State Bank of Travancore is a subsidiary of the State Bank of India and it is a nationalized bank located in Thiruvananthapuram, Kerala. This bank offers various financial and banking options to its customers to facilitate investment opportunities and other banking requirements. Recurring Deposit scheme is one of the financial services extended by this bank. The tenure ranges from 12-120 months. There is no maximum limit on how much amount can be deposited each month. Minors who are older than 10 years can also open an RD account and the maturity amount of such accounts must not exceed 2 lakhs. TDS is not applicable to this scheme and facilities such as loan against deposit, nomination and premature withdrawal are also available.
|Tenure Of Recurring Deposit||ROI (% P.A.)||ROI For Senior Citizens (% P.A.)|
|1 year to 455 days||6.9||7.4|
|456 days to less than 2 years||6.75||7.25|
|2 years to less than 3 years||6.75||7.25|
|3 years to less than 5 years||6.5||7|
|5 years and up to 10 years||6.5||7|
SBT offers RD scheme for short-term as well. The short-term deposits have a tenure ranging from 12 months-2 years at an interest rate of 6.95% for regular customers. The rate of interest offered by the SBT for opening an RD account for a tenure of 2-3 years is 6.85%
The medium-term deposit for SBT RD account ranges form 3-5 years and the interest rate applicable on these deposits is 6.5%. A long-term RD can be held with tenure for 5 years and the interest rate applicable on this RD is 6.5% as well.
SBT offers senior citizens an additional interest rate of0.5% over the regular customers. For the short term deposit term ranging from 1-2 years, the interest rate offered by SBT is 7.45%. For medium-term tenure ranging from 2-3 years, the interest rate applicable is 7.35% and for a tenure ranging from 3-5 years, the interest rate applicable is 7% and finally, for a deposit term exceeding 5 years, the interest rate offered by SBT is 7% as well
SBT offers a unique Rd scheme known as the Twinkle Deposit Scheme which is only for children who have not reached 18 years of age. The interest rate applicable to these deposits is 8% per annum. This additional interest rate is not applicable even if senior citizens act as the joint account holder or the guardian.