Creating an Online Recuring Deposit Through State Bank of India
What is a Recurring Deposit (RD)?
Recurring Deposits are a kind of term deposits used in India that are used by people who have a regular uniform income. People can deposit a fixed amount every month into their Recurring Deposit Account and earn interest at the same rate as that of a Fixed Deposit.
Instead of depositing a bulk amount at one instance, a person can deposit a fixed amount every month,like say one thousand on the first of every month.
Another feature of recurring deposit accounts is that you don't need to personally transfer the money into your Recurring Deposit Account, but can set Standing Instructions (SI) that'll automatically transfer the amount if it's available in your account on that particular day...
The term RD is used as an abbreviation for Recurring Deposits.
You can now create your recurring deposits by just siting back on your couch and using your desktop, laptop or even your mobile phone.
The State Bank Of India now allows you to create (as well as terminate) an online Recurring Deposit by just logging into the Online SBI website.
Pre-Requisites for a Recurring Deposit
- A valid State Bank of India savings account.
- A SBI internet banking account with valid credentials (Login ID and Password)
- A computer (desktop or laptop or even a tablet).
- A working internet connection, the faster the connection the better.
- Nominee details (optional)
- Optimal browser: Internet Explorer. It's safer to use incognito mode in all browsers.
How to login in to Online SBI
To begin with the opening of your online Recurring Deposit, you need to sign in to the Online SBI site.
Click on the following link to open the Online SBI website: https://www.onlinesbi.com/
Online SBI Main Page
Go through the login instructions
Logging in to Online SBI Continued..
Your login page should look like the one in the above image.
As part of a security measure, in order to block key loggers, Online SBI provides a virtual keyboard that you may use to enter your credentials instead of typing them with your keyboard.
Once logged in, your home page will open which contains all your account and other banking details.
Creating Your Recurring Deposit Online
You should now get to see your savings account details and other existing deposit or loan accounts.
In order to create your online recurring deposit, all you gotta do is click and select the e-Fixed Deposit link shown in the menu at the top of the website.
Use the above image as guide if you are not able to find it. You be taken to a page where you can create different types of online deposits.
At the left side, click on "e-RD/e-SBI Flexi Deposit": that is the second option in the list.
Refer to the image below in case you aren't able to find it.
Online Deposits Screen
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This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2014 Paiva