State Bank of India (SBI) offers a specific tenor scheme of "400 days" (Amrit Kalash) at a rate of interest of 7.10% per annum for retail domestic term deposits
It is important to note that the interest rates offered by SBI are subject to change and the rates mentioned are last updated on January 29, 2024
Additionally, the interest earned on FDs is taxable as per the investor's income tax slab rate.
So if you invest Rs 1 lakh in SBI's FD for 400 days, you will get a return of Rs 7,100
However, senior citizens are eligible for a rate of interest of 7.60% per annum, which would result in a return of Rs 7,600 on an investment of Rs 1 lakh.
To determine the maturity amount of an FD investment, utilize SBI's FD calculator on their website. The calculator calculates maturity based on principal, interest rate, and FD tenure.
Investing Rs 1 lakh in SBI's FD for 400 days would result in a return of Rs 7,100 at a rate of interest of 7.10% per annum for retail domestic term deposits.