Right here it can save you massive cash in much less cash, know what’s the higher possibility in SBI and put up workplace – SBI vs put up workplace recurring deposit rate of interest know which is healthier | Enterprise – Information in Hindi

Hit money formula to earn less money, know what is better option in SBI vs Post Office?

Recurring deposits are a popular method of saving.

In September itself, SBI has cut interest rates on Recurring Deposit. SBI pays interest from 5.80 per cent to 6.25 per cent on RD. At the same time, it is 7.2 percent on the RD of the post office.

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  • Last Updated:
    October 8, 2019, 10:25 AM IST
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new Delhi. Recurring Deposit is a great option for investing over time. You get higher interest on Recurring Deposit (RD) than Bank Savings Deposits. It is a type of term deposit that banks offer. With the help of Recurring Deposit, you can invest savings in a fixed amount every month by depositing savings. However, once you fix the install amount, you cannot change it. You can open a recurring deposit in a bank or post office. State Bank of India and Post Office give customers the option of Recurring Deposit.

1. On the 10th of last month itself, SBI reduced the Interest Rate on RD on Recurring Deposit. SBI pays interest at the rate of 5.80 to 6.25 per cent on a recurring deposit for the common people. At the same time, it increases by 50 basis points for the RD rate for senior citizens. Compared to SBI, the post office recharging deposit gets an interest of 7.2 per annum.

Interest Rates on Recurring Deposit

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2. The maturity period of SBI's Recurring Deposit ranges from 1 year to 10 years. At the same time, there is a maturity period of 5 years on the recurring deposit of the post office.

3. In SBI, you can open RD account only with the help of cash or check, but for the post office you will have to deposit cash only.

4. You can open RD account with SBI through net banking. To open RD account in the post office, you have to go to the branch of the post office.

Interest Rates on Recurring Deposit

5. In SBI RD account, customers have to invest at least 100 rupees every month. It can be in multiple of 10 rupees. There is no maximum limit for this. But, for post office RD you can start from minimum 10 rupees only. There is no maximum limit to invest in it either.

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6. In 5 years, the government decides the interest rate on the recurring deposit in the post office. The interest rate of SBI varies from time to time. Nowadays, banks revise it at a fixed time. Especially after the policy rate cut by the Reserve Bank.

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First published: October 8, 2019, 4:46 AM IST

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