How to Open an Online Recurring Deposit (e-RD) Account: If you want to open online recurring deposit account.then login to Onlinesbi and go to fixed deposit tab then click on e-RD/e-SBI Flexi deposit option so on further click proceed and you’ll will see displaying all your accounts you have to select the account through which you want to transfer funds we have only one account which i already selected in recurring deposit a certain fixed amount need to be deposited every month type the amount you want to deposit in recurring deposit account and if you are senior citizen then click check box.
So going with further details you’ll see next option is tenure of deposit which means, for how many years/months you want to open recurring deposit. so before deciding the period we will check the interest rates for various tenures, for that click domestic term deposit link, you’ll see many links one by one with points indicating, have to click on domestic term deposit (below Rs. 1 Crore) link you’ll see interest rates are given with tenures, these are received rate for public and these are for senior citizens, let us tell you that minimum period for opening recurring deposit is 1 year and after gaining information just close it.
Let us assume we want to open RD account for 1 year 6 months so we’ll select 1 from year’s drop down menu and 6 from month’s drop down menu.
If you want principal and interest to be deposited to your account a the time of RD maturity then select “payaback principal and interest” option.and if you want total amount of principal and interest to be calculated, must be converted to STDR i.e fixed deposit, then select “convert to STDR” option.
We’ll choose 1st option i.e is “payback principal and interest” and then click on checkbox to accept terms and conditions. and then click submit.
Name of the RD account holder will be display,and name of nominee will be displayed, so if you want to keep the same person as nominee, then select yes otherwise select no.
You will see a message that your RD account has been opened with details and if you want to take a print of this page, then yo can see a Bar option “View/Print’ just tap on it. Here second option is “Set SI” As you have to deposit a fixed amount to eRD account every month, and if you want this amount to get transferred automatically to RD account every Month from every month from your saving account then click on “Set SI” option.
The details will be shown, the account through which amount will be transferred to eRD account is this, the below image you can see that the first installment has been deposited in this eRD account, As we have Opened eRD account for 1 year and 6 months, so it has 18 installments, from which installment has already been deposited, so 17 installments are remaining, you can see it below image clearly at “Number Of Installments” so verify the details and click confirm.
You can see schedule of transactions (i.e installments) in this way, we have opened a recurring deposit account, and we have set standing instruction also, with which installment will be deposited automatically, every month.