SBI Scheme: By depositing money in the State Bank of India (SBI) scheme, you can double your money without taking any risk. Recently interest has been increased by the bank. This will benefit the customers.
SBI Scheme: By depositing money in the State Bank of India (SBI) scheme, you can double your money without taking any risk. To control inflation, interest rates are being increased by the central banks all over the world. Along with this, to attract more and more deposits, they are also increasing the deposit rates. The country’s largest bank SBI has recently increased interest rates by up to 65 basis points on deposits below Rs 2 crore with different maturities. In this, regular customers are getting 6.25 percent interest per annum and senior citizens are getting 7.25 percent interest on FD of 10 years. Now in these schemes, your money will double sooner than before.
Rule of 72: In what time money will double
With the help of Rule of 72, you can know when your money will double with the interest rates you are getting on deposits. Most experts in the financial market consider this to be an accurate formula. According to the rule of 72, to know how much interest you will get annually in a scheme, you have to divide that interest rate by 72. This lets you know in what time your money will double.
Money double in SBI scheme
According to the latest interest rates on SBI deposits, the bank is paying 6.25 per cent interest per annum to its regular customers on FDs of 5 years to 10 years. At the same time, the annual interest rates for senior citizens are 7.25 per cent (including the benefits of the VCare scheme). Now according to the Rule of 72, in this scheme of SBI, the regular customer’s money will double in 11.52 years (72/6.25 = 11.52). Whereas, before this, 6.1 percent interest was being received annually and according to that it would have taken 11.80 years (72/6.10 = 11.80) to double the money.
Similarly, for senior citizens, their money in SBI deposits will double in 9.93 years (72/7.25=9.93). Whereas, before this, 6.90 percent interest was being received annually and according to that it would have taken 10.43 years (72/6.9 = 10.43) to double the money. Let us inform, these latest interest rates of SBI are applicable from June 13, 2022 on deposits of less than Rs 2 crore. On the other hand, if SBI staff deposits for the same tenure, then they will get 1 percent more interest.
SBI Wecare benefits for senior citizens
In the SBI Wecare Deposit Scheme run for senior citizens, retail term deposits of ‘5 years or more’ tenure get the benefit of 0.30 percent additional interest compared to common FDs. The bank already gives 0.50 per cent additional interest to its senior citizen customers as compared to general customers. In this way, on investing under this scheme, city citizens get 0.80 percent extra interest. Let us tell you, in the lockdown amid the Corona epidemic, State Bank of India (SBI) launched ‘SBI WeCare Deposit’ in May 2020 for its senior citizens.
(Note: The information about the interest rates available on FD has been taken from the official websites of the banks.)
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