SBI Money Double Scheme: The FD scheme is the safest way to invest for future Saving Schemes. There are many person who want to invest their amount in investment schemes but due to lack of knowledge in investment, they do not earn as much money from their investment. But if you are looking for an FD scheme then you can check out the SBI FD scheme where the bank provides an FD scheme from 7 days to a maximum of 10 years. Read the article “SBI Money Double Scheme” We are providing you with complete information on the SBI FD investment scheme and will also discuss with you a special offer where you can double your Money from the SBI FD scheme.
State Bank of India is a public sector bank which is conducted by the government of India. It is also a trustable Bank among Indians. The bank has a variety of investment schemes including the SBI FD Scheme 2023 or SBI Money Double Scheme. Fixed deposit is a plan where the customer has to pay the principal amount at one time which he wants to invest, After that the amount will be saved in the bank till the completion of maturity. Once the majority is completed, the complete principal amount and other interest rates on the amount will be provided to the beneficiary. However, SBI bank is starting the FD scheme with 7 days FD and you can deposit for a maximum of 10 years in the SBI FD scheme.
SBI Money Double Scheme Interest rates
The SBI FD scheme interest rates are designed for normal citizens and senior citizens as well where senior citizens are getting extra benefit of interest rates in this scheme. Interest rates start from 3% in SBI for normal citizens and 6.5% is the maximum interest rate. On the other hand, if a senior citizen applies to the SBI FD scheme then the interest rates will start from 3.5% and he can get a maximum of 7% interest.
Citizens who want to apply for the SBI FD scheme for 5 years to 10 years then they will get a total of 6.5% interest on an annual basis. If you invest in an FD scheme in SBI Bank for 2 to 3 years then you will get a maximum 7% interest rate over your deposit. However, if you want to deposit the amount 7 days to 1 year then you will get 3% or 3.5% interest rates. Maximum interest rate is provided for the FD of 2 to 3 years.
SBI 1 lakh FD will provide 2 lakh rupees
If you have more than 1 lakh and want to invest this amount for a long time including 10 years then you can get double of your investment. According to the SBI FD scheme 2023, if any citizen deposits the amount for the FD scheme for 10 years in the bank then the bank will provide interest rates on the principal amount according to the 6.5% annual interest rates. If we calculate the interest rates on the 1 lakh for the next 10 years then it will be approximately more than 90000 rupees.
So if you deposit Rs 1 lakh in SBI then you can get more than 1,90,000 Rupees at the time of completing the maturity. But if you are a senior citizen then you will get additional benefits from the FD scheme in SBI then you will get interest rates of 7% annually. According to the provided interest rates of SBI, senior citizens can get more than 95000 interest for 10 years on Rs 1 lakh. So if you are going to apply for the SBI FD scheme 2023 then you should contact the branch manager, so they will explain the scheme further to you according to your special eligibility criteria. After that, you can apply for the scheme accordingly.