State Bank of India (SBI) has come out with its advertisement on Recurring Deposit showing its interest rates, maturity value of Rs 1,000 invested and more.
SBI Recurring Deposit Scheme – Features:
- Maturity from 12 to 120 Months
- Nomination facility available
- Loan against security of the balance in the Recurring Deposit accounts available to the extent of 90% of the deposit, at 0.5% p.a. above the rate of deposit
- No TDS (Tax deduction at source) on interest income
- Passbook Issued
- Hassle free premature spot payment anytime
- Senior citizens get additional 0.5% interest rate.
SBI Recurring Deposit Interest Rate:
- For tenor of 1-5 years – 9% for general and 9.5% for senior citizens
- For tenor of 5-10 years – 8.5% for general and 9% for senior citizens
SBI Recurring Deposit Maturity value:
The table below shows the maturity value for Rs 1,000 monthly deposit.
Here is the advertisement: