SBI FD Calculator: State Bank of India is the largest bank in India. It is a Government bank with branches in almost all parts of the country. SBI provides depositors with an opportunity to open Fixed Deposit accounts to earn interest by depositing their money. The bank is currently providing up to 5.65% interest on fixed deposits below Rs 2 crore for a period of 5 years to 10 years. For senior citizens, the interest provided on deposits below Rs 2 crore for 5 years to 10 years is 6.45%, according to the official SBI website.
The official website of the bank also provides a maturity calculator which you can use to find out the interest you may earn by depositing a certain amount in an SBI Fixed Deposit account for a certain term.
How to use SBI Fixed Deposit Calculator
Step 1: To use the SBI FD calculator, you should first visit the official SBI maturity calculator page https://sbi.co.in/web/student-platform/maturity-value-calculator.
Step 2: Enter the principal amount that you want to invest.
Step 3: Enter the duration for which you want to invest. It can be from 7 days to 10 years.
Step 4: Enter the expected annual rate of interest. You can find the applicable interest rate for your deposit on the SBI website. The latest SBI Fixed Deposit Interest rates are also mentioned here
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Step 5: Once you have provided all the inputs, the calculator will show the maturity value and the value of the interest you will earn.
For example, if you invest Rs 1 lakh for a period of 10 years at the rate of 5.6% interest, the calculator shows the maturity value would be approx Rs 1.74 lakh and the interest value will be around Rs 74,000.
In case of senior citizen deposits of 10 years, Rs 1 lakh will grow to approximately Rs 1.8 lakh at 6.4% interest.
