New Delhi: Investment horizon, risk tolerance, and personal financial objectives all influence where one should put their hard-earned money. For cautious investors looking to preserve wealth, fixed deposits (FDs) are a great option because they provide security and consistent returns. A fixed-income instrument unaffected by erratic market fluctuations is the fixed deposit.
During the selected tenor, the interest rate that is in effect at the time of booking an FD stays the same. Estimating the returns at maturity is made simple by it. (Also Read: From Investment To Income: A Rs 5-7 Lakh Investment In This Business Idea Could Yield Rs 1.5 Lakh Monthly Returns)
It is an ideal investment instrument if you have financial objectives that you need to meet within a set amount of time. It’s among the safest investing choices out there right now. (Also Read: ‘Return To Office Or…’: TCS Issues Final Warning To Employees Doing Work From Home)
Here are the interest rates you can get on fixed deposits with State Bank of India (SBI) if you’re depositing less than Rs 2 crore starting from December 27, 2023:
For short-term deposits (7 days to 45 days), the interest rate is 3.5 percent for the general public and 4 percent for senior citizens.
For medium-term deposits (46 days to 179 days), the interest rate is 4.75 percent for the general public and 5.25 percent for senior citizens.
For slightly longer periods (180 days to 210 days), the interest rate is 5.75 percent for the general public and 6.25 percent for senior citizens.
If you’re looking to invest for around a year, the interest rate is 6 percent for the general public and 6.5 percent for senior citizens.
For 1 year to less than 2 years, the interest rate is 6.8 percent for the general public and 7.3 percent for senior citizens.
For 2 years to less than 3 years, the interest rate is 7 percent for the general public and 7.5 percent for senior citizens.
For 3 years to less than 5 years, the interest rate is 6.75 percent for the general public and 7.25 percent for senior citizens.
For longer-term deposits (5 years and up to 10 years), the interest rate is 6.5 percent for the general public and 7.5 percent for senior citizens.
There’s also a special scheme for 400 days called Amrit Kalash, where the interest rate is 7.1 percent for the general public and 7.6 percent for senior citizens.