Every investor wants the best interest rate for his money. Many in fact, dream of doubling their money in as quick a time as possible. And that is very much in the realm of possibility. However, clearly, that kind of returns will not be available with any bank’s savings bank account. Well, let us tell you that astonishing returns are very much possible for an investor in bank fixed deposits (FD). And here we take a look at the State Bank of India (SBI) fixed deposit interest rate. SBI is the largest bank in India and offers high FD interest rate.
To put things into motion, we will take a few things as given and then use the SBI FD calculator to know the amazing profits that can be generated from high SBI FD interest rate. Yes, even turn Rs 1 lakh into Rs 2 lakh. Of course, you must have time on your side.
Bank account holders can aspire to some astounding profits if they just make sure to keep track of SBI fixed deposits and then pick the highest returns and tenures that go along with them. Needless to say, best FD interest rates may be available for long-duration SBI FD.
SBI FD calculator
So, we start off on our high-interest generating bank FD journey with an investment amount of Rs 100000. Then, for argument’s sake, we find a 7% SBI FD interest rate-giving scheme. Since time is of the essence, we take the tenure to be 10 years.
Total invested amount: Rs 100000
SBI FD interest rate (p.a.): 7%
Tenure: 10 years
The equation is simple and after the SBI FD calculator crunches these numbers, the result is delightful.
Your Rs 100000 investment has turned into Rs 200160! A double delight indeed! The estimated FD returns on your Rs 1 lakh is Rs 100160.
However, do note that once you invest, you should not break the FD as you may lose a lot of the gains. It may become quite counter-productive to do so.
Another important thing to do is to remember that this amazing money-making tool gave you such a huge return without your taking any risk at all. It was a guaranteed amount that would be sent to your bank account on maturity.
Just one more thing! Before the maturity date, make sure you go to the bank and tell them that they must not do any auto-renewal on your SBI FD. Make sure you carry a letter to this effect and get it signed by the bank official. Otherwise, the bank may auto-renew your FD and it will be locked for another 10 years or so. And worse, you may not get the best interest rate on your money.
It is easy to turn your Rs 1 lakh into Rs 2 lakh if you do these simple things. Let SBI FD calculator show you the delightful returns. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
