A smart investor is one who saves for the future as well. While there are many ways to save, a recurring deposit is a great option. You can also invest Rs 100 per month in this account. Today we will tell you how by saving 100 rupees every day, you can raise about 5 lakh rupees after 10 years.
What is the method: If you save Rs 100 every day, then you will be able to deposit Rs 3000 per month in the recurring deposit account. Under this, an amount of Rs 3000 per month will have to be deposited for 10 years. If we look at SBI’s annual rate of 5.40 percent, then in 10 years the deposit amount will be 3 lakh 60 thousand rupees.
At the same time, interest will be available on this around Rs 1 lakh 18 thousand. This means that after 10 years you will get close to Rs 4 lakh 78 thousand. If you also increase the investment amount by Rs 200 per month, then after 10 years you will get more than Rs 5 lakh.
A few things about Recurring Deposit: The deposit tenure in this account is a minimum of 12 months and a maximum of 120 months. The minimum deposit amount is Rs 100 per month. There is no limit on the maximum deposit amount. Penalty charges are levied for non-payment of monthly installments. Universal passbook is issued. Apart from this, loan/overdraft is available against deposits. Account can also be transferred from one branch to another branch.
