In this scheme of SBI, you will get interest of around Rs 55,000. In this scheme of SBI you do not have to deposit any money at once. If you also get RD done in SBI, then general customers will get interest ranging from 6.50 percent to 7 percent. Even if you deposit your small savings every month, you can create a big fund in it.

SBI Recurring Deposit

SBI offers RD for a period of one year to ten years. In this, a minimum of 100 rupees can be deposited every month. SBI’s RD is offering 6.5% to 7% interest for the general public and 7% to 7.5% interest for senior citizens. These rates are applicable from 15 February 2023.

SBI RD interest rates

1 year to less than 2 years 6.80% for general and 7.30% for senior citizens.

2 years to less than 3 years 7% (General) 7.50% (Senior Citizens)

3 years to less than 5 years 6.50 (General) 7.00 (Senior Citizens)

Upto 5 years and 10 years 6.50 (General) 7.50 (Senior Citizen)

You will get around Rs 55,000 in SBI RD

RD i.e. Recurring Deposit Scheme is a scheme in which money is deducted from your bank account every month. For example, suppose you deposit Rs 5,000 every month in an RD for 5 years, then you will get an interest rate of 6.50%. Accordingly, you will get an interest of about Rs 54,957 on maturity. Let us tell you that your investment of Rs 5000 every month in 5 years will be Rs 3 lakh, but on maturity you will get around Rs 3,54,957 lakh. Out of this Rs 3 lakh will be your investment and the amount of interest will be around Rs 54,957.

The post SBI Super RD Plan! By depositing Rs 5,000 every month, you will get Rs 3,54,957, know the details first appeared on Rightsofemployees.com.

Along with this, its effect will be visible on the account opened for a period between 12 months to 10 years. The new rates are effective from 15 February 2023. Apart from this, SBI has also announced to increase the interest rates on its FDs.

SBI’s new recurring deposit rates

RD account can be opened for a period between 12 months to 10 years and can be started with a deposit of just Rs 100. The interest available in this is between 6.5 percent to 7 percent. The RD interest rate available during different tenures is as follows.

You will get 6.8% interest rate on RD for a period of one year to less than 2 years. The interest rate on FDs for a tenure of two years to less than three years has been increased by 25 basis points to 7% from 6.75% earlier. For tenure of three years to less than five years, the rate is 6.5%. The interest rate is 6.5% for a tenure of five years to 10 years.

FD rate has also increased

For information, let us tell you that the State Bank of India has increased the interest rates on fixed deposits (FDs) of less than Rs 2 crore from 5 bps to 25 bps. According to the new rates, on FDs ranging from 7 days to 10 years by State Bank of India, general citizens are getting interest ranging from 3.00 percent to 7.00 percent and senior citizens from 3.50 percent to 7.50 percent.

The post SBI Super RD Plan: You will get the highest return by investing Rs 100 every month in this RD plan. first appeared on Rightsofemployees.com.