In the fourth week of February this year, the State Bank of India (SBI) touched a significant milestone — it crossed 50 crore of customers. Heed the number 50 crore – it is considerably bigger than the entire population of the US and Russia put together. In other words, if all SBI customers were considered to be citizens of a single country, they would make the third largest country in the world!!!
That gives a rough idea of why Fixed Deposits (FD) with the SBI is one of the most preferred instruments with the common citizen of India.
Let’s find out how crores still look forward to doubling their money with the help of SBI fixed deposits.
SBI FD interest rates
To begin, we have to turn to the interest rate chart of the biggest commercial bank in the country.
7 days to 45 days tenure FDs bear 3.5% for general citizens and 4% for senior citizens respectively.
46-179 days FDs carry 5.5% and 6% respectively.
180-210 days FDs carry 6.25% and 6.75% respectively.
211 days to less than 1 year FDs carry 6.5% and 7% respectively.
1-year to less than 2-year FDs carry 6.8% and 7.3% respectively.
Highest rate of interest
2-year to less than 3-year FDs carry 7% and 7.5% respectively.
3-5-year FDs carry 6.75% and 7.25% respectively.
Highest tenure of FDs
5-10-year FDs bear 6.5% and 7.5% respectively.
In How many years will FD double in SBI calculator?
Let’s see how the amount plays out using the longest period of investment. If you invest Rs 5 lakh for 10 years, and if you are a non-senior citizen, you would get an interest of 6.5%. In that case, your FD will generate a total amount of Rs 9.52 lakh, which is close to double.
But if you are a senior citizen, you would get a total amount of Rs 10.51 lakh which would be considerably more than double the amount of Rs 5 lakh.
Now, let’s apply the highest interest rate of 7% which is applicable for non-senior citizens and a term of 1 day less than 3 years. It will generate a return of Rs 1.15 lakh, thus pushing up the total maturity amount to Rs 6.15 lakh.
If you are a senior citizen you will get a total maturity amount of Rs 6.24 lakh at the end of the maturity period.
However, it is always advisable to invest only after consulting a qualified investment advisor.
SBI Fixed Deposit double scheme calculator: Fixed deposits in the State Bank of India is a favourite instrument for many Indians, thanks to the immense reach of the bank. Find out how they help create a corpus safely. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
