Let us face it. For most people in India, there are very limited number of investment options available to make money. On top of it, most everyone is risk-averse and that means they want to know that their money is safe. Ultimately, they are left with two options. These are either the Public Provident Fund (PPF) or bank fixed deposits. For many employees, there is the Employees’ Provident Fund (EPF), of course, but that is not open to everyone. While the middle-class is increasingly turning to mutual funds/stock markets, the risk increases manifold. Keeping your money in a savings account is also a pointless exercise in case you want to make it grow. So, if you are looking for a safe avenue to earn big amounts, SBI FD are offering a high interest rate to benefit from.
SBI FD interest rate
SBI FD interest as high as 6.5% is available to the general citizens in the country. Senior citizens can earn .5% more. The bank is offering this high interest rate in a FD with a tenure of between 5 years and up to 10 years. Now, if you invest a sum of Rs 8 lakh in this FD scheme and take it for the full 10-year tenure, you will be able to earn a massive amount of money. According to the SBI FD calculator, the investor will make as much as Rs 15,24,447 on maturity. Out of this amount, the investor would have earned as much as Rs 7,24,447 as interest.
With so much volatility in the stock markets, what investors looking for safe harbor investments, even for smaller investments, can definitely look at fixed deposits to build wealth. And now, with the Monday stock market crash in mind, FD have become an even more attractive option for investors.
Disclaimer: The numbers mentioned here are estimates, the actual amounts will be mentioned in the FD receipts of the bank concerned.
SBI FD interest rate: In case you want to grow your wealth without risk, try bank Fixed Deposits. By investing Rs 8 lakh, you can turn it into a significant sum of over Rs 15 lakh. SBI FD calculator shows how. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
