e-Circular

STATE BANK GLOBAL IT CENTRE.

Sl. No. : 895/2010 - 11
Circular No. : IT/GLOBALIT-INB/17/2010 - 11
Friday,January 28,2011.
.

All the
Offices/Branches/LHOs of
State Bank of India

Internet Banking : e-RD Online opening of Recurring Deposit account

The recurring deposit scheme is a generic scheme of the bank and is very popular among wage earners
& tax payers which helps in mobilizing small sums of deposit. e-RD is online creation and closure
facility through Internet Banking channel for retail Internet Banking customers. A new link namely eRD has been provided under request section for retail internet banking users. The recurring deposit
account is created / closed instantly without any branch intervention.

The general rules for e-RD will remain same as issued by Bank for a normal Recurring Deposit account.
However, other features & rules which will be applicable for e-RD are as follows:
1. No manual intervention is required by branches at the time of opening / closure of recurring
deposit account under this product (e-RD).
2. Domestic, NRE & NRO customers & Staff members can avail this facility.
3. The online opening / closure facility of recurring deposits a/c through e-RD will be available
between 08:00 HRS IST and 20:00 HRS IST. Requests received for e-RD creation /closure
beyond this period will be scheduled for next opening hours, if user opts for the same.
4. The RD a/c in INR will be opened in the same name(s) and mode of operation as in the debit a/c
from which first installment of e-RD a/c is paid. The customer can select the debit a/c as per
his/her choice at the time of opening e-RD, if he/she has more than one transactional accounts
mapped to his/her username.
5. The period and minimum amount limit for creation of e-RD will remain same as mentioned for
RD product code in CBS.
6. The product (e-RD) will create recurring deposit a/c and advise the customer regarding
successful payment of first installment. In the same session, the customer can choose setting up
of Standing Instruction (SI) if he/she wants automatic payment of remaining installments. The SI
created through this process will be cancelled automatically if customer opts for online closure /
premature closure of e-RD account. The SI created through any other means (Separately through
Internet Banking or through Branch) will need to be cancelled by the customer/Branch.

7. Passbook for e-RD accounts will not be generated online. Customers can print statement of
account for e-RD account through Internet Banking. e-RD account holders can approach the
home branch, if they need a passbook for their e-RD accounts. Branches will follow the
guidelines issued by the bank for a normal RD account in this regard.
8. For enquiring current deposit interest rates, a hyperlink has been provided on e-RD request page,
which redirects the user (through Internet) to term deposit interest rate page of our Corporate
web-site (www.sbi.co.in / www.statebankofindia.com).
9. Senior citizens (Public & Staff) will not be able to avail privileged rate of interest facility in eRD. They may use the link New Account available under Requests tab for the RD, which
will create MIT (Manual intervention transaction) for the branch.
10. Benefit of interest rate to staff will be available only if the debit a/c is categorized as staff
account in Core & Internet Banking database.
11. The e-RD creation details will contain the e-RD a/c no., debit a/c no. from which the e-RD a/c is
funded, period selected by customer, Interest rate and maturity date. If request for payment of eRD on maturity or before maturity is received by customers home branch, the branch should
transfer the proceeds of e-RD into the original debit a/c, only after verification of e-RD details
from Core database. The Recurring deposit accounts which are not opened through e-RD, can
not be closed online through Close a/c tab under e-RD.
12. Branches will follow the instructions applicable for a normal RD when e-RD request is
submitted to the branch for payment or pre-mature payment.
13. The nominee of the selected debit a/c will be retained to e-RD account, if the customer opts for
the same. Home branch of the customer can set the new nominee(s) on the request of customer
after receiving appropriate documents from him/her.
14. Terms & conditions of e-RD, as per annexure A and FAQs (Frequently Asked Questions) as
per annexure B are also available to the customers on the website.
15. Instructions/rules/guidelines for normal Recurring Deposit account issued by the Bank and those
which will be issued by the Bank in future, will mutatis mutandis be applicable for e-RD
accounts also.
Yours faithfully,

Chief General Manager (IT)