State Bank of India or SBI offers several types of deposit schemes under its personal finance portfolio. Fixed deposits (FDs) and recurring deposits (RDs), two such products offered by SBI earn higher interest rates in comparison to a savings bank accounts. In a SBI FD account, one can deposit a lump sum of money for a specific period and avail of features like guaranteed returns and choice of interest payout. In case of RDs, customers can deposit the sum every month and earn an interest income on the same, according to SBI's website- sbi.co.in.
State Bank of India or SBI offers several types of deposit schemes under its personal finance portfolio. Fixed deposits (FDs) and recurring deposits (RDs), two such products offered by SBI earn higher interest rates in comparison to a savings bank accounts. In a SBI FD account, one can deposit a lump sum of money for a specific period and avail of features like guaranteed returns and choice of interest payout. In case of RDs, customers can deposit the sum every month and earn an interest income on the same, according to SBI's website- sbi.co.in.
State Bank of India or SBI offers several types of deposit schemes under its personal finance portfolio. Fixed deposits (FDs) and recurring deposits (RDs), two such products offered by SBI earn higher interest rates in comparison to a savings bank accounts. In a SBI FD account, one can deposit a lump sum of money for a specific period and avail of features like guaranteed returns and choice of interest payout. In case of RDs, customers can deposit the sum every month and earn an interest income on the same, according to SBI's website- sbi.co.in.
(Also read: All You Need To Know About SBI ATM-Cum-Debit Cards)
Given below are the features of SBI fixed deposit (FD) and recurring deposit (RD):
(As mentioned on sbi.co.in)
SBI imposes the following penalty charges for non-deposit of monthly instalments in case of a RD account: for account of period five years and less - the bank charges Rs 1.50 per Rs. 100 per month and for account of period above five years- the lender charges Rs. 2 per Rs. 100 per month, according to SBI's website.
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