SBI RD vs Post Office RD: Although there are many options for saving in the market, but even today there are many people who prefer to invest money in Recurring Deposit Scheme. Under the RD scheme, apart from banks, you can also open an account in the post office. In Recurring Deposit Scheme, customers have to deposit a fixed amount every month in the RD account. Bank or post office gives fixed interest on this amount. At the same time, on maturity, the customers get a lump sum thick fund. If you too are thinking of investing in one of the country’s largest government bank State Bank of India or Post Office’s RD scheme, then we are giving you information about the interest rate of both. Know which scheme is better from the point of view of the customers.
RD scheme of SBI
Under the State Bank of India Recurring Deposit Scheme, customers can invest for a period ranging from 1 year to 10 years. At present, the bank is offering 0.50 percent more interest rate to senior citizens under the RD scheme. In such a situation, the general customers are getting 6.80 percent interest rate on the RD scheme for a period of 1 to 2 years. At the same time, senior citizens are getting the benefit of 7.30 percent interest rate. On the other hand, on RD of two to three years, common people are getting 7.00 percent and senior citizens are getting 7.50 percent interest rate. On RD scheme of 3 to 4 years, 6.50 percent and senior citizens are getting 7.00 percent and on RD scheme of 5 to 10 years, common people are getting 6.50 percent and senior citizens are getting 7.00 percent interest rate.
Post Office RD Scheme
Under the Post Office Recurring Deposit Scheme, customers get a chance to invest for 5 years. Unlike banks, senior citizens do not get any additional benefit in the post office RD scheme. The post office is offering an interest rate of 6.5 percent to all its customers on the 5-year RD scheme. Single or joint account can be opened under this scheme.
Which scheme is better
If we compare Post Office and SBI’s RD scheme, both are excellent savings schemes, but SBI RD scheme is a better scheme in terms of interest rate. If you are a senior citizen, then you are getting the benefit of additional 0.50 percent interest rate on SBI’s RD scheme.