Online SBI Internet Banking users can create SBI e-RD (Recurring Deposit) without visiting the branch. In few clicks within few minutes you can open SBI e-RD (Recurring Deposit) through Online SBI. So what is the process to Create SBI e-RD (Recurring Deposit) through Online SBI? You will be knowing by following below step by step guide.
Steps on How to Create SBI e-RD (Recurring Deposit) through Online SBI
- Just login into your Online SBI Internet Banking Account.
- Make sure you have full transacting rights, then only you will be able to open or Create SBI e-RD (Recurring Deposit) through Online SBI. If you are only having viewing rights or limited rights of Online SBI Internet banking than you will have to upgrade your access level by following process on How to Upgrade Access Level from Viewing Rights to Full Transaction Rights in Online SBI.
- Once you are logged in into your Online SBI Internet Banking Account just navigate to e-Fixed Deposit section by clicking on e-Fixed Deposit tab.
- Under e-Fixed Deposit tab from left hand side menu pane just click on e-RD/ e-SBI Flexi Deposit, on that page you will get two options e-RD Recurring Deposit and e-SBI Flexi Deposit. Select e-RD Recurring Deposit and click on proceed button.
- Once clicking proceed button you will be navigated to e-RD (Recurring Deposit) Open new A/c page, if you are having multiple bank account you will have to select the debit account for initial amount from the list.
- Once selecting the account number in below field you will have to enter the amount, than select the tenure of the deposit (The period of deposit shall be minimum 12 months and maximum 120 months), and from the option choose the maturity instruction for your RD Account from “Payback Principal and Interest” or “Convert to STDR” (“Payback Principal and Interest” option will transfer the maturity proceeds to your debit account on maturity of e-RD. “Convert to STDR” option will create fixed deposit for period selected by you with the maturity amount of e-RD).
- Once you select just accept the terms and conditions and click on submit button.
- On clicking submit button on next page you will get to verify the details, once you verify just click on confirm button.
- On clicking confirm button on next page you will get details of the deposit account, that’s it you are done creating your Recurring Deposit.
- You can view or print the e-RD Details if you need for future reference.
- On e-RD (recurring Deposit) details page near View/Print you will find Set SI (Standing Instruction), to set Standing Instruction so that the installment amount of your e-RD Account automatically gets debited from your account just click on SI and confirm it.