Stock markets have been witnessing massive volatility amid rising geopolitical uncertainty and a surge in crude oil prices. The volatility has resulted in losses of lakhs of crores for investors. Overall, market sentiment is expected to remain fragile, and investors are wary of making fresh purchases. If you, too, plan to start investing in the coming days and do not want to take any risks, a bank fixed deposit can be the best and safest option. Many banks in the country are giving good returns on fixed deposits. Here we will discuss a special FD scheme from the State Bank of India (SBI) that offers a fixed interest rate of up to Rs 64,227 on a deposit of Rs 1 lakh.
Rs 1,64,227 will be deposited in your account on maturity
By depositing Rs 1 lakh in the FD scheme of the State Bank of India, a fixed return of up to Rs 64,227 can be earned. On maturity of this scheme, a total of Rs 1,64,227 will be credited to your bank account. Let us tell you that the FD with the State Bank of India can be done for a minimum period of 7 days to a maximum period of 10 years. SBI is offering interest ranging from 3.05 per cent to 7.15 per cent on FD accounts.
This government bank is offering interest rates of 6.05 per cent to general citizens, 7.05 per cent to senior citizens, and 7.15 per cent to super senior citizens on fixed deposit accounts with tenures of 5 to 10 years.
7-year FD scheme
If a general citizen deposits Rs 1 lakh in a 7-year FD scheme with the State Bank of India, he will receive a total of Rs 1,52,246 on maturity, which includes an interest of Rs 52,246. If you are a senior citizen and deposit Rs 1 lakh in the SBI 7-year FD scheme, you will receive a total of Rs 1,63,101 on maturity, which includes an interest of Rs 63,101. Similarly, if you are a super senior citizen and deposit Rs 1 lakh in the SBI 7-year FD scheme, you will receive a total of Rs 1,64,227 on maturity, which includes an interest of Rs 64,227.
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