New Delhi: Even small savings can bring great happiness in your life. In such a situation, we should never ignore the small investment. While in the job or say that whenever there is some savings in your expenses during the earning period, one should think about investing in a place that can give you better returns in future.
Recurring deposit ie RD is a popular option of similar small savings scheme. This account has the facility to invest a part of your savings every month. Here you get returns according to the fixed interest on your deposited money.
You can earn big profits by investing in RD, investing in State Bank of India SBI RD, the largest bank in the country. SBI offers many other investment options along with savings account. RD is a deposit scheme, which allows an individual to save through regular monthly deposits of a fixed amount over a period of time. This is an investment option in which the interest rate is not reduced. If you start investing in SBI RD today, then the current rate of interest (SBI RD interest rate 2020) will remain for the entire investment period. This also reduces the interest rates of SBI, so you will not be affected. So if you have a savings account with SBI, you can avail SBI RD scheme.
Know the important things about SBI RD
The period of deposit in SBI RD is minimum 12 months and maximum 120 months. SBI RD investment option is available in all branches of the bank. A minimum of Rs 100 per month can be deposited in it. There is no limit on the maximum deposit amount in SBI RD. Here a fee is charged for not depositing EMI. An account with a maturity period of five years or less charges Rs 1.50 per month at Rs 100. At the same time, Rs 2 per month is charged at Rs 100 per month for an account with a maturity period of more than five years. Explain that if six consecutive installments do not come, then the account is closed before maturity and the deposit amount is paid to the account holder.
Pensioners and bank staff will get more benefit
Nomination facility is available at SBI RD. Universal passbook is issued at SBI RD. Transfer between bank branches of SBI RD is allowed. The interest rates in SBI RD are the same as the interest rates applicable to term deposits. In SBI RD, SBI staff and SBI pensioners are provided one percent higher interest rate than the applicable rate. In SBI RD, people above 60 years of age ie Senior Citizens are given an additional interest rate of 0.50 per cent above the applicable rate.
SBI interest rate
According to the SBI website, the bank is offering an interest rate of 5.1 per cent on FDs of one to two years duration. The bank is offering 5.3 percent interest on FDs of three to five years duration and 5.4 percent on FDs of five to 10 years duration.
