SBI FD Scheme : In this era of rising inflation, everyone thinks about investing for a secure future. Although there are many investment options available in the market, when it comes to safe investment with assured returns, Fixed Deposit (FD) is considered one of the best options.
For saving money, FD emerges as one of the most reliable methods. Fixed Deposit is regarded as a safe investment avenue where your money remains secure and you receive a pre-decided interest rate. If you are planning to invest for the long term, then a special FD scheme of the country’s largest bank, State Bank of India (SBI FD Rate), is offering attractive returns.
RBI Took a Major Decision
The Reserve Bank of India (RBI), in its Monetary Policy Committee (MPC) meeting, decided not to make any changes in the repo rate. Earlier, it was expected that the repo rate might be reduced by up to 0.25 percent, which could have led to a further fall in FD interest rates. However, since there has been no change in the repo rate this time, FD investors have received relief.
Current FD Interest Rates
At present, SBI is offering up to 6.45% interest on FDs with a tenure of 2 years to less than 3 years.
- Senior citizens are getting up to 6.95% interest on the same tenure.
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On 5 to 10 years FD, general customers receive 6.05% interest, while senior citizens get 7.05% interest.
High Returns on These FDs
If the FD amount is between ₹1.01 crore and less than ₹3 crore, the interest rates increase further:
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1-year FD:
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General customers – 6.55%
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Senior citizens – 7.05%
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2-year FD:
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General customers – 6.85%
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Senior citizens – 7.35%
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Returns on 5-Year FD
If you invest ₹1.5 lakh in a 5-year SBI FD, the maturity amount becomes ₹2,12,739.
This includes ₹62,739 earned as interest alone.
Get High Returns with Low Risk
SBI’s FD scheme is an excellent option for investors who want good returns with low risk. Since the repo rate is currently stable, this could be the right time to take advantage of the existing interest rates. If you are looking to invest your money in a safe place that offers maximum returns in a fixed period, investing in SBI FD can prove to be beneficial.