SBI Customized Recurring Deposit: State Bank of India has launched a customized recurring deposit (RD) scheme to help customers accumulate wealth through small and regular savings. Under this scheme, customers can deposit a fixed amount monthly and build up to ₹1 lakh or more over time. This scheme is designed for those who want secure returns without any financial risk.
One of the most important benefits of SBI RD scheme is its flexibility. Customers can choose the monthly deposit amount and maturity period as per their financial situation. This makes it easier to accumulate a larger sum gradually without putting a strain on your monthly income.
Who can open SBI RD account?
SBI’s customized recurring deposit account can be opened by regular customers, senior citizens and even minors aged 10 years and above. It is a suitable savings option for children, working professionals and elderly family members alike.
The tenure of this recurring deposit ranges from 3 years to 10 years. SBI offers annual interest rates between 6.50 percent to 6.75 percent depending on the tenure chosen and customer category. Senior citizens usually get slightly higher interest rates.
How can you become a millionaire by depositing ₹591 every month?
Under this scheme, if you deposit just ₹591 every month and continue investing for the entire tenure, you can get ₹1 lakh or more on maturity. This is an attractive option for those who cannot invest large sums but want to build a secure corpus over time.
However, if six consecutive monthly installments are missed, the RD account may be automatically closed. Therefore, it is necessary to make regular deposits to avail full benefits of this scheme.
Ideal plan for risk-free savings
SBI Customized Recurring Deposit is ideal for investors who prefer stability rather than high risk. It is suitable for those who have regular monthly income and want to convert their small savings into a fixed amount over the years. Be it for the future needs of children, planned expenses or financial security in later life, this RD plan offers a reliable solution.
conclusion
For individuals looking for a safe, disciplined and flexible savings option, SBI Customized Recurring Deposit stands out as a viable option. With low monthly deposits, guaranteed returns and the trust of India’s largest bank, this scheme can help convert small savings into a meaningful financial achievement.
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