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New Delhi. If you want to keep your money safe and also want to see it grow, then SBI’s recurring deposit scheme can be useful for you. In this scheme, you can get interest at the rate of 6.80 percent.
The maximum interest for senior citizens is 7.50 per cent. Recurring deposits or RDs can be opened for a maximum period of 10 years. SBI is a government bank and tops the list of safest banks in India. So there is no fear of losing money here.
With this much security, you are also getting good returns from the bank. Bank interest rates also vary for different tenures. In this, the maximum interest rate for common people is 6.80 percent and for senior citizens it is 7.50 percent. In this you can start investing from Rs.100 only. In recurring deposit you have to deposit money every month. You can choose the tenure for your RD between 1 to 10 years.
What is the interest rate?
If you choose RD for less than 1 to 2 years, then the common citizen will get 6.80 percent interest. Senior citizens will get 7.30 percent interest for this period. On RD of more than 2 years and less than 3 years, general citizens will get 7 percent interest and senior citizens will get 7.50 percent interest. On RD of more than 3 years and less than 5 years, general citizens will get 6.50 percent interest and senior citizens will get 7 percent interest. On RD between 5 years to 10 years, general citizens will get 6.50 percent interest and senior citizens will get 7.50 percent interest.
How to get additional Rs 55,000:
You will also be given a lump sum interest on the amount deposited every month. In this sense, if you invest Rs 5,000 every month and choose a period of 5 years for this investment, then you will get interest at the rate of 6.50 percent. The interest on the compound amount will also increase every year and you will get an interest of Rs 54,957 after 5 years.
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