How much interest will be earned in one year on FD of 1 lakh, know the calculation of interest rate of different maturities of SBI

 

The effect of the increase in the Reserve Bank of India's repo rate is that the fixed deposit interest rate in the country has also increased. Now the return of FD has become very attractive. Country's largest bank State Bank of India (SBI) has also hiked interest rates on Fixed Deposits (FD) of different maturities.

SBI has Rs. Increased interest on FDs with 1, 2, 3 and 5 years maturity of less than 2 crores. Bank's New Deposit Rates (SBI FD Interest Rate 2023) are effective from 15 February 2023.

Calculating interest earned on FD is not an easy task for everyone. Many people want to know how much interest they will get in how many days before investing money anywhere. If you are interested in getting an FD with SBI, your interest calculation problem is gone. The FD Deposit Calculator available on the SBI website will give you a quick idea of the interest earned on maturity and the total corpus of your FD for a tenure of 1, 2 or 3 years.

In a year Rs. 6,975 as interest

SBI has now reduced the interest rate on deposits with a maturity of 1 year to 6.80 percent. According to the SBI Fixed Deposit Calculator, if you have deposited Rs 1 lakh for 1 year, you will get an interest of Rs 6,975 in a year and on maturity you will get a total of Rs 1,06,975.

SBI has increased the interest rate on deposits with maturity of 2 years from 6.75 percent to 7 percent. If you deposit Rs 1 lakh for 2 years, you will get Rs. 14,888 as interest in two years.

SBI has increased the interest rate on deposits with maturity of 3 years from 6.25 percent to 6.50 percent. According to the SBI calculator, you will get Rs 21,341 as interest on a three-year FD during this period. Thus, after three years, your amount will increase to Rs 121,341.

In 4 years Rs. 29,422 as interest

State Bank of India currently pays interest at 6.5 percent per annum on fixed deposits maturing over a period of 4 years. If an investor gets an FD of Rs. 1 lakh for 4 years in SBI, he will get Rs 29,422 as interest in four years.

SBI is also offering 6.50% interest on deposits with a maturity of 5 years. If you have deposited Rs 1 lakh for 5 years, you will get Rs 38,042 as interest in 5 years. In this way, your Rs 1 lakh will increase to Rs 138,042 in five years.