SBI Special Schemes: The country’s largest bank SBI offers FDs schemes of different tenures. Customers get the facility of FDs ranging from 7 days to 10 years.
On term deposits of different maturities, SBI gives annual interest ranging from 3% to 6.5% to regular customers and 3.5% to 7.5% to senior citizens.
If a regular customer deposits Rs 5 lakh in SBI’s 10 year maturity scheme, then a total of Rs 9,52,779 will be received on maturity at 6.5 percent annual interest rate. In this there will be fixed income of Rs 452779 from interest.
If a senior citizen deposits Rs 5 lakh in lump sum in SBI’s 10 year maturity scheme, then he will get a total of Rs 10,51,174 on maturity at 7.5 percent annual interest rate. In this, there will be fixed income of Rs 551174 from interest.
Regular customers get 6.5% interest annually on 10 year FD and senior citizens get 7.5% interest. These interest rates are applicable on deposits of less than Rs 2 crore.
Deposits up to Rs 5 lakh in banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). That means, money deposited up to Rs 5 lakh is 100% safe.