SBI FD Update: Who doesn’t have thoughts about the future, you surely have them too. Many people take a lot of actions thinking about the future. Some deposit money in banks, while others fix some investments. And then there are many who do FDs (Fixed Deposits). In that case, the question arises, in which bank should one do an FD to get good returns along with interest? In today’s report, we will discuss this matter. Specifically, we will discuss how much return you will get if you do an FD in the country’s largest government bank, the State Bank of India. So, without further delay, let’s find out in detail.
SBI FD Update
When it comes to safe investments, most people prefer to invest their money in bank FDs. Different banks across the country offer different FDs, offering different interest rates. These FD interest rates are subject to change by banks. Now, the country’s largest public sector bank, SBI, has revised its FD interest rates and released new rates. Let’s explore the current interest rate returns for investing in SBI FDs.
SBI FD new interest rates
Following the RBI’s repo rate cut, SBI has revised its FD interest rates for two types of deposits. The new rates are as follows. SBI’s interest rates for FDs with maturities of 2 years to less than 3 years have now been reduced to 6.40 percent from 6.45 percent. For senior citizens, the interest rates have been reduced to 6.90 percent from 6.95 percent.
SBI’s Amrit Varsha Fixed Deposit interest rates have now been reduced from 6.60 percent to 6.45 percent. For senior citizens, the interest rates have been reduced from 7.10 percent to 6.95 percent. For super senior citizens, the interest rates have been reduced from 7.20 percent to 7.05 percent.
Return on investment of Rs 5 lakh in SBI FD
If you invest Rs 5 lakh in an SBI FD with a tenure of 1 year, you will earn a return of 6.25 percent, giving you a total of Rs 5,31,990 on maturity. If you invest Rs 5 lakh in an SBI FD with a tenure of 2 years, you will earn a return of 6.40 percent, giving you a total of Rs 5,67,701 on maturity. If you invest Rs 5 lakh in an SBI FD with a tenure of 3 years, you will earn a return of 6.30 percent, giving you a total of Rs 6,03,131 on maturity.
SBI’s 3-year FD However, the interest rate for senior citizens is set at 6.80 percent. However, general customers are offered 6.30 percent interest on FDs of the same term. This additional interest rate from the bank provides senior citizens with an opportunity to earn better returns on their savings.
For example, if a senior citizen invests a Rs 5 lakh deposit for a 3-year term, they will receive a total of Rs 612,099 upon maturity. This means that the investor will receive approximately Rs 112,099 in interest in addition to the principal.
If you invest Rs 5 lakh in an SBI FD with a 4-year term, you will earn a return of 6.30 percent. This means you will receive a total of Rs 6,42,036 upon maturity. If you invest Rs 5 lakh in an SBI FD with a 5-year term, you will earn a return of 6.05 percent. This means you will receive a total of Rs 6,75,088 upon maturity.
