Banks are quite popular among people for investing money. Whenever it comes to investing, most people invest their money in bank FDs. The biggest reason for this is that the money invested in FDs is safe. The returns received are also good and already fixed.

This is the reason why most people prefer to invest their money in FDs. FDs are offered to their customers by different banks of the country. The interest rates of these FDs are different. The interest rates of FDs also vary according to the period.

If you also use bank FD to invest your money , then you should invest your money in the FD of a bank that offers you the highest interest rate of return. Today we will tell you about such an FD of the country’s largest government bank, State Bank of India i.e. SBI , in which you will get the highest interest rate of return. Let’s know.

SBI FD

SBI offers many types of FDs to its customers with different tenures but it is best to invest in SBI’s FDs with tenures ranging from 2 years to 3 years. The reason for this is the interest received on this FD. In SBI’s FDs with tenures ranging from 2 years to 3 years, general citizens are getting a return of 6.90 percent and senior citizens are getting a return of 7.40 percent.

This way you will get profit of up to Rs 30,000

If you invest Rs 200000 in SBI’s FD with a tenure of 2 years to 3 years, then you will get a total of Rs 2,29,325 on maturity. On the other hand, senior citizens will get a total of Rs 2,31,589 on maturity.

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Senior citizens consider investing in FDs to be the safest option. You can double your money in 10 years by investing in FDs of these three banks. Here we are telling you that in what time State Bank of India (SBI), HDFC Bank and ICICI Bank (ICICI Bank) will double your money through FD.

SBI Fixed Deposit

Senior citizens can double their money in a 10-year FD with State Bank of India (SBI). The bank is currently offering a maximum interest of 7.50% to senior citizens. The online FD calculator on SBI’s website shows that an FD of Rs 50,000 in 10 years will amount to Rs 1,05,117 after a maturity period of 10 years.

HDFC Bank Fixed Deposit

Senior citizens can double their money on a 10-year FD with HDFC Bank. The bank is offering 7.75% interest to senior citizens, which is the highest as compared to SBI and ICICI Bank. According to the online FD calculator, a deposit of Rs 50,000 in a 10-year FD will grow to over Rs 1.07 lakh after maturity of 10 years.

ICICI Bank Fixed Deposit

Senior citizens can double their money in a 10-year FD with ICICI Bank. The bank is currently giving 7.50% interest to senior citizens. According to the online FD calculator, a deposit of Rs 50,000 in a 10-year FD will grow to over Rs 1.05 lakh after maturity of 10 years.

HDFC Bank’s 10 year FD will get more money

The money deposited in all the three banks will double in 10 years. HDFC bank would give you more money back on 10 years deposit as compared to other 2 banks. The bank is paying 0.25 per cent more interest on its 10-year deposit.

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On the other hand, if we talk about senior citizens, they get interest at better rates than other people. At the same time, after increasing the repo rate of RBI, all the banks have also increased the interest rates of FDs. SBI’s name is also included in the list of these banks.

In SBI’s FD, customers can make a lump sum deposit in different tenures of 1-10 years. If you want to avoid the risk of market fluctuations, then you can choose the option of Fixed Deposit. Know here how much interest the common people and senior citizens are getting on FDs of how many years under the SBI FD Scheme?

Interest Rates for Senior Citizens

For senior citizens in SBI, interest is being given at the rate of 3.50 percent for FDs from 7 days to 45 days, 5 percent for 46 days to 179 days. 5.75 for 180 days to 210 days and 6 percent for FDs of more than 211 days but less than 1 year. If you get FD done for more than 1 year but less than two years, then the interest rate will be 6.60 percent per annum, whereas if you get FD done for more than 2 years but less than 3 years, you will get interest on FD at 6.75 percent.

On getting FD for more than 3 years but less than 5 years, interest will be given at the rate of 6.60 percent annually and for more than 5 years and up to 10 years, at least 6.90 percent interest will be given to senior citizens from the bank. will be given.

Interest rates for general public

3% for general public FDs from 7 days to 45 days, 4.50% for 46 days to 179 days, 5.25 for 180 days to 210 days, FDs of more than 211 days but less than 1 year Interest is being received at the rate of 5.50 percent. If you get FD done for more than 1 year but less than two years, then you get 6.10 percent, for more than 2 years but less than 3 years, 6.25 percent, for getting FD for more than 3 years but less than 5 years Annual interest will be given at the rate of 6.10 percent and for more than 5 years and up to 10 years, interest will be given by the bank at the rate of at least 6.10 percent.

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SBI customers who want to earn on regular basis every month can invest in SBI Annuity Deposit Scheme. Under this scheme, the customers get the same interest as the customers of term deposits. Accordingly, you must be wondering that what is the difference between SBI Fixed Deposit (SBI FD) and SBI Annuity Scheme? You must think the work of both is same. but it’s not like that. The biggest difference between both the schemes is the disbursal of the maturity amount.

In SBI Fixed Deposit, the customer has to deposit money once and withdraw in one go or get maturity money in one go. On the contrary, in SBI annuity plan, the customer may deposit money in one go, but he can withdraw money at fixed intervals during the period of his choice. On this basis, the customer gets an opportunity to earn on a regular basis. In the annuity scheme, the customer gets the money every month just like EMI.

Difference between Fixed Deposit and Annuity

On the basis of the need of the customer, it will be decided whether SBI Fixed Deposit is good or SBI Annuity Scheme. If after a few years you need a lump sum amount, such as for the education of a child or for marriage, then SBI Fixed Deposit is more suitable. Conversely, if you want to earn for everyday expenses like EMI every month after retirement, then the annuity scheme will be right. As SBI says, in an annuity scheme, money is given to the customer every month in the form of EMI, in which both the principal and interest are shared. In the annuity, money will continue to be deposited in your bank account on the last date of the month.

Benefits of SBI FD

The biggest advantage of SBI Fixed Deposit is that you have to deposit money in lumpsum amount at a time, but when the scheme matures, a huge amount gets deposited in your account. The biggest advantage in Fixed Deposit is this maturity amount. You can use this money for some big work. On the other hand, nothing is available in the form of maturity amount in annuity but a fixed income every month.

SBI Annuity Benefits

Suppose you need Rs 1,000 per month for 5 years, then you need to deposit at least Rs 60,000 in SBI annuity scheme. The same money will continue to be deposited every month in your account as EMI after 5 years. You can also take annuity scheme through internet banking. You can transfer funds from your account for the annuity scheme.

In the annuity scheme, the subscriber gets the same interest as the interest on the term deposit. The return in annuity also depends on the number of years for which the scheme is taken. Keep in mind that interest earned in annuity is subject to TDS.

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Now these are the new rates

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