The post office is paying 5.8% interest on RD.
SBI is giving interest of up to 5.7% on this
It is not easy for people with jobs or limited income to accumulate large sums of money. But under Recurring Deposit (RD), you can make a big amount by saving small. The post office is paying 5.8% on RD and State Bank of India (SBI) is paying 5.7% on it. We are telling you about RD today so that you can invest in it and make a big amount.
RD will help
post office for big savings; Recurring deposit or RD of post office can help you in big savings. You can use it like a piggy bank. Meaning, you keep putting a fixed amount in it every month after salary and after 5 years, you will have a big amount in your hands. Even if you do not get interest on depositing money in the bank of the house, but you also get fat on depositing money here.
RD account can be opened by bank or post office
RD is a kind of small saving scheme. Any person can open his account in banks other than post office. The duration of post office RD is 5 years. In this, you can also increase for the next 5 years. However, this period will increase on a yearly basis. Meaning you have to increase it every 5 years after 5 years.
You can start investing from Rs 100. In
this RD scheme you can invest minimum Rs 100 every month. You can deposit any amount in multiple of 10 more than this. There is no limit on the maximum deposit amount.
A person can open his name more than one account,
not only that, you can also open one or more accounts. This account can also be opened in the name of young children. If you are 10 years or older, you can operate it yourself. Together, 3 people can open a joint account.
After investing 1 thousand months for 5 years, 70 thousand funds will be made in
India Post’s RD, if you invest 1 thousand rupees per month, then after 5 years it will be around 69,748, according to the interest rate of 5.8% per annum. Will become rupee.
How much interest is SBI paying on RD?
|Period||Rate of interest(%)|
|1 year and less than 2 years||5.50|
|2 years and under 3 years||5.50|
|3 years and under 5 years||5.70|
|For 5 to 10 years||5.70|