To make fixed deposits attractive, SBI has increased the interest rates on its deposits.
If you make a deposit of Rs 1 lakh in this new year 2023, then in the next year you will have a fixed income.
SBI is currently offering 6.75% interest to regular customers and 7.25% to senior citizens on 1-year deposits.
According to FD Calculator, if you make an FD of Rs 1 lakh in SBI's bank FD for 1 year, then...
The regular customer will get around Rs 1,06,923 lakh on maturity at 6.75 percent interest per annum.
The senior citizen will get around Rs 1,07,450 lakh on maturity at 7.25 percent interest per annum.
In 1 year, the senior citizen will get a fixed income of Rs 7,450 and the regular customer will get Rs 6,923 interest.
SBI staff gets 1% more interest than customers on fixed deposits for the same 1-year tenure.
These revised interest rates of SBI are applicable from December 2022 for deposits below Rs 2 crore