Best scheme to invest money: You have to deposit money every month in RD or recurring deposit. You can start investing in SBI’s RD with Rs 100. On this you can get maximum interest up to 6.80 percent.
New Delhi. If you want to keep your money safe and also want to see it grow, then the Recurring Deposit Scheme of State Bank of India (SIB) 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 percent. Recurring deposit or RD can be opened for a maximum period of 10 years. SBI is a government bank and tops the list of safest banks in India. Therefore there is no fear of losing money here. Along with this, as per the rules of Reserve Bank of India, there is also a government guarantee on your amount up to Rs 5 lakh.
Let us tell you that with such strong security, you are also getting good returns from the bank. Bank interest rates are also different 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 even with Rs 100. In recurring deposit you have to deposit money every month. You can choose the tenure for your RD between 1 to 10 years.
How much interest is there on what?
If you choose RD for less than 1 to 2 years, then a common citizen will get an interest of 6.80 percent. For this tenure, senior citizens will get 7.30 percent interest. For 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 extra Rs 55,000
You will also be paid a lump sum interest on the amount you deposit every month. In this sense, if you invest Rs 5,000 every month and you choose a tenure of 5 years for this investment, then you will get interest at the rate of 6.50 percent. The interest on the amount compounded every year will also increase and you will get an interest of Rs 54,957 after 5 years.
