Deposit 1 thousand rupees, you will get 1.59 lakh, know how

State Bank of India RD Calculator : SBI RD Calculator : State Bank Of India Recurring Deposit or SBI RD (SBI Recurring Deposit) is one such product. Which provides an opportunity to an individual to save through regular monthly deposits of fixed amount over a period of time. Like mutual fund SIP, it allows an investor to accumulate huge wealth through small savings. However unlike mutual funds, SBI RD (State Bank Of India Recurring Deposit) It is a risk free investment with assured returns!

State Bank of India RD Calculator

State Bank of India RD Calculator

SBI RD interest rates vary between 5% -5.4% for general public and an additional interest rate hike of 50 basis points for senior citizens. These rates are effective from January 8, 2021. The maturity of SBI Recurring Deposit ranges from 1 year to 10 years. The minimum monthly investment amount for SBI RD is ₹ 100 in multiples of ₹ 10. There is no upper limit on the investment amount!

State Bank Of India Also Recurring Deposit Accounts ( State Bank Of India RD Accounts ) Just like RD account offers! Recurring deposit and fixed deposit both work mostly on the same terminology. The main difference is that lump sum deposits are made under fixed deposits. Whereas Fixed Monthly Deposit is done under Recurring Deposit.

SBI RD Interest Rates ( SBI RD Interest Rates ) Offers an attractive interest rate! Which differs from bank to bank just like fixed deposits. The current SBI RD interest rates for general citizens vary from 5.00% to 5.40%. Calculation of RD is complicated and hence SBI RD calculator is used by banks to calculate the amount to be received at the time of maturity.

SBI Recurring Deposit Interest Rate

SBI RD interest rate according to the official website of State Bank of India (SBI Recurring Deposit Interest Rate) is 5.3 percent for a tenure of 3-5 years! Whereas SBI RD interest rate is 5.4 per cent for tenures above 5 years. If the SBI depositor’s age is less than 60 years.

SBI RD Calculator for Senior Citizens

If the depositor is a senior citizen. So he will get additional 0.80 percent SBI RD return (50 bps under Senior Citizen Scheme and 30 bps extra under Special Senior Citizen Scheme)! So a senior citizen will get 6.2 percent return on SBI RD Account! If the investment is for a period of more than 5 years.

SBI RD Penalty Rules

According to the information given on, penalty is imposed for non-payment of monthly State Bank of India Recurring Deposit. Rs 1.50 per Rs 100 per month is charged for accounts with maturity period of 5 years and less. Whereas for accounts with maturity period of more than 5 years, depositors are charged Rs 2.00 per Rs 100 per month. However, if six consecutive installments are not received. So the SBI RD account will be closed prematurely. The balance amount will be paid to the account holder.

SBI RD Service Charges

“SBI Recurring Deposit Accounts paid on or after the date of maturity will attract a service charge of Rs 10! In which there is a default in payment of three or more consecutive installments, and the account is not regularized.

SBI RD Calculator ( State Bank of India RD Calculator )

Assume that an investor below the age of 60 years invests Rs 1000 per month in State Bank of India Recurring Deposit for ten years. So he will get SBI RD interest rate of 5.4 percent!

Remember, once the SBI RD account is opened, the RD interest rate will remain the same even if the RD interest rate is reduced in future! Hence various Indian banks including SBI are reducing deposit interest rates in the wake of the COVID-19 pandemic. If you are planning to start State Bank Of India Recurring Deposit! So SBI Recurring Deposit Better to open it sooner!

Also learn here: ITR Filing Issues: If there is a problem in filing ITR, then the Income Tax Department will help by video call

Aadhar Card Address Update: If the home address has changed, then update the address in Aadhar card in such a pinch

New Aadhar Shila Policy: LIC’s special scheme will make women Aamir know how

Source link