SBI Money Saving Scheme : Saving has special importance in the life of a common man. A person can save money for future needs by estimating his earnings and expenses. Many savings banks are running different types of schemes.
How can the country’s largest government bank be left behind in this? State Bank of India ( SBI ) is also currently providing the facilities of different schemes to its customers. One of which is recurring deposit. It is considered the best option for a safe investor.
Interest rates are also different for different periods
In SBI’s RD scheme, investors have to deposit money for a stipulated time. The bank is currently offering maximum interest of 6.8 percent on it. However, the interest rate is also different for different periods. Senior citizens are getting 7.50 percent interest.
The bank had changed the interest rates of the scheme in February this year itself. To avail maximum interest, you can take recurring scheme of 1 to 2 years. On RD of 5 years to 10 years, general customers are getting 6.50 percent interest and senior citizens are getting 7.5 percent interest.
Here is the calculation
The scheme can be started with just Rs 100. If someone saves Rs 5000 every month i.e. about Rs 167, then during maturity he gets a return of Rs 3,54,957. In which the deposit amount is Rs 3 lakh. And Rs 54,957 is the interest.
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