So, for those who like keeping money safe and sound, something worth pondering comes from Punjab National Bank. The recently launched Recurring Deposit (RD) scheme nurtures your savings with assured returns and zero risks, making it a smart option for those wishing to build up a future fund without gambling it on the stock market.
Features of the PNB RD Scheme?
Under PNB’s RD scheme, the sums deposited by you are saved every month. This means you must put a little piece of your salary aside regularly. After five years, you’ll get back everything you put in, along with all the interest it earned. The real work of magic comes from the fact that every quarter, interest is accumulated on your savings, helping your money grow through compounding quickly.
What Is the Minimum Investment?
The RD plan begins with a minimum installment of ₹1,000 monthly, which is very small. There is no maximum investment limit. Just invest whatever fits your bill. More investment means more earnings in the end. The interest rate offered is 6.5% per annum, which compares quite favorably to regular savings accounts.
As the interest is compounded every three months, the returns will work magic over time. In simpler terms, your savings earn interest, and then that interest also starts earning more interest as time goes on.
A Simple Example
Let’s say you’re setting aside ₹3,000 every month in this recurring deposit plan. Over five years, you have a total deposit of ₹1.8 lakh. Thanks to the interest, your total return will be about ₹2.12 lakh at maturity. Adding ₹32,000 extra onto the principal is nothing but free money for saving regularly without taking any risk.
Such returns are ideal for anyone planning for future goals such as a child’s education, a small business, or just some safe funds for emergencies.
Special Benefit for Senior Citizens
PNB offers older people a slightly higher interest rate as a way to give them some extra benefit. For people above a certain age, the RD will earn a slightly higher rate. This helps senior citizens get better returns on their savings during their lifetime, augmenting their monthly income, which can be of real advantage during their retired life.
Final Thoughts
In today’s very fast and competitive world, giving one safe options is not always easy to grow their money. However, to make a little saving and to earn interest will surely give one a better tomorrow, a trustworthy way indeed to make savings with the PNB Rs. scheme. It gives you a certain amount of simplicity and security associated with the plan.
For someone who wants security but with steady returns, it might well be the right choice for them.