India’s largest state-owned bank, SBI, has launched a new scheme in the new year. The bank aims to help families build wealth through a safe recurring deposit plan. There is no risk, and customers can invest with full security. Here are the benefits of this new SBI scheme.
Under this plan, an investor can invest for a period between three and ten years. Customers can choose the duration based on their goals. The amount is also small, so anyone can start investing with ease. You can invest through monthly installments.
But how much do you need to start? You only need ₹593 in your pocket. With this amount, you can begin your investment. In return, you can get ₹1 lakh. How long will it take? As per SBI sources, if you invest ₹593 at an interest rate of 6.50%, you will receive ₹1 lakh after 10 years.
Short-Term Option for Faster Returns
But if someone does not want to wait for ten years, SBI has another option. To receive ₹1 lakh in just three years, an investor must deposit ₹2,502 per month. After three years, SBI will return ₹1 lakh.
It is also important to note that minors above the age of 10 can invest in this scheme by opening a joint account with their guardians.