State Bank of India introduces the best fixed deposit schemes with better interest rates.
For senior citizens, the annualized return for 1-year best deposits above Rs 15 lakh to Rs 2 crore is 7.82 per cent.
State Bank of India has launched a new deposit scheme for resident individuals and non-individual customers. Bank is offering higher rate of interest as compared to PPF, NSC and various other post office deposit schemes Under SBI Sarvottam (Non-callable) Fixed Deposit Scheme, senior citizens get 7.9 percent interest rate on 2-year deposits can do. The general public can get 7.4 percent interest on the two-year deposit amount of the scheme.
According to the SBI website, under the best scheme on one-year deposits, senior citizens will get the benefit of 7.6 per cent interest rate, while the general public will get 7.1 per cent interest. The interest rate on best (non-callable) domestic retail term deposits has also been revised and will be effective from February 17.
The annual yield for the best 1-year deposit for senior citizens above Rs 15 lakh to Rs 2 crore is 7.82 per cent, while the yield for a two-year deposit is 8.14 per cent. SBI is offering 7.77 per cent interest for 1 year and 7.61 per cent for 2 years to senior citizens on bulk deposits between Rs 2 crore and Rs 5 crore.
SBI recently revised its interest rates for regular fixed deposits, where it is offering 7.5 per cent interest to senior citizens on deposits of two years to less than three years and 5 years to 10 years. SBI is offering 7.6 per cent interest to senior citizens and 7.1 per cent to others under the 400-day special Amrit Kalash deposit.
The current interest rates offered on various small savings schemes and post office deposits for senior citizens are lower than SBI best term deposit rates.
PPF Interest Rate:
The current interest rate on Public Provident Fund deposits is 7.2 per cent. Only Rs 1.5 lakh can be investable in a PPF account in a year. Although the interest rate is lower than SBI best deposits, the tax benefits offered by the PPF account make it better than any FD scheme.
post office interest rates
You can get 7% interest on 5 years post office time deposit. The rates offered by the post office on 1-year and 2-year deposits are 6.6 percent and 6.8 percent, respectively.
nsc interest rate
The current interest rate for National Savings Certificate (NSC) deposits is 7 per cent compounded annually. Under this scheme, you can invest for five years and enjoy tax benefits under section 80C.
kvp interest rate
The current interest on Kisan Vikas Patra (KVP) deposits is 7.2 per cent per annum. With this scheme you can double your investment in 120 months.
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