SBI scheme: Tips to double your investment | SBI FD Interest Rates 2022 – A lot of investors are already aware of the rule of 72, however for the unversed, rule of 72 helps you to estimate the number of years required to double your money.
SBI scheme: Tips to double your investment | SBI FD Interest Rates 2022 – The State Bank of India (SBI) has raised the interest rate on fixed deposits below Rs. 2 crore. The new rates have come into effect from December 13, 2022.
With the latest increase in SBI interest rates, you can double your investment without any risk in India’s largest public sector bank. With the latest increase, regular customers are getting 6.75 per cent interest per annum and senior citizens are getting 7.25 percent interest on FD of up to 10 years.
Read More: Australian govt reviews Infosys’ contract after document leak
Here’s your guide to double your money in the State Bank of India after the revised interest rates
Rule of 72
A lot of investors are already aware of the rule of 72, however for the unversed, rule of 72 helps you to estimate the number of years required to double your money at a given annual rate of return. For this, divide the latest interest rate by 72. This lets you know in what time your money will double. For eg. if the rate of return is 9%, the number of years taken to double your money is 72/9= 8years.
With the help of Rule of 72, you can know when your money will double with the interest rates you are getting on deposits.
Tips to double your investment in State Bank of India
SBI interest rates for regular customers
According to the latest interest rates on SBI Retail Domestic term deposits, the bank is paying 6.75 per cent interest per annum to its regular customers on FDs of 2 years to less than 3 years.
Now according to the Rule of 72, in this scheme of SBI, the regular customer’s money will double in about 10 years (72/6.75 = 10.6).
Read More: HDFC targets issuing one million credit cards a month
SBI interest rates for senior citizens
At the same time, the annual interest rate for senior citizens is 7.25 per cent including an additional premium of 50 bps under “SBI Wecare’’ deposit scheme.
According to the Rule of 72, in this scheme of SBI, the senior citizen’s money will double in about 9 years (72/7.25 = 9.9).
A special ‘SBI Wecare’ Deposit for Senior Citizens in the Retail TD segment wherein an additional premium of 50 bps over & above the existing 50 bps i.e. 100 bps over card rate for public will be paid to Senior Citizens on their retail TD for ‘5 Years and above’ tenor only. ‘SBI Wecare’ deposit scheme has been extended up to 31st March 2023.
Here’s list of banks offering over 7% interest rate on fixed deposits
Canara Bank
The Bank offers a special fixed deposit scheme that provides a 7.50% interest rate for a tenure of 666 days. The bank under the scheme is offering a 7% interest rate for general customers, whereas senior citizens will get a 7.5% interest on this fixed deposit plan.
Utkarsh Small Finance Bank
The Bank offers a fixed deposit scheme that provides up to 8.50 percent interest rate for a tenure of 700 days.
RBL Bank
The Bank offers a fixed deposit scheme that provides upto 7.75 per cent interest rate for a tenure of 725 days. The bank under the scheme is offering a 7.25 per cent interest rate for general customers, whereas senior citizens will get 7.75 per cent interest on this fixed deposit plan. This scheme is for the amount under Rs 2 crore.
Union Bank of India
Union Bank of India offers interest rates ranging upto 7 per cent on FDs for a tenure of 599 days.
IDFC First Bank
For 750-day fixed deposits, the bank offers 7.25 per cent to general customers and 7.75 per cent to senior citizens.
