SBI Vs Post Office RD: If you are also one of those investors who rely more on recurring deposits, then you have the option of opening an account / account in the post office or in the bank.
As you must be aware that different banks have different interest rates, which you can choose according to your convenience. For now, we will talk about the country’s famous bank SBI. If you want, you can get your RD opened in the bank or in the post office. But in which of these schemes, you get more interest on investment ( SBI Vs Post Office RD ), know here, but before that let us know what is RD?
What is Post Office RD?
RD means Recurring Deposit. If you also open an RD in any bank or post office, then you have to deposit a certain amount every month for a fixed time. After which you get back your deposited principal amount at the prescribed rate of interest. That is, the interest received on the amount received on its maturity period is your benefit. In this, if you cannot change the amount that you have set at the time of opening the RD. Which means you can neither increase nor decrease that amount. You have to deposit the same amount every month for a fixed period. So let us now know what is the difference between opening an RD in SBI Bank or Post Office (SBI Vs Post Office RD)?
Know in which scheme you get more interest on investment
To know about which scheme gets more interest in SBI Vs Post Office RD and which scheme is more beneficial, we need to know about RD scheme of Post Office (Post Office) and SBI.
Post Office RD
If you want to open your RD account in the post office, then you can open any amount of RD here. There is no maximum amount limit for this in the post office. In this (Post Office RD) you can deposit any amount from Rs 100 to monthly installment. But keep in mind that what you will fill in the beginning, you will have to fill it every month. For your information, let us tell you that interest is available at the rate of 5.8% in the post office.
Any adult / adult person can open his Post Office RD in the post office. Apart from this, if someone is a minor or is not an adult, then his guardian can open this account in his name. Which can be operated by the guardian of the RD holder till he attains majority.
If you deposit money in Post Office RD and have deposited 12 installments, then you can also take a loan from the post office. For this, you can take a loan of up to 50 percent of the amount deposited so far.
SBI RD
If you invest in SBI RD then you have to open SBI RD Account. Let us tell you that in this, the bank gives you an interest of 5 to 5.4% on the normal account on opening an RD. Whereas for senior citizens, this interest rate is different. SBI Bank offers 0.50% higher interest for senior citizens. These interest rates are applicable from January 2021 onwards.
The maturity period of RD in SBI Bank ranges from 1 year to 10 years. Here also you can deposit any amount per month. There is no limit on the maximum amount (instalment). And the minimum amount is Rs.100 in multiples of 10.
