SBI Special FD Interest Rate 2023: The country’s largest bank State Bank of India (SBI) is offering customers a special deposit scheme for a period of 1 and 2 years.
This best (SARVOTTAM) domestic retail deposit scheme of SBI is getting up to 40 basis points more interest than normal fixed deposits. In this, more than 15 lakhs and up to 2 crores will have to be deposited. A special condition of this scheme is that it is a non-callable term deposit scheme.
This means that pre-mature withdrawal cannot be done in it. If you are a senior citizen and have recently received a large corpus on retirement, you can earn an interest of around 2.55 lakhs on a tenure of 2 years even by depositing the minimum required amount in this scheme.
According to the information available on SBI’s website, in Sarvottam (Non-Callable) Domestic Retail Term Deposits scheme, customers can make deposits for tenure of 1 year and 2 years. In this, regular customers will get 7.1 per cent interest per annum and senior citizens will get 7.6 per cent per annum interest on 1-year deposit. At the same time, for a period of 2 years, the regular customer will get 7.4 percent annual interest and senior citizens will get 7.90 percent annual interest. The interest rates of this scheme of the bank are applicable from 17 February 2023.
2.55 lakh interest on 15 lakh deposit
If your age is 60 years or more and you have got a good amount of fund on retirement. Let us assume that you deposit Rs 15,00,001 in the best scheme for 2 years. According to SBI FD Calculator, depositing 15 lakhs for 2 years in the best scheme will fetch Rs 17,54,047.13 on maturity. In this way, in 2 years, only interest will earn Rs 2,54,046.13.
SBI: Interest was increased on retail deposits in February
SBI increased the interest rates on Fixed Deposits (FDs) of different maturities last month. SBI has increased interest rates by up to 0.25 per cent on deposits of less than Rs 2 crore. The new deposit rates of the bank (SBI FD Interest Rate 2023) have come into effect from 15 February 2023. Along with making loans costlier on behalf of banks, interest rates on deposits are also being increased. Earlier, SBI had increased the interest rates on FD on 13 December 2022.
(Note: The details of the deposit scheme have been taken from the official website of SBI. Take the help of your financial advisor before taking any investment decision.)
