Good news for SBI Customers! Get Rs 1.59 Lakh by Depositing Rs 1000 per Month in this State Bank of India Scheme

India’s largest money lender State Bank of India has recently come up with a new scheme for common people to save money through regular monthly deposits of fixed sum over a period of time. Moreover, you should know that RD (Recurring Deposit) helps a person save considerable amount of money through small savings which is a risk free investment with assured return. 

People from the farming community can also take benefit of this SBI scheme.

SBI RD Interest Rates 

State Bank of India or SBI offers attractive RD interest rates to its customers with a minimum deposit amount starting from just Rs. 100. SBI allows opening an RD account for a period of 7 days to 10 years depending on the financial goals of the customer. The SBI recurring deposit interest rates offered by the bank on deposit less than Rs. 2 crore is 4.50% and 6.25%. Senior citizens are offered with an additional interest of 0.50% on normal interest rates. Scroll down to know more about the interest offered by the bank. 

SBI RD Interest Rates – Special Features 

• The minimum deposit required to open an SBI RD account is Rs. 100 (deposit in multiples of Rs. 10 in case of a higher amount)

• The tenure of an RD account in SBI ranges from 1 year to 10 years

• Senior citizens can avail an extra interest rate of 0.50% over the regular rate of interest offered to general citizens

• Nomination facility is available so that you can nominate someone to collect your maturity amount

• SBI offers the facility to take loan against deposited amount; one can avail 90% of the RD balance as the loan amount

• TDS deduction on RD is applicable and subject to the existing income tax rules at the time of opening the account

• In case of late payments, a penalty is levied by the bank which is:

1. Tenures ranging up to 5 years or less – Rs. 1.50 for Rs. 100 per month

1. Tenures more than 5 years – Rs. 2 for Rs. 100 per month

People make plans to secure their future through investment, but sometimes, investing in the wrong place creates problems instead of benefits. In such a situation, it becomes very important that you invest in the right place. Here's is something that you should consider investing in, through which you start getting monthly income after a certain time. Here we tell you about the annuity scheme of SBI. 

Excellent scheme from SBI 

This scheme of SBI can be invested in for a period of 36, 60, 84 or 120 months. In this, the rate of interest on the investment will be the same which is for the term deposit of the chosen period. Let's say you make a fund deposit for five years, then you will get the interest only according to the interest rate applicable to the fixed deposit of five years. Everyone can take advantage of this scheme. 

What to do for a monthly income of Rs 10,000 

If an investor wants a monthly income of Rs 10,000 every month, then he will have to deposit Rs 5,07,964. On the amount deposited, he will get a return from the interest rate of 7 percent, which is around Rs 10,000 every month. If you have over Rs 5 lakh to invest and you want to increase your income in future, then this is a better option for you. 

Know the rules if you want to invest 

A minimum of Rs 1,000 can be deposited in SBI annuity scheme every month. There is no limit for maximum investment in this. In annuity payment, the interest starts on the amount deposited by the customer after a fixed time. These schemes are great for the future, but it is not possible for the middle class to raise so much money together. 

Generally, middle-class people do not have lump sums. In such a situation, most people secure their future by investing in a recurring deposit (RD). The amount is collected through small savings in RD and then returned to the investor by applying interest on it. Because of this, the recurring deposit is very much liked among the common people.