New Delhi : State Bank of India has launched a new Recurring Deposit (RD) scheme to promote small savings. Every house has been named Lakhpati. Under this scheme, you will be able to deposit one lakh rupees or more in your account by depositing small amounts every month. When the deposit matures, you will become a millionaire.
According to the information given on the SBI website, RD is a deposit account in which you deposit a fixed amount every month. When opening an account, you choose the amount to be deposited each month and the period for which you wish to deposit. Every month you get interest on the fixed amount deposited by you, which is compounded on quarterly basis, that is, the interest amount comes to your account every three months.
Under this scheme any person can open an account singly or jointly. If a minor above 10 years of age is able to sign clearly and correctly, he/she can open a single account or jointly open the account with his/her parents. In this you can deposit money for a period of three to ten years. However, if the amount deposited during this period is less than Rs 5 lakh (principal), then a penalty of 0.50 per cent will have to be paid on premature withdrawal. If the principal amount is more than Rs 5 lakh, a penalty of 1 per cent will have to be paid on premature withdrawal across all tenures.
According to SBI website, the interest rate available on this will be 0.50 to 1 percent less than the interest rate applicable at the time of opening the account. However, no interest will be earned on deposits made for a period of less than 7 days. Along with this, if you do not pay the installment on time, then if you deposit Rs 100 per month for RD of five years or less, then the penalty will be Rs 1.50 per month. For RDs with a tenure of more than five years, a penalty of Rs 2.00 per Rs 100 per month will have to be paid.
Let us tell you that the interest rate on RD for three and four years is 6.75 percent for general citizens and 7.25 percent for senior citizens, while the interest rate for other periods is 6.50 percent for general citizens and 7 percent for senior citizens. Is. Another thing to keep in mind is that if you do not pay the installment for six consecutive months, your account will be prematurely closed and the amount will be transferred to the SBI savings account of the account holder.
Disclaimer: This article has been written for the purpose of providing information only. While investing in the stock market, you must keep its risks in mind.
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