Post office also keeps offering small savings scheme. Under this, you can get bumper returns by investing a small amount every month.
At the same time, State Bank is also offering attractive interest rates on RD scheme. In such a situation, it would be good for you to invest in the RD scheme of Post Office or SBI. You will get strong returns from both.
RD scheme facility is available in both post office and bank. Under this scheme, you can deposit in the bank for 1, 2, 3 or 5 years. This means that you are not tied to any particular deadline. Whereas, if you start RD scheme in post office, then you will have to deposit the amount for 5 years. In such a situation, if you want to invest under RD scheme in bank or post office, then this is a good opportunity for you. Because both are offering good interest rates. So let us know today about the interest rates of Post Office and SBI Bank.
Currently, the post office is giving interest at the rate of 6.70 percent to its customers under the RD scheme. Under this scheme you can invest a minimum of Rs 100 every month. The special thing is that you get compounding interest on the RD scheme of the post office. This means that interest is calculated every three months. In such a situation, after 5 years you get a good amount of interest. Also, you can invest for 5 years under the Post Office RD Scheme. If you want, you can also open a single or joint account.
Is paying 7 percent interest
If we talk about SBI, then it is offering interest at the rate of 6.80 percent to the common citizens under the RD scheme. Whereas, 7.30 percent interest is being given to senior citizens. The special thing is that if you invest under RD scheme for 1 or 2 years, then you will get the benefit of interest at this rate. At the same time, on RD scheme for 2 to 3 years, general customers will get interest at the rate of 7% and senior citizens will get interest at the rate of 7.50%. Similarly, SBI is giving 6.50 percent and 7 percent interest respectively on tenure of 3 to 5 years.
You will get big money
At the same time, on investing in SBI’s RD scheme for a period of 5 to 10 years, general customers will get interest at the rate of 6.50 percent and senior citizens will get interest at the rate of 7.50 percent. In such a situation, you will get a huge amount after 10 years.
