SBI Recurring Deposit: Earn Big By Depositing Just Rs 100 Per Month With New SBI Scheme!Thu Jun 04 2020 / By: Rashmi
They say precaution is better than cure. And it doesn't just apply to health, but also personal finances. Only those people have relief in the lockdown who have savings in their bank accounts. To promote the same behavior, SBI has come with a new savings scheme. In this scheme, customers will have to deposit as minimum as Rs 100 per month, and they will get huge interest rates in returns.
What Exactly Is The Scheme?
The scheme comes under a specific type of bank account that is called RD or Recurring Deposit. In the RD scheme, one has to keep depositing a specific sum of money regularly for a specific period of time. Once that time completes, the customer gets a huge return on his deposits.
The biggest advantage of RD schemes is that they give higher interests than standard savings accounts.
Deposit From Home
If you want to take benefits from this scheme in SBI, the biggest perk is that all procedures - from opening an account to money deposits - can be done sitting at your home. All you have to do is just install the YONO SBI app on your smartphone.
Step By Step Procedure
1. Log in into your SBI account in YONO app
2. Click on 'Deposits'
3. Click on 'Create Recurring Deposits'
4. Fill the money that you want to deposit per month in your RD account
5. Choose the bank account in which you want to deposit the money
6. Choose the time period for which want to deposit the money
7. Choose the monthly date on which you will deposit the money in your account
8. Click on 'View interest rates' to know RD interest rates
9. You will see different interest rates for different maturity periods
10. Choose the maturity period that suits your interests
Another good thing about RD accounts is that you can also choose nominee, just like you do in a standard savings account. After completing the aforementioned steps, you will be taken on the page where you will have to choose your RD account nominee. Once you choose the nominee, your RD account will be opened, and the necessary details will be sent to your email id.
Features of RD Account
The minimum amount that you can deposit monthly in RD accounts is Rs 100. There is no maximum bar. In this scheme, you can open an RD account for a minimum of one year and a maximum of 10 years. You can also take a loan of 90% of your deposited money.
Right now, SBI is giving interest rates of 2.9% to 5.4% for different maturity periods. Seniors Citizens will get an extra interest of 0.5%.
To get more tips and insights on banking and savings, keep reading BankingOnTips.