SBI Scheme: Nowadays people have started investing to improve their future. Some are investing in post office and some in government schemes. In such a situation, if you also want to invest some money every month from your earnings, then SBI RD scheme can be the right option for you.
By investing every month in this recurring deposit, you can easily create a big fund. As you know that State Bank of India is the most well-known bank in our country, you can invest your money in it without any worry. The longer the investment is made, the higher the return will be.
Open an account by investing Rs 100
Any citizen of the country can open an RD account by going to the bank. You can invest at least Rs 100 every month, and there is no maximum limit of investment. SBI Bank is giving 6.50 to 7% interest to its customers. Senior citizens are given 0.50 percent more interest than ordinary citizens. You can open this account (SBI RD scheme) for 1 year, 2 years, 3 years and 5 years.
SBI RD interest rates.
You can invest in this bank every month from 1 year to 10 years. If a citizen opens an account in State Bank of India for less than 1 year to 2 years, then he will be given 6.80% interest. If someone opens an account for less than 2 years to 3 years, then he will be given 7% interest rate.
After this, citizens with 3 years to less than 5 years will get 6.50% interest. And 6.50 percent interest will be given for 5 years and 10 years. Now it depends on you for how long you want to invest.
An investment of 5 thousand every month will make you a millionaire
For example, if you invest Rs 5000 every month in SBI RD scheme. So in 5 years the amount of investment in your account becomes Rs 3 lakh. When your scheme matures i.e. after five years, at that time you will get a total return of Rs 3,54,957 on the deposit amount of Rs 3 lakh. That is, out of this amount, you have got interest of Rs 54,957 in five years.
Loan facility will be available on SBI RD
SBI Bank ives good interest rate as well as other facilities to its customers. You can also take loan on this RD account. Apart from this, the benefit of nomination is also available in it. Also, you can easily transfer this recurring deposit account (SBI RD scheme) from one branch of the bank to another.
