Check calculation of how much interest rate you can earn on FDs of Rs.5 Lacs for three different maturity period.
State Bank of India, the country’s largest lender, has increased its fixed deposit (FD) interest rates for selected periods of maturities. The hike ranges from 0.25 per cent to 0.75 per cent. The new interest rates already came into effect from Wednesday May 15.
SBI FDs Interest Rate
State Bank of India has increased interest rates on FDs below Rs 2 crore. The rate has been increased for three different tenures. These are 46 days to 179 days, 180 days to 210 days, and 211 days to less than 1 year.
Interest Rate Calculation For FDs Of Rs 5 lakh
Below are the interest rates on FD of Rs 5 lakh for the tenures of 46 days to 179 days, 180 days to 210 days, and 211 days to less than 1 year.
46 days to 179 days (5.50)
Interest rate of 5.50 per cent per annum on an FD of Rs 5 lakh for 179 days, you will get interest of Rs 13,575, and on maturity, you will get Rs 5,13,575.
180 days to 210 days (6%)
On an FD of Rs 5 lakh for 210 days, you will get interest of Rs 17,428 at 6 per cent annum, and on maturity, you will get Rs 5,17,428.
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211 days to less than 1 year (6.25%)
Interest on an FD of Rs 5 lakh for 1 year, you will get Rs 31,728 as an interest, and you will get Rs 5,31,728 on maturity.
The highest interest rate currently available is for a tenure of 2 years to less than 3 years. But it has not been revised. It is still at 7 per cent. Senior citizens are getting the highest interest of 7.50 per cent in this tenure as well as in 5 years and up to 10 years tenure.
