Despite rising investments in the stock market and mutual funds, many people still consider fixed deposits (FDs) as the safest investment. FDs remain the preferred choice, especially for those seeking guaranteed returns without risk. The country's largest public-sector bank, State Bank of India (SBI), offers customers interest rates ranging from 3.05% to 7.15% on FDs with varying tenures. Today, we'll see how much you'll receive upon maturity and how much interest will be included in the total amount if you deposit Rs 200,000 in an SBI 555-day FD scheme.
SBI interest rate on FDs
State Bank of India offers its customers several options for investing in fixed deposits. Customers can open fixed deposits with the bank for tenures ranging from 7 days to 10 years.
The largest public-sector lender does not offer a standard "555-day" fixed deposit. For this duration, your deposit falls under their standard "1 year to less than 2 years" tenure bracket, which offers the following interest rates
For this tenure, the bank offers 6.25 per cent interest for customers under 60 years of age. Senior citizens aged 60 and above receive 6.75 per cent interest. Furthermore, super senior citizens aged 80 and over receive 6.85 per cent interest on 555-day fixed deposits.
How much interest will you get on a deposit of Rs 2,00,000 in a 555-day FD?
If Rs 2 lakh is deposited in a 555-day FD scheme in the State Bank of India, general citizens will get a total of Rs 2,19,156, including a fixed interest of Rs 19,156 on maturity. Similarly, if Rs 2 lakh is deposited in a 555-day FD scheme at State Bank of India, senior citizens will receive a total of Rs 2,20,726, including a fixed interest of Rs 20,726 on maturity. Whereas, super senior citizens will receive a total of Rs 2,21,041, including a fixed interest of Rs 21,041 for depositing Rs 2 lakh in a 555-day FD scheme at State Bank of India.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
