SBI FD Scheme : India’s largest public sector bank, the State Bank of India (SBI), is providing attractive interest rates on its Fixed Deposit (FD) accounts. Earlier this year, following the Reserve Bank of India’s (RBI) decision to reduce the repo rate, numerous banks nationwide also decreased their FD interest rates. Consequently, SBI also adjusted its FD rates downward. Nevertheless, despite these rate reductions, SBI’s FD schemes continue to provide appealing and guaranteed returns to customers.
In this comprehensive guide, we will explore an SBI FD scheme where you can secure a fixed interest of ₹41,826 by investing just ₹1 lakh.
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SBI Offers Highest Interest on 444-Day FD Scheme
SBI enables customers to establish FD accounts with tenures spanning from 7 days to 10 years. The bank presently provides interest rates ranging between 3.05% and 7.10% on its FD accounts.
SBI is providing the most competitive interest rate through its exclusive 444-day FD scheme known as the Amrit Vrishti Special FD Scheme.
- Regular citizens can secure up to 6.60% interest
- Senior citizens can secure up to 7.10% interest
For a 5-year FD, SBI provides:
- 6.05% interest for regular citizens
- 7.05% interest for senior citizens
Deposit ₹1 Lakh and Get Up to ₹41,826 Guaranteed Interest
If you are a regular citizen (below 60 years) and invest ₹1 lakh in a 5-year SBI FD, you will obtain a total of ₹1,35,018 upon maturity. This encompasses a fixed interest amount of ₹35,018.
Likewise, if you are a senior citizen (60 years or above) and invest ₹1 lakh in a 5-year SBI FD, you will obtain a total of ₹1,41,826 upon maturity. This encompasses a fixed interest amount of ₹41,826.
Benefits of SBI Saving Schemes / Fixed Deposits
1. Guaranteed Returns
SBI FDs provide fixed and assured returns, establishing them as a secure investment choice. The interest rate stays consistent throughout the tenure, safeguarding your money from market fluctuations.
2. Higher Interest for Senior Citizens
Senior citizens receive an additional interest rate advantage of 0.50%, enabling them to achieve superior returns on their savings.
3. Flexible Tenure Options
SBI provides flexible FD tenures ranging from 7 days to 10 years, permitting customers to select a duration that optimally aligns with their financial objectives.
4. Attractive Interest Rates
Despite recent repo rate reductions, SBI continues to offer competitive interest rates between 3.05% and 7.10%, with special schemes like the 444-day Amrit Vrishti FD delivering the highest returns.
5. Safe and Trusted Investment
As India’s largest and most reliable public sector bank, SBI guarantees the safety and security of your deposits.
Frequently Asked Questions
What is the highest interest rate offered by SBI on FD schemes?
SBI offers the highest interest rate of 7.10% for senior citizens through its special 444-day Amrit Vrishti FD scheme. Regular citizens can earn up to 6.60% on the same scheme.
How much interest will I earn on ₹1 lakh investment in SBI 5-year FD?
Regular citizens will earn ₹35,018 as fixed interest on ₹1 lakh investment in a 5-year SBI FD, while senior citizens will earn ₹41,826 as fixed interest on the same investment.
What is the additional benefit for senior citizens in SBI FD schemes?
Senior citizens receive an additional interest rate benefit of 0.50% on SBI FD schemes, helping them earn better returns compared to regular citizens.
What are the tenure options available for SBI Fixed Deposits?
SBI offers flexible FD tenures ranging from 7 days to 10 years, allowing customers to choose a duration that best suits their financial goals and requirements.
