In today’s time, everyone is worried about their future, especially about financial security. In such a situation, Fixed Deposit (FD) is still one of the most trusted options in terms of investment. The main reason for this is its safety and guaranteed returns. State Bank of India (SBI) has come up with one such FD scheme for its customers, which is not only safe but also provides assured returns with a high interest rate.
Key features of SBI FD scheme
In SBI’s FD scheme, you can invest for a period of 45 days to 10 years. This scheme is especially beneficial for senior citizens, as they are given 1% additional interest compared to normal customers. This WeCare FD scheme specifically offers interest up to a maximum of 7.50% on investments for a period of 5 and 10 years.
Interest rates and returns on SBI FD
Interest rates on SBI FD depend on your investment period. For example, if you make an FD of Rs 2 lakh, the returns after different periods will be as follows:
A 1-year FD at 6.80% interest will give you Rs 3,20,926.
A 2-year FD at 7.00% interest will give you Rs 3,44,665.
A 5-year FD at 6.50% interest will give you Rs 4,14,126.
A 10-year FD at 6.50% interest will give you Rs 5,71,668.
Loans and other benefits
SBI’s FD scheme not only gives returns on investment, but loan facility is also available in it. Customers can get interest on their deposits on a monthly or quarterly basis. This scheme is especially attractive for senior citizens. However, the benefit of WeCare FD scheme can be availed only till 30 September 2024.
How to open an FD account?
If you want to invest in this FD scheme of SBI, then you can open an account by visiting the nearest SBI branch. Apart from this, FD account can also be opened from home with the help of digital platform YONO app.
(FAQs)
Do senior citizens get special benefits on SBI FD?
Yes, senior citizens get the benefit of 1% additional interest under the WeCare FD scheme.
Can I take a loan on FD?
Yes, loan facility is available on deposits in SBI’s FD scheme.
What is the minimum investment amount to open an FD account?
The minimum investment amount to open an SBI FD account is Rs 1000.
Fact Check
According to the SBI website, FD interest rates keep changing from time to time. Therefore, it is important to check the latest rates before investing.
The WeCare FD scheme is only for senior citizens and offers an additional interest rate.
The process of opening an FD account through the YONO app is simple and convenient, but some users may face difficulties due to technical issues.
This article is for informational purposes only and should not be construed as financial advice. Always consult a financial advisor before investing.