SBI RD Yojna: If you want to earn good money in the future by making small savings, then SBI’s Recurring Deposit (RD) scheme can be a great option for you. In this scheme, you can create a big fund by depositing a small amount every month.
SBI’s RD scheme is a savings scheme, in which customers deposit a fixed amount every month and on maturity they are given interest along with the principal. In this scheme, the interest rate is fixed in advance, so that the investor knows in advance how much money he will get.
How Much Will You Get By Investing Rs 1000 Every Month?
If you deposit ₹ 1000 every month, then after 5 years you will get a good amount. Currently, SBI is giving an interest rate of 6.50% to general customers and 7.50% to senior citizens. Based on this interest rate, if you deposit ₹ 1000 every month for 5 years, then on maturity you will get around ₹ 70,989. At the same time, senior citizens will get around ₹ 72,886 after 5 years.
SBI offers high interest rates to its senior citizen customers. This additional interest rate helps them to get financial security after their retirement. The bank gives 0.50% additional interest to those above 60 years of age, which increases their savings more.
How to Open SBI RD account?
If you want to take advantage of this scheme of SBI, then you can open an account both online and offline. SBI’s net banking service or Yono app can be used to open an online account. At the same time, to open an offline account, one can go to the nearest SBI branch and apply with Aadhar card, PAN card and passport size photo. If you want to withdraw RD money before need, then it is possible. However, the bank may charge some fee for withdrawing money before time and the interest rate may also be reduced.