Several domestic banks have raised interest rates on fixed deposits in recent months. At present, State Bank of India (SBI) is providing such FDs for its customers, which will benefit their customers more. With this FD, the money of the customers will double in a short time. Let us know what is the specialty of this FD and what is the complete news.
In the last few months, many banks in the country have wooed customers by increasing the interest rate on their Fixed Deposits (FDs) or by launching new schemes. Now State Bank of India (SBI) is running such an FD for its customers which gives more returns to the customers.
SBI is giving this offer to the people only for a limited period of time. The name of this offer is SBI WeCare FD program from which you can earn more returns by investing. Before investing, let us know what is special about this FD.
How much interest is being received?
Let us tell you that SBI gives 0.50 percent more interest to senior citizens than the general customer on this FD. Investors get an interest of 7.50 per cent on SBI WeCare, which is 0.30 per cent higher than the regular Sadhvi Deposit. SBI also provides loan facility to the customers against this FD.
What is the last date to invest?
Investors can invest in this FD for a minimum of 5 years and a maximum of 10 years. Let us tell you here that the interest rate available on this FD is available on new and renewable FDs. If you want to invest in this scheme then you can do it till 30 September 2023.
Money will double in so many years
Currently, SBI Bank customers are getting 7.5 per cent interest on VCare FD. If you do multiplication math, according to this your money will double in 10 years.
For example, if you invest Rs 5 lakh in this FD, you can get Rs 10 lakh on maturity in the next 10 years. Let us tell you that SBI gives an interest rate of 6.5% on regular 10-year FDs. SBI offers interest ranging from 3.50 per cent to 7.60 per cent on its regular FDs with maturities ranging from 7 days to 10 years.
