SBI RD vs Post Office RD: Although there are many options for saving in the market, but even today there are many people who like to invest money in recurring deposit scheme. There is no risk of any kind in this. In such a situation, if you want to do RD in Post Office and SBI, then let’s know where you can make big money.
SBI RD vs Post Office RD: In today’s economic age, everyone wants to earn a lot of money. If you also want to create a big fund by saving small amounts, then you have two great options. Post Office Recurring Deposit (RD) and State Bank of India (SBI) have ‘Har Ghar Lakhpati’ scheme. This scheme of SBI works like RD. Both these schemes are giving good interest and the risk of losing money is also negligible. Meaning there is no risk of any kind here. Under the RD scheme, apart from banks, you can also open an account in the post office.
In the Recurring Deposit Scheme, customers have to deposit a fixed amount in the RD account every month. The bank or post office gives fixed interest on this amount. On maturity, customers get a lump sum fund. If you are also thinking of investing in any one of the RD schemes of the country’s largest government bank State Bank of India or Post Office, then we are giving you information about the interest rates of both. Let us know which scheme is better from the customers’ point of view.
Post Office RD Scheme
In the RD scheme of the post office, a fixed amount has to be invested every month for 5 years. In this scheme, you get a return of 6.7 percent per annum. It offers compound interest. That is, you get interest on interest as well. In such a situation, if you invest Rs 5000 every month in this scheme continuously for 5 years, then you will invest a total of Rs 3 lakh. On maturity, you will get a total of Rs 3,56,830. In such a situation, you will get a total profit of Rs 56,830 in this scheme.
SBI RD Scheme
If you invest Rs 5000 every month in SBI’s Har Ghar Lakhpati RD scheme for the entire 5 years, you will get a return of 6.3 percent. In this way, you will invest a total of Rs 3 lakh in it. On maturity, you will get a total of Rs 3,53,090. In this way, you will get a total profit of Rs 53,090.
Which scheme is better
Post Office RD is a better option for those who want safe and stable returns with low investment. On the other hand, SBI’s ‘Har Ghar Lakhpati’ scheme is good for those investors who want flexibility in tenure and the possibility of a slightly higher interest rate. Depending on your investment period, monthly capacity and financial goals, either of these two schemes can be suitable for you.
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