State Bank of Patiala Recurring Deposit
The State Bank of Patiala has a long and illustrious history. Bhupinder Singh, Maharaja of the erstwhile Patiala State, established it in 1917. Its original name was Patiala State Bank, and its primary aim was to promote trade, agriculture, and industry in the region. With the Patiala and East Punjab States Union’s establishment in 1948, the bank’s operations changed dramatically.
Offered byThe bank was then brought under the control of the Reserve Bank of India. It became a subsidiary of the State Bank of India in 1960 and was renamed State Bank of Patiala. The bank currently offers CBS in all of its locations and is the first fully networked public sector bank.
Recurring Deposit of State Bank of Patiala (SBP)
Do you want to start saving to meet your financial goals but don’t have a lump sum, to begin with? A Revolving Bank account is an excellent choice for you. Recurring Deposits are an innovative and realistic way to save money that pays a high rate of interest. They’re also straightforward and standard. It’s a one-of-a-kind term deposit that requires the account holder to deposit a set amount into his or her RD account every month for the term. State Bank of Patiala offers its customers the Swapan Luxmi Recurring Deposit Scheme to encourage them to save regularly.
Features and Benefits State Bank of Patiala Recurring Deposit
Swapan Luxmi Recurring Deposit Scheme
SBP’s Recurring Deposit is aimed mainly at female customers. The aim is to inspire and motivate women to save to become financially independent.
- This Recurring Deposit has a low minimum monthly installment sum of Rs. 500.
- It is possible to move the RD account from one SBP branch to another without incurring any fees.
- The deposit is for three years.
- Standing instruction can be set to automatically debit the monthly installment from your Savings account to your RD account.
- Residents of India are qualified to open this RD account.
- Any woman who has an SBP savings account
- This account may be opened by any female in her name or jointly with a minor or infant. In the latter case, the female should be the first to submit.
- You can get a loan or an overdraft using the Recurring Deposit as collateral. If the loan is for a minor, it must be used for that purpose.
Interest offered on State Bank of Patiala’s Recurring Deposits.
State Bank of Patiala offers Swapan Luxmi Recurring Deposit Scheme at competitive interest rates is o to help you get the most out of your money. The annual interest rate is 8.75 percent, compounded quarterly with rests. You can get more information about this by visiting your local SBP branch or visiting the bank’s official website.
✅ Is TDS applicable to Recurring Deposits?
TDS is not applicable to recurring deposits under current income tax laws. However, in the case of SBP, please contact the bank officials for more details.
✅ What is the minimum deposit amount to open an RD account with SBP?
You can open an RD account with a nominal amount of Rs. 500.
✅ Does SBP provide a loan against the RD facility?
Yes, SBP provides a loan/overdraft facility against RD.