SBI FD Rates 2024: Best Scheme to Dabule your Deposit

State Bank of India offers a Deposit scheme that guarantees high returns for those who want to keep their money in the bank. The scheme is designed to double your money by the time it matures. For example, if you invest Rs.5 lakhs, you will receive Rs.10 lakhs at maturity.

Depositing money in banks is a safe way to earn high returns without taking any risks. Almost all banks currently offer high-interest rates, but State Bank of India, being the largest domestic bank, offers the best scheme. By investing in this fixed deposit scheme, your money will double by the time it matures. If you want to invest in this scheme, let’s explore the details such as interest rates and maturity tenure.

SBI FD Rates 2024
SBI FD Rates 2024

SBI FD Rates 2024

State Bank of India (SBI) is offering a fixed deposit scheme with a maturity period ranging from 7 days to 10 years. The interest rates for the deposit vary depending on the tenure of the deposit. Currently, SBI offers 3% interest on deposits of 7 to 45 days, 5.25% interest on deposits of 180 to 210 days, and 6.80% interest on deposits of 1 to 2 years.

For a tenure of 2 to 3 years, the interest rate offered is 7%. Deposits of 3 to 5 years have an interest rate of 6.5% and deposits of 5 to 10 years have the same interest rate of 6.5%. SBI is also offering the Amrit Kalash Special FD with a 7.10% interest rate. Senior citizens are eligible for an additional 50 basis points more interest.

How can you turn an investment of Rs.5 lakhs into Rs.10 lakhs?

If you’re planning to deposit your money in the State Bank of India (SBI) online FD scheme, you can use their online calculator to know how much money you will get on maturity.

For example, if you deposit Rs. 5 lakhs and want to double your money, i.e. Rs. 10 lakhs, you should choose a 10-year tenure fixed deposit scheme. Currently, SBI is offering a 6.5% interest rate on this scheme. Based on this interest rate, you will receive Rs. 9,52,779 (principal + interest) after maturity.

If you’re a senior citizen above 60 years, and you invest Rs. 5 lakhs at 7.50% interest rate on a 10-year tenure, you will receive Rs. 10,51,175 (principal + interest) after maturity. It’s important to note that the interest rates and returns may vary depending on the tenure chosen.

It is recommended that you visit the nearest branch of SBI or the official website for complete information on the deposit scheme.

*Disclaimer: Above published information is only for reference purposes, for any changes on the content we refer to visit the official website, and we are not responsible for anything.