SBI FD Scheme : India’s largest public sector bank, the State Bank of India (SBI), is offering attractive interest rates on its Fixed Deposit (FD) accounts. Earlier this year, after the Reserve Bank of India (RBI) reduced the repo rate, many banks across the country also lowered their FD interest rates. As a result, SBI too revised its FD rates downward. However, despite the rate cuts, SBI’s FD schemes are still offering appealing and guaranteed returns to customers.
In this article, we will tell you about an SBI FD scheme in which you can earn a fixed interest of ₹41,826 simply by depositing ₹1 lakh.
SBI FD Scheme : SBI Offers Highest Interest on 444-Day FD Scheme
SBI allows customers to open FD accounts for a duration ranging from 7 days to 10 years. The bank currently offers interest rates between 3.05% and 7.10% on its FD accounts.
SBI is offering the highest interest rate on its special 444-day FD scheme called the Amrit Vrishti Special FD Scheme.
- Regular citizens can earn up to 6.60% interest
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Senior citizens can earn up to 7.10% interest
For a 5-year FD, SBI offers:
- 6.05% interest for regular citizens
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7.05% interest for senior citizens
Deposit ₹1 Lakh and Get Up to ₹41,826 Guaranteed Interest
If you are a regular citizen (below 60 years) and deposit ₹1 lakh in a 5-year SBI FD, you will receive a total of ₹1,35,018 at maturity. This includes a fixed interest amount of ₹35,018.
Similarly, if you are a senior citizen (60 years or above) and deposit ₹1 lakh in a 5-year SBI FD, you will receive a total of ₹1,41,826 at maturity. This includes a fixed interest amount of ₹41,826.
Benefits of SBI Saving Schemes / Fixed Deposits
1. Guaranteed Returns
SBI FDs offer fixed and assured returns, making them a safe investment option. The interest rate remains constant throughout the tenure, protecting your money from market fluctuations.
2. Higher Interest for Senior Citizens
Senior citizens receive an additional interest rate benefit of 0.50%, helping them earn better returns on their savings.
3. Flexible Tenure Options
SBI offers flexible FD tenures ranging from 7 days to 10 years, allowing customers to choose a duration that best suits their financial goals.
4. Attractive Interest Rates
Despite recent repo rate cuts, SBI still offers competitive interest rates between 3.05% and 7.10%, with special schemes like the 444-day Amrit Vrishti FD providing the highest returns.
5. Safe and Trusted Investment
As India’s largest and most trusted public sector bank, SBI ensures the safety and security of your deposits.