SBI Fixed Deposit Returns: SBI, one of the country’s public sector banks, is offering excellent interest rates on fixed deposits to its customers. This year, due to the RBI’s repo rate reduction, many banks’ fixed deposit interest rates were reduced. Consequently, SBI also reduced its FD interest rates.
However, despite the interest rate reduction, SBI’s FD scheme continues to offer excellent returns. In this article, we will detail one such SBI FD scheme that can earn interest of ₹41,826 on a deposit of just ₹1 lakh.
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Learn how much interest is being earned on a 444-day FD
It’s worth noting that SBI offers FD accounts with tenures ranging from 7 days to 10 years. Interest rates on SBI FD accounts range from 3.05% to 7.10%. SBI operates the Amrit Varsha FD scheme. Investors are required to invest in this scheme for 444 days.
Under this scheme, ordinary investors receive an interest rate of 6.60%, while senior citizens receive a maximum interest rate of 7.10%. On the SBI 5-year FD scheme, ordinary investors receive an interest rate of 6.05%, while senior citizens receive a return of 7.05% on a 5-year FD.
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Learn how much interest you will receive on a deposit of Rs 1 lakh
If an ordinary investor under the age of 60 invests Rs 1 lakh in an SBI FD for 5 years, they will receive a total of Rs 1,35,018 upon maturity. The interest rate on this scheme is fixed at Rs 35,018. Similarly, if an elderly person, at the age of 60 or later, invests ₹1 lakh in an SBI FD for 5 years, they will receive a total of ₹1,41,826 upon maturity. Of this, only ₹41,826 will be earned as interest.