The State Bank of India, which is shortly known as SBI, has announced that it will be providing guaranteed returns on the FDs. But, there is a twist, FDs which belong to women will be only provided with a 7% interest with a duration of 2 years, which means that a deposit of INR 2 lakh could surely provide a return of 30 thousand in two years.
Details of the scheme -
The State Bank of India is the only bank which is providing the highest interest on FDs for more than two years and less than three years.
Notably, the interest rate for general citizens is around 7% and the interest rate for senior citizens is 7.50%.
Interest calculation -
If we calculate interest on INR 2 lakh fixed deposit (FD) then within the tenure of two years, we can receive an interest of around INR 29,776.
The calculation is as follows -
Total Deposit: ₹2,00,000
Interest Rate: 7.00% p.a.
Total Maturity Amount: ₹2,29,776
Total Interest: ₹29,776
It is worth mentioning that the return in a FD is a fixed and secure income and is not fluctuated with ups and downs in the market.
Additional benefits for senior citizens -
The interest for an FD which belongs to a senior citizen is 7.50%.
Additional benefits -
Completely safe investment
Non-market based guaranteed returns
Tax saving option (under 80C)
Loan facility against FD