The best scheme offered by SBI offers 7.5% interest. How much will you earn if you deposit Rs. 5 lakh?
A lot of people trust the State Bank of India (SBI), which is the biggest public sector bank in the country, to keep their money safe. SBI is the preferred choice for depositing money, and people have great faith in this bank.
Additionally, the bank offers various services. Those looking for guaranteed returns can invest in State Bank, which currently offers good interest rates on fixed deposits below 2 crores.
SBI Intrest Rates 2024
State Bank of India is currently offering term deposits to its customers with a tenure ranging from 7 days to 10 years. The interest rates offered to general customers range from 3.5 percent to 7 percent, while senior citizens are offered interest rates ranging from 4 percent to 7.5 percent.
The bank is providing an additional interest rate of 50 basis points to senior citizens as compared to general customers. The maximum interest rate offered by SBI is 7 percent for general customers and 7.5 percent for senior citizens on fixed deposits with a maturity tenure of 2-3 years.
What would be the deposit amount for a 3-year tenure if the deposit is Rs. 5 lakh?
If you are a regular customer and deposit 5 lakhs with SBI for a 3-year maturity tenure, you will have to pay Rs. beforehand. SBI is currently offering 7 percent interest rates on fixed deposits. Using the online FD calculator, you can calculate in advance how much you will receive on maturity.
After 3 years, for regular customers, Rs. 1,15,720 will be paid out in interest. This means that you will receive a total of Rs. 6,15,720 at maturity. If you are a senior citizen and deposit 5 lakhs, you will receive an interest rate of 7.5 percent. According to this, you will receive Rs. 1,24,858 as interest after maturity. The total amount you will receive at maturity will be Rs. 6,24,858.