If you are looking for a safe investment and want to stay away from market fluctuations, then Fixed Deposit (FD) is still a reliable option. State Bank of India (SBI), the country’s largest public sector bank, is offering long-term FD schemes with attractive interest rates to its customers. The special thing is that by depositing just ₹ 2 lakh, you can earn fixed interest up to ₹ 85,049 on maturity.
FD account can be opened in SBI for a minimum period of 7 days, while the maximum period is up to 10 years. The bank is offering interest ranging from 3.05% to 7.15% on different tenures. That means investors can choose the tenure according to their needs and goals.
How much interest is being received on 5 year FD?
Ordinary citizens are getting 6.05% interest on SBI’s 5 year FD scheme. Whereas senior citizens (above 60 years) are being given 7.05% interest and very senior citizens (above 80 years) are being given 7.15% interest. Apart from this, the bank is also giving attractive returns on ‘Amrit Vrishti’ special FD of 444 days, but 5 year FD is considered more beneficial for long term investors.
How much interest on FD of ₹2 lakh?
If you are a normal citizen and you deposit Rs 2,00,000 in a 5-year FD scheme in State Bank of India, then you will get a total of Rs 1,70,035 on maturity, which includes fixed interest of Rs 70,035. If you are a senior citizen and you deposit Rs 2,83,652 in a 5-year FD scheme in State Bank of India, then you will get a total of Rs 2,83,652 on maturity, which includes a fixed interest of Rs 83,652. And if you are a very senior citizen and you deposit Rs 2,00,000 in a 5-year FD scheme in Bank of Baroda, then you will get a total of Rs 2,83,652 on maturity. You will get Rs 2,85,049, which also includes fixed interest of Rs 85,049.
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