SBI FD: Government banks are always most reliable to keep money. Most of the Indian citizens replay on the State Bank of India (SBI). SBI offers many attaractive savings schemes, like Fixed Deposit (FD), to their customers. Anyone can have a FD account. SBI FD will help you grow your money with a steady interest rate. Needless to say, market ups and downs will not affect the interest rate.
How to creat a SBI FD account?
You get FD facility in all banks including post offices. You will benefit more by FD in banks that pay more interest. SBI Fixed Deposit account can be opened both online and offline. Visit SBI’s personal banking portal and log in to your net banking account with the help of your user ID and password. Select the ‘Deposit’ option, then select the ‘Fixed Deposit’ option. There, select the ‘e-Fixed Deposit’ option. Select the type of Fixed Deposit and click on the ‘Submit’ button after filling in all the information. Your FD will open. You can also open an FD by going to the bank with all the necessary documents.
How much benefit will you get?
SBI offers interest at the rate of 6.50% per annum on FDs with a tenure of 5 to 10 years. That is, if you make a fixed deposit for any time between this period, you will get interest at the rate of 6.50%. If you FD Rs 7 lakh for 7 years at an interest rate of 6.50%, you will get Rs 10,99,293 on maturity. On an FD of 7 lakh in 7 years, you will get an additional benefit of Rs 3,99,293. The interest rate on fixed deposits varies according to the period.
Interest rates are higher on FDs for a longer period. SBI FD Interest Rates Details: SBI offers FD schemes at 3.50% to 7.25% p.a. to the general public and 4% to 7.75% p.a. to senior citizens. Their duration ranges from 7 days to 10 years.