You can invest in this scheme on a monthly basis with a minimum amount of just Rs 1,000. According to you, you can also increase this monthly investment by Rs 1,000.
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Are you thinking of making more profit after a fixed time period by investing your money monthly. So RBL has come up with a very attractive scheme for you. private sector banks RBL Bank made his new Smart Deposit Scheme is launched. In this, customers will be able to get the flexibility of regular savings every month, as well as top up investment. Under this scheme, after a regular time period, you will get strong returns on your monthly deposited money.
The most important thing about this scheme is that you can invest in this scheme on a monthly basis with a minimum amount of just Rs 1,000. At the same time, you can also increase this monthly investment by Rs 1,000 according to your own. Additionally, you can also opt for an additional top-up amount option at the same rate of interest to increase your savings.
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You can start with a minimum investment of Rs 1,000 in this scheme. You can add more money with top-up in the same deposit. The maximum booking amount is 5 lakhs. The bank said on this scheme that smart deposit is a flexible fixed deposit that the bank offers for the convenience of its depositors.
How much interest will you get?
The interest rate will remain the same for the entire tenure including the top-up amount with the benefit of compound interest. The bank has said that it is a risk free investment as a smart investment tool and it is very easy to withdraw its money. General customers will get up to 7.55% interest on FDs of 15 months. Senior citizens will get 8.05% interest and super senior citizens will get up to 8.30% interest directly for the investment of this period.
Interest rate will be more than SBI
Government Bank State Bank of India where on FD of 5 years (on deposits less than 2 crores) is paying 6.25% interest for general customers. At the same time, you will get up to 7.55% interest in this. While SBI is giving 7.25% interest to senior citizens for this period, RBL Bank is giving up to 8.05% interest on smart deposits.
How to do tenure and top-up?
Its top-up can be from a minimum of 50 rupees. The maximum top-up will be at Rs 10,000. The minimum tenure is 6 months, but you can extend it up to 60 months with a tenure of 3 months each. The total amount of top-up should not exceed Rs 25,000 in a week.
How will interest be calculated on maturity?
The interest rate will remain the same for the entire tenure. But if the interest on pre-mature withdrawal from smart deposit will be calculated at the rate of the same period in which it was with the bank. There will be 1 percent penalty on this. However, there will be no penalty for senior citizens and super senior citizens.
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