Are you searching for a safe and compelling method to grow your savings? The State Bank of India (SBI) Fixed Deposit (FD) Scheme provides one of the best opportunities for earning a higher income with no risk. You may convert your investment into lakhs in just 5 years without bothering about market fluctuations.
So how much are you supposed to invest to secure your financial future? Read on to understand how the scheme works, the special benefits for senior citizens, and how to open an FD account online in a matter of minutes.
Why Should You Consider SBI Fixed Deposit Instead of a Savings Account?
There are a lot of people who maintain their money in a savings account under the conviction that it is the safest option available. “But,” really, “savings accounts give you very little interest,” and your money, thus, grows at a snail’s pace.
Instead, an SBI Fixed Deposit gives you a much higher interest rate, thus assuring much better profits for the hard-earned money. One who wants guaranteed profits with flexible tenures, the FD is an ideal investment for all those cautious and risk-averse investors who want stabilized growth.
How Much Can You Earn with SBI FD?
Let’s say you invest ₹6 lakh in an SBI FD for 5 years. Here’s how your money grows:
- Interest Rate: 6.5% (General Public) / 7.1% (Senior Citizens)
- Total Maturity Amount: ₹8,28,252
- Interest Earned: ₹2,28,252 (Pure Profit)
This means your ₹6 lakh becomes ₹8.28 lakh in just 5 years—without any effort or risk!
Senior Citizens Get Even Higher Returns
If you’re a senior citizen (60+ years), SBI rewards you with an additional 0.5% interest. On the same ₹6 lakh investment, you’ll earn:
- Interest Rate: 7.1%
- Total Maturity Amount: ₹8,49,000 (Approx.)
- Extra Earnings: ₹20,748 more than regular investors!
How to Open an SBI FD Account Online (Step-by-Step)
Gone are the days of visiting a bank branch. Now, you can open an FD account in minutes using SBI’s YONO Banking App:
- Log in to the YONO App (or Internet Banking).
- Go to “Fixed Deposit” under the “Investments” section.
- Select “Open New FD” and enter the deposit amount & tenure.
- Choose your interest payout option (Monthly/Quarterly/Cumulative).
- Confirm the details and submit.
That’s it! Your FD will be active instantly, and you’ll start earning high interest from day one.
Frequently Asked Questions (FAQs)
Q1. What is the minimum amount required to open an SBI FD?
You can start an FD with just ₹1,000, making it accessible to everyone.
Q2. What is the maximum tenure for SBI FD?
SBI offers flexible tenures ranging from 7 days to 10 years.
Q3. Do senior citizens get extra benefits in SBI FD?
Yes! Senior citizens enjoy an additional 0.5% interest, boosting their returns.