Secure Investment: If you are planning to do RD, first find out where investing in Post Office or SBI will be most beneficial.

Secure Investment: If you are planning to do RD, first find out where investing in Post Office or SBI will be most beneficial.
 

In this time of inflation, it is not an easy task to raise a large fund for the monthly celery.  But you can do this by saving a little every month.  Recurring deposit i.e. RD can help you in that.  Under this scheme, you can save a large amount by making small savings.  Today we are telling you about Post Office RD and State Bank of India (SBI) RD.

First, understand what is RD?

A recurring deposit or RD can help you save more.  You can use it as a piggy bank.  Pay a certain amount every month when you get celery and you will get a large amount when you mature.  Its maturity period is usually between 6 months to 10 years.

Special matters relating to State Bank of India (SBI) RD

• You can invest in SBI from 1 year to 10 years.
• SBI RD is earning a maximum of 5.4% interest.
• Senior citizens get 0.50% higher interest on it.
• A minimum of Rs 100 per month can be invested in it.
• You can deposit any amount in multiples of more than 10.  There is no limit to the maximum deposit amount.

How much interest will be earned on investing for how many years:

Period interest rate (in%)

4.9 for 1 to 2 years

5.1 for 2 to 3 years

5.3 for 3 to 5 years

5.4 for 5 to 10 years

Special matters relating to Post Office RD

• It has to be invested for 5 years.  However, you can do it on your own.
• If you withdraw money 5 years ago, you will have to pay a penalty.
• India Post's RD is earning 5.8% interest.
• A minimum of Rs 100 per month can be invested in it.
• You can deposit any amount in multiples of more than 10.  There is no limit to the maximum deposit amount.

Interest earned on RD is also taxable

 If the interest income from the recurring deposit (RD) is up to Rs 40,000 (Rs 50,000 in the case of senior citizen), you do not have to pay any tax.  10% TDS will be deducted on income above that.

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Note:- Please always double-check and confirm the above details with the official website/advertisement/notification. 

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