If you are in search of a safe and sound opportunity for your savings, earning guaranteed returns, the SBI Fixed Deposit (FD) Scheme may be your call. The State Bank of India (SBI), being India’s largest and most trusted bank, offers several saving schemes, one of the safest and rewarding among them being Fixed Deposits. Under this scheme, you put in a lump sum amount with a fixed return on investment as per the bank’s applicable interest rate.
Understanding the SBI Fixed Deposit Scheme
The SBI FD scheme is an almost risk-free investment, wherein you deposit an agreed amount for a fixed period of time, and upon maturity, you receive guaranteed returns. The interest rate often varies from one SBI FD account to another,r depending on the amount deposited and the duration. For instance, the 5-year FD of SBI presently offers an interest rate of 6.5%, which is very attractive and hence recommended for conservative investors.
Highlights of SBI Fixed Deposit Scheme
- Safety & Security – 100% secure with SBI behind it.
- Guaranteed Returns – Interest is assured, safe from fluctuations in the market.
- Flexible Tenure – Duration between 7 days to 10 years.
- Loan Facility – Secure loans against an FD without breaking it.
- Easy Online Investment – Open an FD in a jiffy through SBI internet banking.
SBI FD Interest Rates & Expected Returns
| Investment Amount | Interest Rate | Maturity Value (5 Years) | Interest Earned |
|---|---|---|---|
| ₹3,50,000 | 6.5% | ₹4,83,147 | ₹1,33,147 |
Current SBI FD Interest Rates (2024)
- General Public: 6.5% for 5-year FDs
- Senior Citizens: Up to 7.25% (additional 0.50% to 0.75%)
How Much Will You Earn on ₹3.5 Lakh Investment?
- Investment Amount: ₹3,50,000
- Interest Rate: 6.5% per annum
- Tenure: 5 years
After 5 Years:
- Maturity Value: ₹4,83,147
- Total Interest Earned: ₹1,33,147
This means your ₹3.5 lakh investment grows to ₹4.83 lakhs in just 5 years, with ₹1.33 lakhs earned as pure interest.