SBI Special Scheme: SBI, the country’s largest bank, provides FD programs with varying terms. Customers can obtain FDs ranging from 7 days to 10 years.
SBI offers annual interest rates ranging from 3% to 6.5% on term deposits of various maturities to normal customers and 3.5% to 7.5% to elderly people.
SBI Special Scheme
SBI Special Scheme: If a typical client deposits Rs 5 lakh in SBI’s 10-year maturity scheme, he or she will get Rs 9,52,779 at maturity at a 6.5 percent annual interest rate. There would be a fixed income of Rs 452779 from interest in this.
If a senior citizen deposits Rs 5 lakh in a lump sum in SBI’s 10-year maturity program, he will receive Rs 10,51,174 at maturity at 7.5 percent.
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Invest Rs 500,000 and receive Rs 1,051,174 upon maturity
SBI Special Scheme: If a senior citizen deposits Rs 5 lakh in a lump sum in SBI’s 10-year maturity scheme, he will receive Rs 10,51,174 at maturity, assuming a 7.5 percent annual interest rate. There would be a fixed income of Rs 551174 from interest in this. On a 10-year FD, regular consumers get 6.5% per year, while elderly persons earn 7.5%.
These interest rates apply to deposits of up to Rs 2 crore. The Deposit Insurance and Credit Guarantee Corporation (DICGC) insures bank deposits up to Rs 5 lakh. This implies that money put up to Rs 5 lakh is completely secure.