This year has brought relief for many people, but at the same time, some are also disappointed. The reason is that the Reserve Bank of India (RBI) has reduced the repo rate by 1.00 percent so far this year. Because of this, all types of loans have become cheaper. But, on the other hand, the interest rates on savings schemes like Fixed Deposits (FDs) have also gone down.
However, some banks are still offering good returns on FDs for selected time periods. In this article, we will tell you about an FD scheme of the State Bank of India (SBI), where you can earn a fixed interest of ₹22,419 by depositing only ₹1 lakh.
SBI is Offering Up to 7.10% Interest on FDs
India’s largest government bank, State Bank of India (SBI), is giving interest rates between 3.30% to 7.10% on fixed deposits (FDs). You can open an FD in SBI for a period ranging from 7 days to 10 years.
SBI is offering the highest interest rate of 6.60% to regular customers and 7.10% to senior citizens under the 444-day special ‘Amrit Kalash’ FD scheme. For a 3-year FD, general citizens get 6.30%, and senior citizens get 6.80% interest.
Deposit ₹1,00,000 and Earn Fixed Interest of ₹22,419
If you are a general citizen and deposit ₹1,00,000 in a 3-year FD at SBI, then on maturity, you will receive ₹1,20,626. This includes a fixed interest of ₹20,626.
If you are a senior citizen, you will get ₹1,22,419 on maturity from a 3-year FD. This includes a fixed interest of ₹22,419.
FD schemes offer a fixed and guaranteed return after a set time. There is no risk of market changes in these returns, which makes FDs a safe investment option.
Disclaimer
This article is for information purposes only. Please talk to your financial advisor before making any investment or taking financial risks. Times Bull is not responsible for any kind of loss or financial risk.