The amount of Rs 2,00,000 is not large either. But SBI offers schemes where that amount can generate enough returns. Maximum duration is 5 years and minimum is 10 years. SBI offers a very simple government scheme. They are a low-risk fixed-rate investment. For general customers, the Fixed-rate interest offered is at 6.05% compounded annually; however, seniors receive 7.05% compounded annually.
This scheme should be ideal for those who want to hold an investment securely over a long period. Let’s move on to the main figure now. If you were a general customer who deposited Rs 2,00,000 into a Fixed-rate account at SBI for five years making a Fixed-rate deposit at the rate of 6.05%; you would earn an estimated total interest of Rs 60,500. Therefore, at the end of that five-year period, you would receive approximately Rs 2,60,500.
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There is a slightly different calculation for seniors, in that if you invested 2,00,000 for 5 years at 7.05%, your total interest would be roughly Rs 70,500. Therefore, at the end of the 5 years you would receive around 2,70,500 Taka.
If you’re looking at the long-term perspective, the numbers are even better. If a normal customer placed Rs 200,000 into a fixed deposit and left it alone for 10 years at 6.05%, the average interest will be close to Rs 121,000, for a total of about 321,000 Taka when the deposit matures.
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In the case of senior citizens, the figure increases further at the end of 10 years. At an interest rate of 7.05 percent, the total interest is about 1 lakh 41 thousand taka. That is, the total income after 10 years from an investment of 2 lakh taka is about 3 lakh 41 thousand taka.
At present, when many are hesitant about the stock market or other risky investments, such long-term government bank fixed deposits become a place of security for many. Especially for retired people or those who want to ensure a certain amount for the future, this scheme is practically a safe haven.
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However, it should be remembered that certain rules and conditions may apply if a fixed deposit is broken. The issue of tax on interest is also relevant. Still, considering all aspects, the amount of interest that is being received in 5 to 10 years by investing just 2 lakh taka is undoubtedly important in long-term savings plans.
Note: Share and investment related reports are just market observations. These are not investment advice. Before investing in the market, be sure to study and seek expert help.