SBI FD interest rate calculator: FD is the safest and easiest option to park your money. You can also invest for a flexible tenure and also get assured returns. Moreover, you can also get loans against your FD. Some FDs also offer tax benefits. Senior citizens and super senior citizens get more interest in most of the FDs.
Fixed deposits (FDs) are popular because they are one of the most secure investment solutions accessible on the market.
Read More: Fixed Deposits: Secure but not perfect – 4 hidden risks to know
An FD is a sort of investment in which a person invests a lump sum amount with a bank for a certain period. The cash placed in the FD receives interest at a predetermined rate determined at the time of account establishment. FD holders can select whether to receive their interest monthly, quarterly, semi-annually, or annually.
The returns are assured, and there is no actual danger of capital loss. Furthermore, they provide a higher rate of return than savings accounts. This makes FD Deposits a secure and appealing investment choice for anybody searching for consistent and predictable earnings. Some tax-saving FDs can also help you save money on your taxes.
The interest rate on an FD
The interest rate varies from bank to bank. It also depends on the period of investment and the amount deposited.
Features of FDs
This is the safest and easiest option to park your money. You can also invest for a flexible tenure and also get assured returns. Moreover, you can also get loans against your FD. Some FDs also offer tax benefits.
Senior citizens and super senior citizens get more interest in most of the FDs.
Read More: Short Term Fixed Deposits offering highest interest rates – Compare the FD rates of 15 banks
What do you get on Rs 40,000, Rs 80,000, Rs 1,20,000 and Rs 1,50,000 investments
Invest for 1 year
Suppose, you invest Rs 40,000 for one year, you will get Rs 42,790 on maturity. The interest will be Rs 2,790 at a 6.8 per cent interest rate.
Similarly, if you invest Rs 80,000, you will get Rs 85,580 on maturity. The interest will be Rs 5,580 at a 6.8 per cent interest rate.
And, if you invest Rs 1,20,000, the maturity amount will be Rs 1,28,370 with Rs 8,370 interest at a 6.8 per cent interest rate. Similarly, if you invest Rs 1,50,000, you will get Rs 1,60,463 at an interest rate of 6.8 per cent yearly. The interest amount will be Rs 10,463.
Invest for 3 years
Suppose, you invest Rs 40,000 for three years, you will get Rs 48,896 on maturity. The interest will be Rs 8.896 at a 6.75 per cent interest rate.
Similarly, if you invest Rs 80,000, you will get Rs 97,791 on maturity. The interest will be Rs 17,791 at a 6.75 per cent interest rate.
And, if you invest Rs 1,20,000, the maturity amount will be Rs 1,46,687 with Rs 26,687 interest at a 6.75 per cent interest rate. Similarly, if you invest Rs 1,50,000, you will get Rs 1,83,359 at an interest rate of 6.75 per cent yearly. The interest amount will be Rs 33,359.
Invest for 5 years
Suppose, you invest Rs 40,000 for five years, you will get Rs 55,217 on maturity. The interest will be Rs 15,217 at a 6.50 per cent interest rate.
Similarly, if you invest Rs 80,000, you will get Rs 1,10,434 on maturity. The interest will be Rs 30,434 at a 6.50 per cent interest rate.
And, if you invest Rs 1,20,000, the maturity amount will be Rs 1,65,650 with Rs 45,650 interest at a 6.50 per cent interest rate. Similarly, if you invest Rs 1,50,000, you will get Rs 2,07,063 at an interest rate of 6.50 per cent yearly. The interest amount will be Rs 57,063.
For senior citizens, the interest rate is a little higher at 7.30 per cent, 7.25 per cent, and 7.50 per cent for one year, three years, and five years respectively.
