Find your suitable insurance plan
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4 min read
Updated on Apr 27, 2023
Through this post, we aim to throw light on different aspects of investing in an SBI Fixed Deposit. You will learn about the SBI Fixed Deposit interest rate, its features, benefits, and eligibility.
Have a look at the various benefits of SBI Fixed Deposit Monthly Income Scheme(MIS) that makes it a perfect plan for those on a monthly income:
Before you take a call on whether to invest in an SBI Fixed Deposit Scheme, check out the features of this beneficial scheme:
To enrol for an SBI Annuity Fixed Deposit an interested investor must fulfill the following criteria:
There is no difference between the interest rate applied for a domestic term deposit and an Annuity Deposit Scheme
Have a look at the revised SBI fixed deposit rates effective from 15th February 2023:
| Policy Tenure |
Revised Interest Rate for Senior Citizens |
Revised Interest Rate for General Public |
| 36 Months |
7% |
6.5% |
| 60 Months |
7.5% |
6.5% |
| 84 Months |
7.5% |
6.5% |
| 120 Months |
7.5% |
6.5% |
One can calculate the SBI fixed deposit interest using the online SBI FD maturity value calculator. However, keep a few things in mind while using this online interest rate calculator. Firstly, the interest it compounds is quarterly. Secondly, the interest rate or value calculated by this calculator is indicative, you can get the actual rate printed on your fixed deposit receipt.
To Conclude
In a nutshell, grab the best opportunity to get the high SBI Fixed Deposit interest rate by depositing in SBI Annuity Deposit Scheme. It is a perfect deposit to expand your monthly income that gives better returns than traditional bank fixed deposits.
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The best FD options for monthly income are:
#1 SBI Annuity Deposit
#2 Kotak Bank FD
#3 Axis Bank FD
#4 IDFC Bank FD
#5 HDFC Bank FD
The interest rate of the SBI monthly income scheme fixed deposit ranges from 3.5% to 7.25%. The higher rates are for senior citizens.
Yes, SBI Annuity Deposit Scheme offers monthly income to investors on their deposited amount. It works more like a loan for their initial deposit in the form of EMIs.
The Annuity deposit from SBI accepts a lump sum amount from the investor and this deposit is repaid to the investor in Equated Monthly Instalments (EMIs) over a period of time. These EMIs include the deposited amount and interest on its principal amount.
Annuity plans offer higher interest rates as compared to fixed deposits. The interest rate in an annuity plan may fluctuate based on market fluctuations but still, they are higher than standard fixed deposits.
Also known as, the Special Term Deposit, an SBI Fixed Deposit Double Scheme is the best way for investors to double up their investment at the time of maturity. It is a reinvestment plan, wherein the investor can fetch high returns on their invested capital along with the accrued interest on that amount.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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