Top News

If you invest smartly in SBI’s Fixed Deposit (FD) scheme for 5 years, then by depositing just one fixed amount, you can get full Rs 4,19,250 at the time of maturity. Let us understand in detail in this news how much will have to be invested in SBI FD and how this amount becomes this much in 5 years.

Special features of SBI FD scheme

Investing money in SBI FD is very safe because it comes with bank guarantee and is completely protected from stock market shocks. The interest rates on SBI’s FD are decided as per the existing policy. The interest rate on 5 year FD is around 6.5% to 7.5%, which keeps changing from time to time. Senior citizens also get the benefit of some extra interest in this.

How is the amount of ₹4,19,250 arrived at?

Suppose you deposited around Rs 3,00,000 in SBI FD for 5 years. Considering the standard interest rate on SBI’s 5 year FD, this amount increases gradually due to compound interest and on maturity you get around Rs 4,19,250. This amount is completely fixed and there is no risk on investment.

How to invest?

You can open SBI FD account by visiting the bank branch, through net banking or online through SBI YONO app. The minimum deposit usually starts from ₹1,000, but if you want good profits then a larger investment is advisable. When investing, you can choose cumulative or non-cumulative FD, where interest is credited separately or a lump sum is received on maturity.