If you are an employee or a self-employed person, you will be dreaming of generating money without having to work for it. It may sound incongruous, but there are definitely some options available that will help you fatten up your bank account. One such option is a bank fixed deposit. And the biggest bank of them all, is the State Bank of India (SBI) whose fixed deposits offer some great tenures as well as interest rates. Notably, the high SBI FD interest rate on offer can fetch a huge amount of money for the subscriber.
While there are other options like the Public Provident Fund (PPF) available, its contribution is capped at Rs 150,000. So, any investor, who wants to go beyond that, will have to look elsewhere. And even though a bank fixed deposit will not offer any income tax benefits, it will certainly help you grow your money at a rate that is much better than leaving it in a simple savings bank account. However, just like PPF, the safety of the principle and interest of the FD account holder are guaranteed. And this is especially true for state-run lenders like SBI.
The best thing an investor can do, going forward, is to start the investment journey as early as possible rather than wait till middle-age and greater wisdom dawns. By then it becomes late and that means the retirement corpus will not be very large.
So, how does the high current SBI interest rate of 6.5 per cent generate an amount of Rs 59000 in just 1 year?
Let us assume that you invest a sum of Rs 900000 in a SBI FD for a period of 1 year. The SBI FD calculator shows that this sum will generate an interest of Rs 59941 for the investor.
It is a huge amount to have earned without having to work for it or otherwise spend time on managing it. All that is required of an investor is to turn up at any nearby SBI branch, or better still, just go to SBI online banking and start a fixed deposit with just a few clicks.
Disclaimer: The sums mentioned are estimations and the actual interest offered as well as tenure will be mentioned in the FD receipt of the customer.
SBI FD interest rate: You can easily earn over Rs 59,000 in just 1 year courtesy the State Bank of India. All you have to do is start an FD of your own. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
