You can open RD account in State Bank of India and Post Office. RD Through this, we get the benefit of a fixed rate of interest on depositing fixed installments. Here we are going to tell you about Post Office RD and SBI RD.
RD ie Recurring Deposit scheme is very popular among savers. You can open your RD account in any bank or post office. However, the interest paid under it may vary from bank to bank. You can open your RD account in State Bank of India and Post Office.
RD Through this, we get the benefit of a fixed rate of interest on depositing fixed installments. The installment amount once settled in an RD account cannot be changed. At the end of the RD period, the customer receives the maturity amount. At the time of maturity, the invested amount is paid back to the user along with the accumulated interest. Here we are going to tell you about Post Office RD and SBI RD.
Post Office RD
You can open your account under the RD scheme of the post office with as little as Rs 100. However, no maximum limit has been set for depositing the amount under this. Under the RD scheme of the post office, any adult Indian person can open his account. The account can be opened by the guardian on behalf of the minor.
If you have deposited your 12 installments under Post Office RD then you can also take loan under it. In this scheme, you can take a loan of up to 50% of the amount deposited in your account. At present, interest is given on Post Office RD at the rate of 5.8 percent.
SBI RD
If you open your account under the RD scheme of SBI, then under this, you will be offered a different interest rate on the normal account and different for senior citizens. Senior citizens enjoy the benefit of a higher interest rate as compared to a normal RD account. SBI RD interest rates vary between 5 per cent to 5.4 per cent for the general public and an additional interest rate hike of 50 basis points for senior citizens .
These interest rates are effective from 8 January 2021. The maturity of SBI recurring deposit ranges from 1 year to 10 years. The minimum monthly investment amount for SBI’s RD scheme is Rs 100 in multiples of Rs 10. There is no upper limit on the investment amount.
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