The State Bank of India (SBI) has introduced a new Fixed Deposit (FD) scheme aimed at providing safe and reliable returns for investors. In a time when many investment options carry risk, FD continues to be one of the most secure ways to grow your savings. Under this scheme, investing ₹2 lakh can potentially earn you around ₹5,964 every month, giving a steady income along with financial security.
Objective of the SBI FD Scheme
The main goal of this new FD scheme is to ensure financial security for individuals. With unpredictable market conditions, many people look for risk-free investments. This scheme is ideal for those who want their money to remain safe in the bank while earning a fixed interest.
The scheme is open for all Indian residents above 18 years of age. Both small and large investors can benefit since the minimum investment starts at ₹3 lakh and goes up to ₹3 crore, making it accessible for a wide range of people.
Interest Rate and Tenure
The SBI FD scheme offers attractive interest rates. For general investors, the interest ranges between 6.45% to 6.5%, while senior citizens can earn up to 7.5%.
Investors can choose the tenure of their FD according to their convenience, ranging from 1 year to 5 years. Those who want to earn a monthly income can opt for monthly payout options, which is perfect for individuals seeking regular cash flow.
How to Apply for SBI New FD Scheme
Applying for the SBI FD scheme is simple and straightforward. Follow these steps:
- Visit your nearest SBI branch.
- Fill out the FD application form with your details.
- Submit the required documents such as ID proof, address proof, and bank account details.
- Deposit your chosen investment amount.
Once the application is processed, your FD account will be created, and interest will start accumulating as per your selected payout option.
Why SBI FD Scheme is Beneficial
- Safe and Secure: Money invested in SBI FD is protected and risk-free.
- Steady Monthly Income: Monthly payout option allows investors to receive fixed returns every month.
- High Interest for Seniors: Senior citizens earn higher interest rates, making it ideal for retirees.
- Flexible Tenure: Choose tenure based on your financial goals, from 1 year to 5 years.
- Easy Process: Application process is simple and hassle-free at any SBI branch.
Conclusion
The SBI New FD Scheme is an excellent option for anyone looking for safe investment with regular income. With competitive interest rates, flexible tenures, and monthly payouts, it provides financial security and peace of mind. Investors can enjoy risk-free returns, making it one of the most reliable investment options in the current market.
FAQs
Who is eligible for the SBI New FD scheme?
Any Indian resident above 18 years of age can invest in this scheme.
What is the minimum and maximum investment?
The minimum investment is ₹3 lakh, and the maximum is ₹3 crore.
What is the interest rate for this FD?
General investors can get 6.45% to 6.5%, while senior citizens can earn up to 7.5%.
Can I get monthly payouts from this FD?
Yes, SBI offers monthly interest payout options for this FD.
How can I apply for the SBI FD scheme?
Visit your nearest SBI branch, fill out the application form, submit documents, and deposit the investment amount.