5 lakh rupees interest on 5 lakh FD! ie double money, know about special FD of SBI or not?
Sbi Special Fd: People often say that fixed deposits (FD) in government banks do not get much interest. Private sector banks or small finance banks offer higher interest rates than government banks. But that is not the case now government banks are also giving huge returns on fixed deposits. State Bank of India (SBI), the country’s largest government bank, runs a special investment scheme for senior citizens, SBI WeCare Special FD, which is very good.
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Money can be doubled directly by investing in this FD scheme. The bank launched WeCare FD (SBI WeCare Fixed Deposit) with the aim of protecting the money of senior citizens during Covid and in return offers higher returns with the highest interest rate.
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Opportunity to earn 7.50 percent interest
According to the SBI website, senior citizens will get 0.50 percent additional interest. Under the scheme 7.50 percent interest is paid on 5 to 10 year FD. In this scheme, you can book FD using netbanking or YONO app or by visiting the branch.
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Its interest can be earned monthly, quarterly, half-yearly or annually. Later you will get interest on FD after TDS. SBI offers 0.50% higher interest rate to senior citizens, the interest rate on regular fixed deposits ranges between 3.50% and 7.50% for tenures ranging from 7 days to 10 years.
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On an investment of 5 lakhs you will get 10 lakh rupees
This FD scheme will double your money in 10 years. That means if you invest 5 lakh rupees, you will get more than 10 rupees after 10 years. For 5 lakh rupees you will get 5.5 lakh rupees as interest in 10 years. The bank is offering 6.5 percent interest on 10-year FDs on regular FDs.