Every person wants a secure future so they don’t have to worry about money when needed. Many people want to keep their savings in a safe place, and for this, a bank’s FD (Fixed Deposit) scheme is considered the most reliable way. In this regard, the State Bank of India (SBI) has launched a new FD scheme, which is generating considerable buzz among the public. The objective of this new FD scheme is to provide people with the opportunity to invest safely and at a good interest rate. This scheme can prove to be very beneficial for those who want to keep their money safe in the bank and earn good interest on it.
Objective of SBI FD Scheme
The primary objective of the SBI FD scheme is to provide financial security for their future. In today’s times, when there are many risky investment options in the market, FD is an option that is considered completely safe. Your money remains safe in the bank and you receive returns at a fixed interest rate. To invest in this scheme, individuals must be above 18 years of age. The minimum investment requirement for an SBI FD scheme is ₹3 lakh. The maximum investment amount is ₹3 crore. This means that everyone, from small investors to large investors, can benefit from this scheme.
Interest Rate and Tenure in SBI FD Scheme
The SBI FD scheme offers an interest rate of up to 7.5 percent, which is considered quite attractive. For general individuals, the rate ranges from 6.45 to 6.5 percent, while for senior citizens, the interest rate is up to 7.5 percent. The tenure of this scheme is up to 5 years. However, investors can choose from 1 year to 5 years as per their convenience.
Those wishing to avail of this scheme must apply at their nearest SBI branch. The application process is simple, and an account can be opened after submitting a few documents. The application process is as follows:
• First, visit your nearest SBI branch.
• Obtain the FD scheme application form and fill in the correct information.
• Attach the required documents such as identity proof, photo, etc.
• Submit the form to the branch and invest the minimum amount.
• Your FD account will be activated once the bank process is complete.