SBI FD Scheme : SBI Launches New 36-Month FD Scheme, Depositing ₹2 Lakh will Fetch Bumper Returns

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SBI FD Scheme : In SBI’s 36-month Fixed Deposit (FD) Scheme, you can deposit a lump sum amount for a fixed period and earn interest at the prevailing FD interest rates. For a 36-month tenure, the interest rate is 6.30% for general citizens and 6.80% for senior citizens. However, these rates are subject to change, so it’s important to check the latest rates before investing. The interest can be paid quarterly, on maturity along with the principal, or, upon request, monthly, semi-annually, or annually.

Key Highlights of SBI 36-Month FD Scheme:

Tenure : 36 months (3 years)
Interest Rate: For deposits ranging from 3 to 5 years, the rate of interest is 6.30% per annum for general citizens and 6.80% per annum for senior citizens. It’s important to note that these rates are subject to revision, so always check the latest information on the SBI Bank official website before investing.

Interest Payment : Interest can be paid monthly, quarterly, semi-annually, or at maturity, as per the depositor’s preference, provided the deposit is for a period of 12 months or more.

Safety : SBI FDs are rated FAAA/Stable by CRISIL, indicating a very high degree of safety for investors.

Taxation : Interest earned on the FD is subject to TDS (Tax Deducted at Source) as per the income tax rules.

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Premature Withdrawal : You can withdraw deposits up to ₹15,00,000 before maturity, but applicable penalties will be charged.

How to Invest in the SBI 36-Month FD Scheme

  • Visit any SBI branch in person.
  • If you use SBI NetBanking, log in using your credentials.
  • Go to the ‘Deposit Schemes’ tab and click on the ‘Fixed Deposit’ option.
  • Link your account number and select a fixed tenure.

  • Deposit a lump sum amount for the chosen period as per your convenience.

The SBI FD interest rate remains fixed throughout the entire deposit period, ensuring stable returns on your investment.

Return on ₹2 Lakh Deposit

If you invest ₹2,00,000 in the SBI 36-Month Fixed Deposit (FD) Scheme, your total maturity amount will depend on whether you are a general citizen or a senior citizen, since the interest rates are different.

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Let’s calculate the approximate returns:

For General Citizens

  • Principal Amount: ₹2,00,000
  • Interest Rate: 6.30% per annum

  • Tenure: 36 months (3 years)

At 6.30% annual compounding, the maturity amount after 3 years will be approximately ₹2,40,200.
That means you will earn around ₹40,200 as interest.

For Senior Citizens

At 6.80% annual compounding, the maturity amount after 3 years will be approximately ₹2,43,400.
That means you will earn around ₹43,400 as interest.

Note:

  • These figures are approximate and may vary slightly based on the exact compounding frequency (quarterly or annual) and SBI’s prevailing interest rates at the time of investment.

  • You can check the exact maturity value using the SBI FD Calculator available on the official SBI website.

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