Fixed Deposit: If you are thinking of investing an amount of ₹2,40,000 in SBI Fixed Deposit (FD) for 2 years (24 months), then this could be the right time for you. Nowadays, where there are fluctuations in the stock market, a safe option like FD not only protects the capital but also gives fixed and attractive interest. Let us understand with an easy calculation how much total return you will get from this FD, how much interest will be earned and what will be the maturity amount.
how much interest is being received
State Bank of India is currently offering 6.40 percent interest to general customers on FD for tenure ranging from 2 years to less than 3 years. If you fall in the category of senior citizen, then you are being offered 0.50 percent more interest i.e. 6.90 percent interest rate.
Understand return calculations
If you are a normal customer, then according to the FD calculator, after 2 years based on 6.40 percent interest, you will get a total return of ₹ 32,496 on an FD of ₹ 2,40,000. That means on maturity you will have a fund of Rs 2,72,496. If you are a senior citizen, then after 2 years on the basis of 6.90 percent interest, you will get total return of ₹ 35,190. That means then you will have collected a total of Rs 2,75,190.
Benefits of FD
Fixed deposit accounts offer a fixed interest rate, providing predictable and stable returns on your investment.
FDs are considered low-risk investments as they do not depend on market fluctuations, making them a safe option for investors seeking low risk.
Your principal amount remains safe, and you are guaranteed to get your initial investment amount back along with interest on maturity.
Banks offer different tenure options for fixed deposits, allowing investors to choose a tenure ranging from a few months to several years as per their financial needs.
Opening a fixed deposit account is an easy process that requires very few documents and a simple application.
Tax-saving fixed deposits offer tax deductions under certain sections of the Income Tax Act, thereby encouraging long-term savings.
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