The e-RD deposit account in INR will be generated in the same name(s) of the account holder(s) as in account from which it is funded.
If an e -RD deposit account is closed prematurely, the proceeds of the e-RD deposit account will be credited to the account from which the e-RD deposit account was initially funded.
Interest paid on premature withdrawal of term deposits could be less than the contracted rate, as per the applicable rule on the date of premature payment.
Penalty instruction for RD
i) Penalty in case of delay in payment of instalment of RD of 5 years or less shall be Rs 1.50 for every Rs 100 per month.
ii) Such penalty shall be Rs 2.00 for every Rs. 100 per month for the account on more than 5 years.
Once e-RD Deposit account matures, the maturity instruction set for the account will be executed.
Kindly visit your SBI branch with your PAN card (original & copy) to get the same updated on the bank records.
