SBI Latest FD Rates: State Bank of India, the country’s largest lender by assets, offers a rate of interest of 7.25 per cent in Amrit Vrishti deposits now. Read on to learn more about this scheme.
SBI Latest FD Rates: Fixed deposits—also known as term deposits—have attracted many investors for their lower risk profile compared to equities and equity-linked products. As a fixed-income instrument, an FD provides steady returns at a predetermined interest rate for a fixed period. This is why those with a rather lower appetite for investment-related risk get attracted to fixed deposits. For instance, State Bank of India (SBI), the country’s largest lender by assets, offers a range of FD schemes, offering slightly better interest rates to senior citizens compared to other depositors.
FD Investment
Read on to learn about SBI’s interest rates on Rs 5 lakh and Rs 10 lakh fixed deposits for one, three and five years.
SBI: 444 days – Amrit Vrishti
This is a special scheme provided by SBI.
The PSU bank offers interest rates of 7.75 per cent to senior citizens and 7.25 per cent to other depositors under this FD scheme, according to its website.
SBI FD rate for 1 year
SBI provides interest rates of 6.80 per cent and 7.30 per cent to the general public and senior citizens, respectively.
SBI FD rate for 3 year
In the three-year maturity option, SBI pays interest at the rate of 7.25 per cent to senior citizens and 6.75 per cent to other depositors.
SBI FD rate for 5 year
In the five-year option, SBI pays interest at the rate of 6.50 per cent to the general public and 7.50 per cent to senior citizens. The interest rate for senior citizens includes an additional premium of 50 bps offered under another special scheme by the lender, the We Care FD scheme.
SBI FD returns in 1-, 2-, 3-year maturity options
For the general public, a deposit of Rs 5 lakh leads to maturity amounts (comprising principal and corpus) of approximately Rs 5,34,877 in one year, Rs 6,11,196 in three years, and Rs 6,90,210 in five years, calculations show.
Know what you can get on a Rs 10 lakh investment in FD
Similarly, a deposit of Rs 10 lakh leads to estimated maturity amounts of Rs 10,69,754, Rs 12,22,393 and Rs 13,80,420 in one- three- and five-year maturity options, respectively, as per calculations.
FD tenure
Most commercial banks typically offer various FD maturity options, ranging from seven days to 10 years.
Payment of interest in FDs
You can choose between cumulative and non-cumulative interest payments in FD accounts at most lenders.
Tax-saving FDs
Typically, commercial banks offer tax-benefits on five-year FDs.
Estimated returns on Rs 15 lakh investment in 1-5-year FDs
A deposit of Rs 15 lakh is estimated to lead to maturity amounts of Rs 16,04,631, Rs 18,33,589 and Rs 20,70,630 in SBI FDs of one, three and five-year terms, respectively.
Estimated returns on Rs 20 lakh investment
A Rs 20 lakh deposit is estimated to lead to maturity amounts of approximately Rs 21,39,507, Rs 24,44,786 and Rs 27,60,840 in one, three and five years, respectively, calculations show.
Estimated Returns on Rs 25 lakh investment
If you invest Rs 25 lakh in these FDs at SBI, the maturity amount of your investment will be Rs 26,74,384, Rs 30,55,982 and Rs 34,51,049 in one, three and five years, respectively, calculations show.
Estimated returns on Rs 30 lakh investment
Similarly, a Rs 30 lakh investment will lead to maturity amounts of Rs 32,09,261, Rs 36,67,179 and Rs 41,41,259, respectively.
Know what you can get on a Rs 35 lakh investment in FD
If you invest Rs 35 lakh for one year, the maturity amount will be Rs 37,44,138, Rs 36,67,179 in three years, and Rs 48,31,469 in five years.
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