New Delhi: Fixed Deposits (FDs) are a traditional option for investment in banks in the country as it offers safe and secured return. Along with raising interest rates on loans, banks are also increasing interest rates on deposits. As a result, the FDs of banks have become more attractive.
Country's largest bank State Bank of India (SBI), has recently October 22, 2022 increased the interest rates on deposits of different maturities by up to 0.50 percent. Read further to find out from FD calculation, if an investor deposits Rs 5 lakh, how much will he get in 1, 3 and 5 years. (Alo Read: Big blow to central govt employees! You can lose your Pension, Gratuity for doing THIS)
FD calculator for 1 year
SBI is offering 6.10 percent interest annually on FD of 1 year. For senior citizens, the rates mark to 6.60 percent. The new interest rates are applicable from October 22, 2022. One can get Rs 31,205 in 1 year as an interest. Following suit, senior citizens will get Rs 5,33,826. (Also Read: Video of sales manager screaming on crew about how they make sale goes viral; Twitter flooded with memes--watch video here)
FD calculator for 3 years
On a deposit of Rs 5 lakhs, the normal depositor will get Rs 5,31,205 on the maturity, interest amounts to Rs 31,205. Accordingly, senior citizens will get Rs 5,33,826.
FD calculator for 5 years
On a deposit of Rs 5 lakhs, the normal depositor will get Rs 5,31,205 on the maturity, interest amounts to Rs 31,205. Accordingly, senior citizens will get Rs 5,35,403. They will also get 30 basis points more under the SBI WeCare on term deposits of 5 years and above.
SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent i.e. total of 0.80 percent more interest is being offered on FDs with a tenure of 5 years or more. The bank has extended this scheme till 31 March 2023.
