New SBI RD Scheme

New SBI RD Scheme: Investing wisely is crucial for everyone to secure good returns, and the Recurring Deposit (RD) scheme from the State Bank of India (SBI) could be an excellent choice. With a range of savings and investment options, SBI offers not only attractive returns but also a strong guarantee of security for its investors.

SBI RD Scheme

The Recurring Deposit (RD) is an investment option where you contribute a fixed amount every month. With SBI’s RD scheme, your deposits earn interest, which gets added to your account balance. At the end of the tenure, you receive your entire deposit along with the accumulated interest.

Start Investing with as Little as ₹100

You can easily open an SBI RD account either by visiting a branch or through online banking. Once the account is open, you can begin investing with just ₹100. There’s no upper limit, so you can invest as much as you’d like. The account can be opened for a period ranging from 1 to 10 years, and SBI offers competitive interest rates compared to other banks.

This much interest is being paid

If an applicant wants to invest in RD Scheme (New SBI RD Scheme), then it is important for him to know about the interest rate. If you deposit the amount for 1 to 2 years, then you will be given 6.8% interest rate by the bank. After this, 7% interest rate will be given on RD account of 2 to 3 years.

Similarly, 6.5% interest rate is offered on deposits of 3 to 5 years. And finally, 6.5% interest rate is offered on deposits of 5 to 10 years. But senior citizens get slightly higher interest than ordinary citizens.

Deposit 10 thousand and get 17 lakh rupees

After knowing about the interest rates, now let’s talk about the returns on it, so the bank will give you a return of Rs 17 lakh on depositing 10 thousand every month, let’s know how. For example, if an applicant invests 10 thousand rupees in his RD account every month, then the deposit amount becomes ₹ 1,20,000 in a year. Similarly, you have to continue investing for 10 years. After which an amount of Rs 12,00,000 is deposited in your account.

After this, with the help of a calculator, you will get a total amount of Rs 16,89,871 (about 17 lakhs) after 10 years of maturity. Out of which you will earn only from interest. The special thing about the RD scheme (New SBI RD Scheme) is that after starting investing, if you need money in any way, then you can also take an overdraft loan. However, you have to keep in mind that if you do not deposit money for 6 months continuously, then your account will be closed.