The returns on fixed deposits (FDs) have become quite attractive after many banks increased the interest rates on the same following the change in repo rate by the Reserve Bank of India. The country’s largest public sector lender State Bank of India (SBI) has increased the interest rates for Fixed Deposits (FDs) of less than Rs 2 crore. The new rates of the bank (SBI FD Interest Rates 2023) came into effect on February 15, 2023.
Calculating the returns received on FDs is not an easy task for everyone. Many people are curious before investing money anywhere about the returns they will get. If you are interested in opening an FD account in SBI, then the problem of calculating your returns has gone away. The FD deposit calculator available on the SBI website will give you an instant idea of the interest you will earn on maturity and the total corpus of your FD after the fixed tenure.
SBI has now reduced the interest rates on deposits with a maturity of 1 year to 6.80 per cent. According to the SBI Fixed Deposit calculator, if you deposit Rs 1 lakh for 1 year, you will get a return of Rs 6,975 and on maturity, you will get a total of Rs 1,06,975.
SBI has increased the interest rates on fixed deposits with a maturity of 2 years from 6.75 per cent to 7 per cent. If you deposit Rs 1 lakh for 2 years, you will get Rs 14,888 as returns after two years.
SBI has also increased the interest rates on deposits with a maturity of 3 years from 6.25 per cent to 6.50 per cent. According to the SBI calculator, you will get Rs 21,341 in the form of returns on a three-year FD. In this way, after three years, your corpus amount will increase to Rs 1,21,341.
Similarly, the State Bank of India is currently paying interest at the rate of 6.5 per cent per annum on fixed deposits maturing in 4 years. If an investor gets an FD of Rs 1 lakh in SBI for 4 years, they will get Rs 29,422 as returns in four years. SBI is also giving 6.50 per cent interest on deposits with a maturity of 5 years. If you deposit Rs 1 lakh for 5 years, then you will get Rs 38,042 as returns in 5 years. In this way, after five years, your Rs 1 lakh corpus will increase to Rs 1,38,042.
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