SBI Saving Schemes – The State Bank of India is offering people the opportunity to become wealthy. You can earn high interest rates here. SBI has many schemes, but you can also earn strong returns through FDs. SBI fixed deposits are a great option. However, since the Reserve Bank of India cut repo rates, the bank has also reduced interest rates.
Still, SBI is offering attractive returns on FDs. We’ll introduce you to one such SBI FD scheme, where you can earn up to ₹41,826 in guaranteed fixed interest by depositing ₹1 lakh. This means that fixed deposits are a great opportunity, and if you miss out, you’ll regret it later. Learn the key points below to learn how to earn high returns on FDs.
Bumper interest on 444-day FDs
SBI FDs offer bumper interest. You can open a fixed deposit account for 7 days to 10 years. SBI is offering interest rates ranging from 3.05% to 7.10% on FD accounts. India’s largest SBI is offering strong interest rates through its 444-day Amrit Varshiti Special FD scheme.
This scheme offers 6.60% interest to general citizens and the highest 7.10% interest rate to senior citizens. A 5-year FD offers 6.05% interest to general citizens and 7.05% interest to senior citizens. An FD of ₹1 lakh will earn substantial interest. FD account holders will face no problems.
How much interest is there on a ₹1 lakh FD?
An FD of ₹1 lakh with Indian Estate Bank offers strong interest rates. If you are a general citizen, meaning you are under 60 years of age, depositing ₹1 lakh in a 5-year FD with SBI will yield a bumper return upon maturity. You’ll receive a profit of ₹1,35,018 over 5 years.
This includes a fixed interest of ₹35,018. Furthermore, if you’re a senior citizen and invest ₹1 lakh in an SBI FD for 5 years, you’ll receive a total profit of ₹1,41,826 upon maturity. Your interest will be ₹41,826. This amount will be helpful for senior citizens in their livelihoods.