Today, we’re going to tell you about an FD where you can double your money by investing. We’re talking about an FD from the country’s largest public sector bank, SBI. Let’s explore which SBI FDs can double your investment.
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Bank FD Investor: When it comes to investing, most people prefer to invest their money only in bank FDs. This is because of the security of their money and the fixed returns they offer. If you, too, are an FD investor and rely solely on bank FDs to invest your money, this news will be very important for you. Today, we’re going to tell you about an FD where you can double your money by investing.
We’re talking about the FDs of SBI, the country’s largest public sector bank. Let’s find out which SBI FDs can double your investment amount.
SBI FDs
SBI offers its customers various FDs with different tenures. These FDs offer different interest rates. These interest rates are as follows:
1 year – 6.25 percent
2 years – 6.45 percent
3 years – 6.30 percent
5 years – 6.05 percent
10 years – 6.05 percent
Investing in an SBI 10-Year FD
If you invest Rs 5 lakh in an SBI 10-year FD, you will receive a return at an interest rate of 6.05 percent. Thus, you will receive a total of Rs 9.11 lakh at maturity and a profit of Rs 4.11 lakh.
These interest rates are higher for senior citizens. A 10-year FD offers a return of 7.05 percent. Therefore, if a senior citizen invests Rs 5 lakh in this FD, they will receive a total of Rs 10.05 lakh at maturity and a profit of Rs 5.05 lakh.
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