Today’s these top banks playing on the ground of recurring to fill the position of the top podium through there schemes and policies. Let’s see what is the current policy for an investor in the bag of these banks.
There are various deposit options that are being offered by banks, Recurring Deposit (RD) comes across as a flexible option in which you can start depositing a very small amount every month and withdraw the savings online, whenever required. This is one of the best options for the youngsters who have just started their carrier and have a long way to go ahead because an investment is something that comes as your one of the most important strength in the hard times.
You may be surprised to know that even by depositing Rs 1,000 / month in HDFC Bank RD for 120 months, you can get Rs 1,67,167 at the current 6.3% interest. In the SBI RD account, the same amount can grow to Rs 1,65,327 in 120 months at 6.1% interest. Axis Bank RD will return Rs 1,68,988 on a monthly deposit of Rs 1000 for 120 months. You can invest minimum Rs 1000 and maximum Rs 1,99,99,900 per month in HDFC Bank RD. At the same time, the minimum period of deposit in SBI RD account is 12 months, the maximum is 120 months with a minimum amount of Rs 100, and thereafter in multiples of Rs 10. There are no maximum deposit limit interest rates on SBI RD is as applicable to term / fixed deposits.
However, looking over the above stats you need to be patient because the perks you are going to enjoy after that long wait will give you tremendous happiness and also may open the gates for more effective and large investments in your future.