Sbi’s superhit rd scheme: If you want to get good returns with safe investment and cannot deposit a lump sum, then the Recursing Deposit (RD) scheme of State Bank of India (SBI) can be a great option for you. This scheme is especially popular among those who want to create a good fund for the future by saving a little bit every month. Currently, SBI is offering attractive interest rates on its RD, which in some cases also compete with fixed deposits (FD).
What is SBI RD Scheme?
The recurring deposit is a type of term deposit scheme in which you deposit a certain amount every month for a certain period. On maturity, you get interest made on it with the total amount deposited. In SBI, you can open RD account from a minimum of Rs 100 per month, and there is no limit of maximum deposit. The duration of RD can range from 12 months to 120 months (10 years).
How much interest is getting interest?
The interest rates given by SBI on RD depend on the term of deposit and the depositors’ category (general citizen or senior citizen).
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For ordinary citizens: SBI is giving interest to ordinary citizens ranging from 6.50% to 6.75% (according to periods) on RD ranging from 1 year to 10 years.
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For senior citizens: Senior citizens get an additional interest of 0.50% from normal rates. Thus, they can get attractive interest ranging from 7.00% to 7.25% on RD.
(Please note: Interest rates can change from time to time. Contact SBI’s official website or nearest branch for the latest rates.)
Benefits of SBI RD Scheme:
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Safe investment: SBI is the largest and reliable bank in the country, so your money is completely safe.
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Regular savings habit: Combining a certain amount every month creates a good habit of savings.
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Guaranteed Return: Interest rates on RD are already fixed, so you know how much money will be received on maturity.
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Loan facility: If needed, you can also take a loan in lieu of your RD deposits.
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Enrollment facility: You can also make someone a nominee in your RD.
How to open SBI RD?
You can also open an RD account online by going to any branch of SBI or through net banking. For this you must have a savings account in SBI.
SBI’s RD scheme is a great and safe way to convert small savings into a large fund. If you also want good returns with regular savings, this scheme may be worth considering for you.
