Fixed Deposit Rate – Recently SBI has revised its Fixed Deposit (FD) interest rates again. Due to which now the money of senior citizens will double faster than before.
The country’s largest bank State Bank of India (SBI) has recently revised its Fixed Deposit (FD) interest rates again. It has increased its FD interest rates. With this, the money of senior citizens will now double faster than before. The bank’s new FD rates have come into effect from February 15. Along with this, SBI is offering 7.5 per cent interest rate on FDs of 5 years to 10 years to senior citizens.
Senior citizens will get additional interest-
7.50 percent interest is being received on SBI’s 5 to 10 year “SBI V-Care” deposit. This includes an additional half per cent (0.50 per cent) premium paid by the bank. Explain that SBI will give an additional interest of 50 bps to senior citizens on FDs of all tenures.
How much was the interest rate earlier-
Compared to the current rate, SBI was earlier offering only 6.5 per cent annual interest rate to senior citizens between February 15, 2022 and June 14, 2022. Know further how long it will take for the money to double.
How long will it take According to the online SBI Fixed Deposit calculator, senior citizens can double their money if they book an FD for a tenure of 10 years. For example, if a senior citizen deposits Rs 50,000 in a 10-year SBI FD, it will grow to Rs 1,05,117 in 10 years. Similarly Rs 1 lakh will increase to Rs 2,10,234.
How much profit do you get first-
However, if one had invested Rs 50,000 in a 10-year SBI FD between February-June 2022, the maturity value would have been only Rs 95,277, while the maturity value of a Rs 1 lakh deposit would have been only Rs 1.9 lakh.
Rates for rest of the periods-
Apart from the highest interest rate on FDs of 5 to 10 years, SBI is also offering senior citizens attractive returns on FDs of other tenures from February 15, 2023. The bank is offering 7.5 per cent interest on deposits to senior citizens. At the same time, 7.5 percent interest is being received from 2 years to less than three years. Whereas 7.3% interest is being received on FDs of 1 year to less than 2 years.
