SBI RD: Each individual seeks investment strategies to protect and enhance their future. With this requirement in consideration, the State Bank of India (SBI) has introduced its unique initiative, the SBI RD Scheme. This is a regular deposit plan that can be simply established by anyone. This scheme linked to SBI offers the potential for appealing interest rates and improved investment returns, allowing investors to secure their funds. Moreover, its adaptability enhances its appeal further, since there is no requirement for any minimum investment.
Benefits of investing in SBI RD
Getting started with investing in the SBI RD scheme is quite simple. One can begin investing in this scheme with just ₹ 100, making it ideal for small investors as well. In this plan, you invest a set sum at a specific time each month, and upon maturity, you receive the total amount along with accrued interest. SBI also offers the option to invest in this scheme based on your ability, meaning there is no upper limit on the investment amount. In addition to this, a unique feature of the SBI RD scheme is that it can be initiated for a duration ranging from 1 year to 10 years.
For example, see this example
Imagine you put ₹10,000 into investment each month. Therefore, after a year, your overall deposit sum will be ₹1,20,000. If you invest this amount for 5 years, your total will grow to ₹6,00,000. You will earn interest annually at a rate of 6.50% on this. Based on this, after five years you will receive a total interest of ₹1,09,902, making your total amount with the investment ₹7,09,902. This is an excellent return that you can achieve with this program.
Tenure and return rates
- 1 year to 2 years: 6.80% for general citizens and 7.30% for senior citizens
- 2 years to 3 years: 7% for general citizens and 7.50% for senior citizens
- 3 years to 5 years: 6.50% for general citizens and 7% for senior citizens
- 5 years to 10 years: 6.50% for general citizens and 7.50% for senior citizens
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