This is one of the prime period for best investment options under safe conditions and saving every month. SBI RD scheme would be the best option for such an investment. In this scheme of the State Bank of India, a certain sum must be deposited every month. At the end of the specified term, an individual is given back the entire amount with interest.
State Bank of India’s RD Scheme
If one is interested in the recurring deposit of the State Bank of India, he can open the RD account for 1, 2, 3, 4, 5, and 10 years as per convenience. Very well, the bank will pay a return on it. Presently SBI is giving 6.50% interest to its clients on an amount deposited for a period of 5 years. Let us know how much return all of you will be getting in the scheme (SBI RD Scheme).
Start investing starting from this much amount.
People might be interested in knowing this before investing, so to open the SBI RD scheme, just visit the nearest bank branch. To open an RD account, it is sufficient to start with a minimum monthly deposit of Rs. 100. We can say that there is no limit on maximum deposits in a month.
It is receiving a return of 6.50 percent.
The State Bank of India (SBI RD Scheme) offers the highest interest rate on any RD scheme compared to other banks. Currently, SBI Bank has different interest rates depending on the tenure of deposits. A common citizen will receive a 6.50% interest for 5 years in RD scheme. In addition to this, they will receive a 7.00% interest rate for senior citizens. Little by little, you can start depositing this for 5 years and collect something pretty substantial.
You can collect a fund of 17 lakhs In this context, if we consider the returns on deposits, if one invests 10 thousand rupees every month in his recurring deposit account of (SBI RD Scheme), then he can accumulate a corpus of17 lakhs. Your investment for the year is 1,20,000 rupees.
And if he does this for 10 years, then his total investment amounts to 12,00,000 lakh rupees. On this deposit is given an annual interest rate of 6.5%. According to this calculation, then, you will receive a total amount of 16,89,871 (about 17 lakhs) rupees on maturity.
