How to Close RD in SBI

Recurring Deposit (RD)
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how to close RD in SBI?

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If you have a Recurring Deposit (RD) account in SBI and now want to close it, the process is actually very simple. You can do it either online through SBI Net Banking/YONO app or by visiting your home branch. Here’s how:

Through SBI netbanking

  • Log in to SBI Net Banking.
  • Go to e-Fixed Deposit
  • Select e-RD / e-SBI Flexi Deposit.
  • You will see your active RD accounts.
  • Select the RD you want to close.
  • Click on Close Account / Premature Closure.
  • Confirm the request.
  • The maturity amount or balance with interest will be directly credited to your linked savings account.

Through YONO App:

  • Log in to SBI YONO.
  • Go to Deposits
  • Select Recurring Deposit.
  • Choose the RD you want to close.
  • Tap on Close RD.
  • Confirm the closure.
  • The money will be credited instantly to your savings account.

Offline (Visiting Branch)

  • Visit your home branch where you opened the RD.
  • Ask for the RD Closure Form (also called FD/RD Premature Closure Form).\
  • Fill in details like RD account number, Name, Savings account number (where money will be credited), Signature, etc.
  • Submit the form along with your passbook.
  • The bank staff will process it, and the amount will be credited to your account (sometimes instantly, or by next working day).

But If you close RD before the maturity date, SBI may deduct a small penalty on interest (usually 1%).