Nowadays, Fixed Deposit (FD) scheme is being liked a lot among the people. Why? Because in FD, you can deposit money for as long as you want. And when it comes to trust, the name of State Bank of India (SBI) comes first. This is the bank of the Government of India, so your money will be absolutely safe in it!
SBI FD: Only benefits for you
If you are also thinking of investing in FD, then SBI can be the best option for you. Being a government bank, investing in SBI is completely tension-free. And the best thing is that SBI gives you the option to invest in FD for as long as you want, from 7 days to 10 years. You can choose the period according to your need and convenience.
And good news! SBI has recently changed the interest rates of its FD scheme. Now you will get even more interest on FD! Senior citizens will benefit even more than common people. Let’s see how much return you can get if you invest Rs 4 lakh.
How much interest is being given on SBI FD?
In SBI Fixed Deposit Scheme, you can invest for a period of 7 days to 10 years. And the interest rate? That too is different for different periods.
Common citizens: Can get interest ranging from 3.50% to 6.50% for a period of 7 days to 10 years.
Senior citizens: Can get interest ranging from 4.00% to 7.50% for a period of 7 days to 10 years.
SBI Fixed Deposit Rates (October 2024)
Tenure General Customers (%) Senior Citizens (%)
7 days to 45 days 3.50% 4.00%
46 days to 179 days 5.50% 6.00%
180 days to 210 days 6.25% 6.75%
211 days to 364 days 6.50% 7.00%
1 year to less than 2 years 6.80% 7.30%
2 years to less than 3 years 7.00% 7.50%
3 years to less than 5 years 6.75% 7.25%
5 years to 10 years 6.50% 7.50%
400 days (Amrit Kalash) 7.10% 7.60%
How much money can be deposited in FD?
In SBI FD scheme, you can start investing with a minimum of Rs 1000. And the maximum amount? There is no limit! Invest as much as you want. And the interest? It will keep getting added to your account every 6 months.
How much will you get if you deposit Rs 4 lakh in a 5-year FD?
Suppose, if a common man deposits Rs 4 lakh in SBI FD for 5 years, then at the rate of 6.50% annual interest, he will get Rs 1,52,168 in 5 years only as interest. That is, on maturity you will get Rs 5,52,168. On the other hand, if someone is a senior citizen, then he will get interest of Rs 1,79,979 and on maturity he will get Rs 5,79,979! Isn’t it beneficial?
