Business News Desk, It is a bit difficult for salaried class people to save and invest a large amount at once. They mostly invest some money from their salary every month because their monthly expenses are almost fixed. Here we are telling you about the government scheme Recurring Deposit, which allows saving and investing money every month. Some money can be saved every month and invested in RD. In this, you can create a large fund in some period.
SBI Recurring Deposit
SBI is offering RD for a period of one year to ten years. SBI is offering 6.5% to 7% interest to the general public and 7% to 7.5% to senior citizens in recurring deposit (SBI RD).
SBI – RD Rates
1 year to less than 2 years 6.80% (General) 7.30% (Senior Citizen)
2 years to less than 3 years 7% (General) 7.50% (Senior Citizen)
3 years to less than 5 years 6.50 (General) 7.00 (Senior Citizen)
5 years and upto 10 years 6.50 (General) 7.50 (Senior Citizen)
Post Office RD
Post Office RD comes with a maturity period of 5 years. Post Office RD scheme does not offer the benefit of additional interest for senior citizens.
Post Office Rd
5 Year RD – 6.7%
You can raise a big fund through RD
In RD, you invest money every month and then you get a fixed interest. RD is for one year to 10 years. Apart from many banks including State Bank of India (SBI), ICICI Bank, HDFC Bank, post office also offers RD. All have different interest rates on RD.