When it comes to putting your money to work, a lot of folks immediately think about fixed deposits (FDs). That’s mainly because FDs are seen as a safe bet—there’s little risk of losing your cash, and the returns are guaranteed. This is why many investors stick to FDs.
The interest rates for FDs can differ from one bank to another, so it’s smart to choose an FD with the best rate. Speaking of which, SBI, the largest government bank in the country, offers some attractive interest rates on their FDs. Let’s take a look at what SBI has to offer.
SBI FD Interest Rates
SBI’s FD interest rates vary based on the tenure, ranging from 3.50% to 7.25%. They also have some special FDs, like the SBI Amrit Kalash FD Scheme, which has a unique 400-day tenure.
What’s the return on a Rs 5,00,000 investment?
If you put Rs 5 lakh into SBI’s Amrit Kalash FD scheme, regular citizens can expect a return of 7.10%. For senior citizens, the return is even better at 7.60%. So, when the FD matures, regular citizens will receive around Rs 5,40,089, while senior citizens will get about Rs 5,43,003.
You can invest in the State Bank of India’s Amrit Kalash FD until March 31, 2025. This scheme offers senior citizens a solid interest rate of 7.60%, while regular citizens can enjoy 7.10%. You can lock in your investment for a maximum of 400 days, making it a unique term deposit option.
With this FD, you can invest up to Rs 2 crore. Plus, you get to choose how often you want to receive your interest payments—monthly, bi-monthly, or every six months. Another cool feature of this FD is that it also provides a loan facility.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.