If you are an SBI account holder then there is good news for you. SBI has come up with a cool scheme. In this scheme, you can earn an interest of ₹ 3.38 lakh in 2 years. Let’s know about this scheme.
Customers can invest in State Bank of India’s (SBI) retail term deposit (FDs) schemes for tenures ranging from 7 days to 10 years. SBI is getting 7.10 per cent annual interest for regular customers and 7.6 per cent for senior citizens on deposits of less than Rs 2 crore. Apart from this, SBI is offering a new scheme Sarvottam (SARVOTTAM) in retail term deposit, which is for 1 year and 2 year tenure.
The best scheme is non-callable term deposit. That is, pre-mature withdrawal cannot be done in this scheme. Whereas, in the best scheme, to get 40 basis points more interest, the deposit should be more than Rs 15 lakh and less than Rs 2 crore.
According to the SBI website, customers can make deposits in Sarvottam (Non-Callable) Domestic Retail Term Deposits for tenures of 1 year and 2 years. In this, regular customers will get 7.1 per cent interest per annum and senior citizens will get 7.6 per cent per annum interest on 1-year deposit. At the same time, for a period of 2 years, the regular customer will get 7.4 percent annual interest and senior citizens will get 7.90 percent annual interest. The interest rates of this scheme of the bank are applicable from 17 February 2023.
How much interest on ₹ 20 lakh deposit
According to SBI FD Calculator, depositing 20 lakhs for 2 years in the best scheme will fetch Rs 23,15,892 on maturity. In this way, in 2 years, only interest will earn Rs 3,15,892. Whereas, senior citizens will get Rs 23,38,728. In this, there will be an income of Rs 3,38,728 only from interest.
SBI increased deposit rates in February
SBI increased the interest rates on Fixed Deposits (FDs) of different maturities last month. SBI has increased interest rates by up to 0.25 per cent on deposits of less than Rs 2 crore. The new deposit rates of the bank (SBI FD Interest Rate 2023) have come into effect from 15 February 2023. Along with making loans costlier on behalf of banks, interest rates on deposits are also being increased. Earlier, SBI had increased the interest rates on FD on 13 December 2022.
