SBI Customised Recurring Deposit: State Bank of India has introduced a customised Recurring Deposit (RD) scheme to help customers build wealth through small and regular savings. With this plan, customers can make monthly deposits of a fixed amount and accumulate ₹1 lakh or more over time. The scheme is designed for people who want safe returns without taking any financial risk.
One of the most significant advantages of this SBI RD scheme is flexibility. Customers can choose their monthly deposit amount and maturity period based on their financial comfort. This makes it easier to build a sizeable corpus slowly without putting pressure on monthly income.
Who Can Open an SBI RD Account?
The SBI Customised Recurring Deposit account can be opened by regular customers, senior citizens, and even minors aged 10 years or above. This makes it a suitable savings option for children, working professionals, and elderly family members alike.
The tenure of this RD ranges from 3 years to 10 years. SBI offers an annual interest rate between 6.50 per cent and 6.75 per cent, depending on the chosen tenure and customer category. Senior citizens typically receive slightly higher interest rates.
How ₹591 Per Month Can Make You a Lakhpati?
Under this scheme, if you deposit as little as ₹591 per month and continue the investment for the whole tenure, you can receive ₹1 lakh or more at maturity. This makes it an attractive option for people who cannot invest large amounts but want to build a secure fund over time.
However, if six consecutive monthly instalments are missed, the RD account may be automatically closed. Therefore, regular deposits are essential to benefit from the scheme fully.
Ideal Scheme for Risk-Free Savings
The SBI Customised Recurring Deposit is ideal for investors who prefer stability over high risk. It suits those with a regular monthly income who want to convert small savings into a fixed amount over the years. Whether it is for children’s future needs, planned expenses, or financial security in later life, this RD scheme offers a reliable solution.
Conclusion
For individuals looking for a safe, disciplined, and flexible savings option, the SBI Customised Recurring Deposit stands out as a practical choice. With low monthly deposits, guaranteed returns, and the trust of India’s largest bank, this scheme can help turn small savings into a meaningful financial milestone.