SBI New Scheme : FD or Fixed Deposit FD is the first choice of people for safe investment. Many people think that they cannot make big savings by investing money in Fixed Deposit (FD), but it is not so. Today we are telling you about a great FD option of State Bank of India (SBI), which can help you in increasing your funds to a great extent.
Currently, SBI is offering the best FD scheme, which has an interest rate of 7.4%. This rate is better than other investment options like PPF, NSC and Post Office Scheme. One of the specialties of this scheme is its short tenure, which is available for just 1 or 2 years. On a 2-year FD, the general public gets 7.4% interest, while senior citizens get a higher rate of 7.90%. For a 1-year tenure FD, the interest rate is 7.10% for general public and 7.60% for senior citizens.
Now, let's talk about the investment limit. To get started with SBI Best Fixed Deposit Scheme, you need to invest a minimum of Rs 15 lakh, with a maximum limit of Rs 2 crore. The scheme offers options for both 1 year and 2 year tenures.
This scheme is especially great for retired people. When they get funds from their PPF, they can easily invest in this option. Just keep one thing in mind: if you invest more than Rs 2 crore, the interest rate reduces by 0.05%.
How the interest is calculated, this scheme will get you compound interest. Also, senior citizens get a special yield facility. For 1-year deposits, they can expect an annual yield of 7.82%, while 2-year deposits offer 8.14% yield. If you are depositing a larger amount between Rs 2 crore and Rs 5 crore, senior citizens will get 7.77% interest for 1 year and 7.61% for 2 years.
Keep in mind, this is a non-callable scheme, which means you cannot withdraw your funds before the term ends. If you do so, you will have to pay a penalty.
