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SBI RD Interest Calculator

RD Calculator SBI in India Jul 2021

Last Updated 07th Jul 2021

Tenure General Rates Senior Citizen Rates
1 year to 1 year 364 days 5.00% 5.50%
2 years to 2 years 364 days 5.10% 5.60%
3 years to 4 years 364 days 5.30% 5.80%
5 years to 10 years 5.40% 6.20%

    Calculate RD Maturity Amount of All Banks in India

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    SBI RD Calculator
    Investment Offers with High Returns offerOffers
    Bank/NBFCs Rate Tenure Action
    Bajaj Finance FD6.75%60 MonthsAPPLY
    PNB Housing Finance FD6.95%60 MonthsAPPLY
    Yes Bank Savings Account5.50%N.A.APPLY

    SBI Recurring Deposit Calculator

    SBI, a leading Public Sector Bank in India offers attractive interest rates upto 5.40% on its Recurring deposits.
    RD maturity amount that you will get depends upon

    • Deposit amount
    • Rate of interest
    • RD tenure
    • Compounding frequency
    • TDS applicability and TDS rate

    SBI Recurring Deposit Interest Calculator

    • In a periodic interest payout option, SBI would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain same across the life of the deposit. On maturity of RD, unless the deposit is renewed, would transfer the principal amount to your bank account.
    • In case you opt for a SBI cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
    • Calculate the RD maturity amount using the RD calculator.

    Tax on Recurring Deposit SBI

    • In case the interest earned by you across all your recurring deposits across all branches of SBI in a year exceeds 10,000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the SBI records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your RD.
    • We aren’t done yet. This was only the TDS. Now, you would need to add the interest income on all your SBI RD’s and other RD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. You must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
    • SBI will also issue you a Form 16A giving details of tax deducted on RD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.

    SBI RD interest rate calculator – Check your city

    • Keep your KYC documents - PAN card, address proof and photo ready.
    • To know more or apply, contact any of the branches of SBI in your city

    FAQs

    What is the highest interest earned on SBI recurring deposit?

    You can earn a maximum interest of 5.40% on SBI recurring deposit.

    Are there any extra benefits for senior citizens on fixed deposit of SBI?

    Yes, senior citizens get extra benefit of 0.8% interest rates on their RD in SBI.


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    SBI News - Jul 2021
    • 2021-05-21 : SBI net profit rises 81% YoY
      State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
    • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
      With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
    • 2021-03-21 : SBI recorded digital transactions as high as 67%
      State Bank of India has recorded a considerable increase in its digital transactions. The bank reported 67% digital transaction in the post Covid period from earlier 60% in the pre Covid times. The increase is attributed to hike in e-commerce due to covid induced lockdown which restricted the movement.
    • 2020-12-10 : SBI goes easy on a plan to spin off Yono
      State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
    • 2020-11-11 : SBI to focus on financial inclusion
      SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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