SBI FD Scheme: Fixed deposit or FD is still considered the most reliable way of saving. In this, your money is safe and you also get a pre-determined interest. In such a situation, if you are thinking of investing for a long time, then a special scheme of the country’s largest bank State Bank of India (SBI) can give you good returns.
RBI’s big decision and its impact on FD
The Reserve Bank of India (RBI) has kept the repo rate unchanged in its Monetary Policy Committee (MPC) meeting. Earlier there were speculations that the repo rate could be cut by 0.25%, which would have further reduced the interest rates of FD. But this time FD investors have got relief due to no change in the repo rate.
SBI is giving the highest interest rate of 6.45% on FDs of 2 to less than 3 years duration, while senior citizens get 6.95%. On the other hand, general customers get 6.05% interest and senior citizens get 7.05% interest on FDs of 5 to 10 years duration.
If your FD amount is less than Rs 1.01 crore to Rs 3 crore, the interest rate increases further.
On 1 year FD, general customers get 6.55% interest and senior citizens get 7.05% interest.
On 2 year FD, general customers get 6.85% interest and senior citizens get 7.35% interest.
How much will you get on investing Rs 3 lakh?
If you deposit Rs 3 lakh in a 5-year FD in SBI , then on maturity your total amount will be Rs 4,05,053. Actually, out of this, Rs 1,05,053 will be received only as interest. On the other hand, if you are a senior citizen, then on maturity you will get Rs 4,25,478, in which Rs 1,25,478 will be earned as interest.
SBI’s FD scheme is a good option for those who want good returns with low risk. The repo rate is stable at the moment, so this could be the right time to take advantage of the current interest rates. If you have spare money, then investing it in FD and earning sure interest would be a wise move.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.