Now, apart from saving money, many are thinking of various investments. And there are many options in this investment matter. Many people open a fixed deposit account in a bank if they receive a large amount of money from any source to keep the money received during retirement or to save the money for a period of time. As the money is safe in this fixed deposit account, one can get good interest if the money is kept for a fixed period. That’s why after the expiry of the period, the returns are quite good.
While fixed deposits can be made in various banks or institutions, this type of long-term investment is more popular in the State Bank of India. This is because, on the one hand, SBI is one of the largest state-owned banks in India, and on the other hand, its customers get good returns on long-term investments like this. This is why State Bank is the first choice of many investors. On one hand, keeping the money in this bank is safe, on the other hand, one can get huge returns in the long-term fixed deposit scheme of this bank. Therefore, for a long time, these government banks have become the main place of people’s trust.
Now let us see what kind of returns are available in different types of fixed deposit schemes of State Bank. Needless to say, State Bank gives comparatively higher interest compared to other banks. State Bank of India offers interest rates ranging from 3 percent to 7 percent for general investors on investments less than Rs 2 crore. However, this interest rate is much higher for senior citizens. As per the information received from the State Bank website, fixed deposits offer interest rates ranging from 3.5 percent to 7.5 percent for senior citizens.
Note that SBI has launched a good scheme for senior citizens. If the senior citizen deposits Rs 10 lakh for 10 years in the term deposit scheme, then as per the calculation, the senior investor will get a total of Rs 21,02,349 at the time of maturity at an interest rate of 7.5 percent per annum. In this, you will get a return of 11,02,249 rupees more than interest. This means that this scheme is a very suitable investment for senior citizens. So feel free to choose this option if you have any such investment plan.