Double money with SBI FD: With the recent revision of Fixed Deposit interest rates by the State Bank of India (SBI), senior citizens can now double their money faster than earlier.
With the recent revision of Fixed Deposit interest rates by the State Bank of India (SBI), senior citizens can now double their money faster than earlier.
With effect from 15th February 2022, SBI is offering a 7.5% interest rate to senior citizens on FDs of 5 years to 10 years. This includes the additional premium of 50 bps provided by the bank to elders under the “SBI We-care” deposits of 5 to 10 years and an extra 50 bps interest applicable to senior citizens for all tenors.
Compared to the current rate, SBI was offering just 6.5% annual interest to seniors between 15th February 2022 and 14th June 2022.
Also Read: Senior Citizens get a new Fixed Deposit offer with 8.85% interest rate
How much time it takes to double the money with SBI FD
The online SBI Fixed Deposit calculator shows that senior citizens can double their money by booking an FD for a 10-year tenor. For example, if a senior citizen deposits Rs 50,000 in the 10-year SBI FD, it will grow to Rs 1,05,117 in 10 years. Similarly, Rs 1 lakh will grow to Rs 2,10,234.
However, if you invested Rs 50,000 in the 10-year SBI FD between February-June 2022, your maturity amount would be just Rs 95,277 while the maturity value of the Rs 1 lakh deposit will be just Rs 1.9 lakh.
SBI Interest Rates for other tenors
Apart from the high-interest rate on the 5 to 10 years FD, the SBI is also offering attractive returns to senior citizens on term deposits of other tenors with effect from February 15, 2023. The bank is offering 7.5% interest to elders on deposits of 2 years to less than three years while 7.3% interest is available on FDs of 1 year to less than 2 years.
Also Read: SBI FD Interest Rates 2023 Go Up. Know What You Can Get with Rs 1 lakh
On deposits of 3 years to less than 5 years, seniors can get 7% interest in SBI. The public sector bank also recently launched a special Amrit Kalash Deposit Scheme of 400 days that offers 7.6% interest to senior citizens.
