SBI Special Investment Scheme : When it comes to selecting the most rewarding investment scheme, the State Bank of India’s Recurring Deposit (RD) scheme takes center stage. With a remarkably low minimum investment requirement of just Rs 100, you can commence your journey to financial security and potentially enjoy a maximum interest rate of 6.80 percent.
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SBI Special Investment Scheme : If you’re searching for a secure avenue to grow your savings, the State Bank of India’s (SBI) Recurring Deposit Scheme may be your perfect choice. This scheme offers an appealing interest rate of 6.80 percent, which escalates to an impressive 7.50 percent for senior citizens. RD accounts can be opened for a maximum duration of 10 years.
SBI, being a government-owned bank, is celebrated for its unwavering security, providing investors with complete peace of mind. Moreover, in accordance with the guidelines of the Reserve Bank of India, your deposits are government-guaranteed up to Rs 5 lakh.
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In addition to its robust security features, the bank presents enticing returns. The interest rates on RD accounts fluctuate according to the chosen tenure. For ordinary citizens, the ceiling interest rate is 6.80 percent, whereas senior citizens relish a rate of 7.50 percent. The beauty of this investment opportunity is that you can initiate your RD with a mere Rs 100, and the tenure is flexible, spanning from 1 to 10 years.
Interest Rates for Different Durations:
- 1 to 2 years: Ordinary citizens – 6.80 percent, Senior citizens – 7.30 percent.
- 2 to 3 years: Ordinary citizens – 7.00 percent, Senior citizens – 7.50 percent.
- 3 to 5 years: Ordinary citizens – 6.50 percent, Senior citizens – 7.00 percent.
- 5 to 10 years: Ordinary citizens – 6.50 percent, Senior citizens – 7.50 percent.
Maximizing Your Earnings by Rs 55,000
The interest compounds annually based on your monthly deposit amount. For instance, if you invest Rs 5,000 every month for a 5-year tenure, you will accrue interest at a rate of 6.50 percent. Over time, the interest on the compounded sum will accumulate, resulting in a substantial total interest of Rs 54,957 after 5 years. This presents a significant opportunity to augment your savings by Rs 55,000 or even more.
