State Bank of Travancore Recurring Deposit Interest Rates

State Bank of Travancore Recurring Deposit

State Bank of Travancore Recurring Deposit

A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it.

An RD allows you to safely deposit a fixed amount for a fixed tenure with a bank or financial institution into a special term account. The tenure generally ranges between one to ten years. At the end of the tenure, the funds along with accrued interest are typically deposited to the account specified at the time of booking of the Recurring Deposit.

It is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount. The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.

Advantages to opening an RD account:

  • Interest Rate earned is generally equal to that of an FD
  • Safe and secure form of investment
  • Ideal for starters
  • Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
  • Lump sum received at maturity, including the interest
  • The rate of interest is higher as compared to an ordinary saving bank account
  • Flexible tenures to suit the budget of the individual
  • Recurring Deposit Interest rate is fixed so you are assured of a fixed return
  • Loan / overdraft facility available with some banks.

State Bank of Travancore Recurring Deposit

An RD in State Bank of Travancore instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a State Bank of Travancore recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.

Key Features of State Bank of Travancore RD Account

  • Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
  • Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
  • Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
  • Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
  • Is a safe, low-risk form of investment.
  • Quick liquidity options and access to your funds when you need it; nominal penal charges apply.
  • Ideal for those who can set aside a portion of their monthly earnings which makes RD an easy way to save money.

Types of Recurring Deposits Offered by State Bank of Travancore:

Regular Recurring Deposit:

  • Period of RD: 6 months to 120 months with fixed monthly remittances.
  • Preferential interest rate for senior citizens
  • TDS on Interest is applicable, 15H/15G and PAN to be submitted.
  • Nomination facility available
  • Premature withdrawal / Closure of RD Allowed
  • Loan / Overdraft against deposit is available
  • Minors above 10 years eligible to open accounts in their name independently subject to the maturity value not exceeding Rs.2,00,000
  • For delayed remittances, penalty is applicable

Variable Deposit Scheme (Super Surplus):

  • Core monthly installment to be fixed from Rs.100 to Rs.10000 per month
  • The depositor may choose to deposit up to 10 times the agreed core amount subject to a ceiling amount Rs.100000 per month.
  • Interest credited to the account half yearly.
  • Minors above 10 years eligible to open accounts in their name independently subject to the maturity value not exceeding Rs.2,00,000
  • Ideal for people whose monthly savings vary from month to month
  • Nomination facility available
  • Premature withdrawal / Closure of RD Allowed
  • Loan / Overdraft against deposit is available
  • TDS on Interest is applicable, 15H/15G and PAN to be submitted.

State Bank of Travancore Recurring Deposit Interest Rates

State Bank of Travancore RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a State Bank of Travancore Recurring Deposit by investing in any of its RD schemes. Following is an overview of State Bank of Travancore RD interest rates including State Bank of Travancore Short-Term RD Interest Rates. For the latest and accurate RD interest rates in SBT, it is advisable to check with the bank directly.

State Bank of Travancore recurring deposit interest rates 2015 – 2016

The current RD Interest rate ranges from 6% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.

State Bank of Travancore Senior Citizen RD Interest Rates

Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.

State Bank of Travancore Recurring Deposit Calculator:

You can make use of the State Bank of Travancore online RD Calculator to compute the interest and the maturity earned on your invested amount. Using the Calculator is easy— you need to enter the instalment amount you want to invest monthly, the duration, and the interest rate—the calculator will do the hard number crunching and provide the maturity amount that you get at the time of maturity of the Recurring Deposit. Using an RD calculator helps you find out how much you need to save and what your maturity amount will be. You can try various amount and opt for the one that helps achieve your financial goal and suits your budget.

State Bank of Travancore RD FAQs

What is the eligibility criteria to open an RD account with SBT?

Following are eligible to open an RD with SBT:

  • Individual (singly or jointly) with others.
  • Minor who have attained the age of 10 years and above in his/her own name (proof of age required)
  • Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
  • Hindu Undivided Family
  • Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
  • Municipality or Panchayat, Government or Quasi-Government body.

What is the minimum deposit period?

The minimum deposit tenure is 6 months and can go up to as high as 120 months.

How do I apply for a regular recurring deposit?

You can visit your nearest branch and submit the Deposit Account form or send an email to the customer care at cmpsb (at) sbt (dot) co (dot) in

What is the documentation required to open an RD account?

You will require the following documents:

  • Filled-in application form
  • Passport size photograph
  • Proof of residence, PAN Card, ID Proof
  • Any other KYC documents as required by the bank