Recurring deposits are specially meant for those who don't want to open fixed deposit accounts. The difference between these two investment options is that the former allows regular deposits on a monthly basis while the latter requires a fixed amount to be deposited for a fixed tenure of choice. You can also open a recurring deposit (RD) account through internet banking, if you have an Internet banking username and password, and at least one transaction account mapped to the username.

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To create an e-RD online account on SBI Online website, there is some specified time given as per the official website. e-RD can be created online from 8:00 AM to 8:00 PM. Requests initiated beyond this period will be scheduled for the next opening hours.  

Here are the features of e-recurring deposit (RD) account in State Bank of India (SBI):

1. Monthly deposits of Minimum Rs.100/- and in multiples of Rs 10/- No maximum.

2. A minimum period of 12 months maximum of 120 months.

3. Rate of interest as applicable to Bank's TDR / STDR for the period of the RD.

4. Loan / Overdraft up to 90% available against the balance in RD account.

5. TDS is applicable.

6. Premature withdrawal allowed and for this, rules for TDR/STDR is applicable.

7. Nomination facility available and it is advised to avail of the facility.

8. Passbooks are issued

Interest rate:
The interest rate you earn on FDs are also given on RDs, hence a customer can earn 6.80% at SBI for tenures between 1 year to 5 years. For a similar period, senior citizen interest rates vary from 7.20% to 7.50%.

Steps to calculate the maturity amount:
The maturity amount is based on the instalment, tenure & type of a/c selected by the customer. 
The maturity value of RD is rounded off to the nearest rupee and paid after 30 days /one month deposit of the last instalment or on the expiry of the period, for which the deposit was accepted, whichever is later. 

You can also inquire the maturity amount, maturity date and rate of interest, without opening e-RD through “Enquiry” tab available in the e-RD page.

Closure of RD account online:
If in case you want to close your RD account online then you can do it online through "Close A/c" tab under e-RD, which are created through e-RD only. One should know that RD a/c created through any other means cannot be closed through "Close a/c" tab under e-RD.