look news india
The country's largest public sector State Bank of India (SBI) brings many offers for customers. Currently the bank is running SBI best FD scheme for its customers. The bank is offering 7.4 percent interest in this FD scheme. This interest is higher than other investment options like PPF, NSC and Post Office Scheme.
Apart from this, the biggest feature of this scheme is its duration. This scheme is for 1 or 2 years only. The bank is giving 7.4 percent interest on 2 year FD to the general public, while it is giving 7.90 percent interest to senior citizens.
The bank is giving 7.10 percent interest to the general public and 7.60 percent interest to senior citizens on FD with a tenure of 1 year.
What is the investment limit?
The investor has to invest at least Rs 15 lakh in SBI Best Term Deposit Scheme. A maximum investment of Rs 2 crore can be made in this scheme. The bank has given the option of 1 year and 2 years period to the investor in this scheme.
This plan is best for those who are retired. When he gets money from PPF fund, he can invest in this scheme. If he invests more than Rs 2 crore in the scheme, the interest he gets will be reduced by 0.05 percent.
How will interest be calculated?
Compound interest will be available in this scheme. Apart from this the bank is also providing yield facilities to senior citizens. The best 1-year deposit for senior citizens is offering an annual yield of 7.82 percent. Whereas a yield of 8.14 percent is available on 2 year deposit.
If a bulk deposit of Rs 2 crore to Rs 5 crore is made in this FD scheme, then senior citizens are getting 7.77 percent interest in 1 year and 7.61 percent interest for 2 years.
This is a non-callable scheme. In this you cannot withdraw money before the tenure. If withdrawal is made before the tenure, additional charges will have to be paid.
There is no information yet on SBI website about how long to invest in this scheme.