Invest 5 Thousand Rupees in SBI’s Recurring Deposit Scheme and Get 3 Lakh Rupees: Here are the Details
You’re likely familiar with the State Bank of India (SBI), the largest bank in our country, offering various schemes to benefit its customers. Presently, SBI is offering lucrative interest rates to customers investing in Recurring Deposit (RD). You too can take advantage of this opportunity, as many individuals are already benefiting from it. If you’re interested in learning more about this scheme, read on to discover the potential profits you can reap by investing 5 thousand rupees.
Understanding SBI’s RD Scheme and Interest Rates
SBI’s RD scheme functions as a savings scheme, allowing customers to invest their money for a fixed period. The bank offers periods ranging from 1 year to 10 years for customers to invest their funds. Through this scheme, individuals can accumulate a substantial amount by pooling their savings. SBI offers interest rates ranging from 6.50 percent to 7 percent to RD investors. Senior citizens enjoy slightly higher interest rates, ranging from 7 percent to 7.5 percent.
Interest Rates Breakdown
– For investments in the RD scheme lasting 2 to 3 years, SBI provides a 7 percent interest rate, which increases to 7.50 percent for senior citizens.
– Investments spanning 3 to 5 years yield a 6.50 percent interest rate, with senior citizens receiving 7 percent interest during this period.
– If you opt for a longer investment period of 5 to 10 years, SBI offers a 6.50 percent interest rate, while senior citizens are entitled to 7.50 percent interest.
Expected Returns on a Rs 5000 Investment
Suppose you invest Rs 5,000 monthly for 5 years in SBI’s Recurring Deposit Scheme, earning an interest rate of 6.50 percent. Over the 5-year period, your investment amounts to Rs 300,000. At the 6.50 percent interest rate, you earn an additional Rs 54,957 in interest. Thus, upon maturity, you receive a total of Rs 3,54,957, securing a profit of Rs 54,957 over 5 years.
By taking advantage of SBI’s Recurring Deposit Scheme, you can secure attractive returns on your investment and achieve your financial goals.