Maximum 6.7% interest is being received in the time deposit scheme
SBI is paying maximum 5.40% interest on FD
These days if you are planning to get a fixed deposit i.e. FD in the country’s largest bank State Bank of India (SBI), then you must know about the post office time deposit scheme before getting FD. We are telling you about the interest rate and time deposit scheme of SBI Fixed Deposit. So that you can invest in the right place according to you.
Post Office Time Deposit Scheme
This is a kind of fixed deposit (FD). You can take advantage of fixed returns and interest payments by investing lump sum money for a fixed period in it. The post office time deposit account offers an interest rate of 5.5 to 6.7% for a period ranging from 1 to 5 years. According to the official website of India Post, one can avail tax exemption under Section 80C of the Income Tax Act, 1961 for investing under a fixed deposit of 5 years. It has to invest a minimum of 1000 rupees. There is no maximum investment limit.
How much will be the return if you invest for 5 years?
Under this scheme, if you invest Rs 1 lakh for 5 years, then after 5 years you will get Rs 139,406. In this, you will get Rs 38,299 as interest at 6.7 percent interest rate.
How long will it take for the money to double?
Maximum interest is getting 6.7% in this, according to Rule 72, if you invest money in this scheme, then it will take 10 years and 7 months to double the money.
How much interest is FD getting in SBI
|Period||Rate of interest (%)|
|7 to 45 days||2.90|
|46 to 179 days||3.90|
|180 to 210 days||4.40|
|211 to less than 1 year||4.40|
|Over 1 and under 2 years||4.90|
|Over 2 and under 3 years||5.10|
|Over 3 and under 5 years||5.30|
|Over 5 and under 10 years||5.40|
What will be the return on investing for 5 years?
Under this scheme, if you invest 1 lakh rupees for 5 years, then after 5 years you will get Rs 130,077. In this, you will get Rs 30,077 as interest at 6.9 percent interest rate.
How long will it take to double the money?
Maximum interest is getting 5.4 percent in this, according to Rule 72, if you invest money in this scheme, then it will take 13 years and 3 months for the money to double.
What is the rule of 72?
This special rule of finance is Rule of 72. Experts consider it to be the most accurate rule, which determines how long your investment will double. You can consider it as such that if you have selected a special scheme of the bank, where you get 8% interest annually. In this case, you have to divide 8 out of 72 under Rule of 72. 72/8 = 9 years, ie under this scheme your money will double in 9 years.