State Bank : If you want to invest a portion of your earnings and ensure that your money remains safe while also earning good interest, then the SBI RD Scheme could be a great option for you. This scheme is specifically designed for people who want to develop a habit of regular savings and need a risk-free investment option with attractive interest rates.
What is the SBI RD Scheme?
The SBI RD Scheme is an investment plan where you deposit a fixed amount of money every month, and after the set period, you get the total amount back with interest. The best part of this scheme is that there is no upper limit for how much you can invest. You can deposit any amount of your choice, and you also earn good interest.
How to Invest in the RD Scheme?
Investing in the State Bank RD scheme is very easy. You can start investing with just ₹100, and the deposit amount should be in multiples of ₹10. For example, if you wish to invest ₹100, you can easily do so. Additionally, this scheme offers an interest rate ranging from 6.5% to 7%, which is quite attractive compared to other banks.
Interest Rates and Duration
If you invest for 1 to 2 years, you will get an interest rate of 6.80%. If you choose to invest for 2 to 3 years, the interest rate increases to 7%. So, depending on your needs, you can choose the duration and earn the maximum benefit from this scheme.
How Much Should You Invest?
You may wonder, “How much should I invest?” For example, if you deposit ₹7000 every month and continue this investment for 5 years, you will have deposited a total of ₹4,20,000. At an interest rate of 6.5%, you will earn ₹76,932 as interest. This means your total amount after 5 years will be ₹4,96,932. This shows that even small investments can lead to significant returns over time.
Loan Facility in State Bank RD Scheme
You might think, “What if I miss a month’s deposit?” Don’t worry! The SBI RD scheme also provides a loan facility. You can take a loan of up to 90% of the amount you have deposited. This means, if you miss a deposit in a month, you can make up for it in the following month with a penalty. This feature makes (State Bank) the scheme flexible and convenient.
Is This Scheme Right for You?
If you want your savings to be safe while also earning good interest, the State Bank Recurring Deposit Scheme could be a perfect choice for you. This scheme is ideal for people who want to invest for the long term and develop a habit of saving regularly. It also offers the benefit of loan facilities and allows you to start investing with a small amount.
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