose the Maturity Instruction for you RD Account – Choose Payback Principle & Interest option if you want the total amount of RD at maturity get transfer in your bank account or if you wanted the RD maturity amount to be converted into a FD choose Convert to STDR option.
- Finally, click on I accept the Terms and Conditions option and then Submit.
- You can choose the Nominee of your RD if you want and you have successfully opened your SBI e-RD account or SBI RD account.
Final Words – SBI RD Calculator
SBI RD Calculator can be your best friend in knowing how much you total amount will receive at the end of your SBI RD maturity.
RD is of course an easy way to put your free money on work to get an interest on it.
But do remember no SBI RD Calculator show your net returns after deducting TDS (If applied) and taxation.
Hence, after using SBI RD calculator you should also take the taxation part into consideration to know how much net return you will be going to have at the maturity of your RD.
Disclaimer: The Honest American provides financial education, investing strategies, & stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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