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This move of SBI can prove beneficial for retail investors and investors investing large amounts in fixed deposits (FD). 
 

SBI Scheme: If you want to save some money for the future by cutting down your income. Along with this, you also want that your investment money remains safe and you get better returns, then SBI's special FD scheme can prove to be a better option for you.

According to media reports, State Bank of India (SBI) has increased the interest on its special FD scheme. This move of SBI can prove beneficial for retail investors and investors investing large amounts in fixed deposits (FD).

After the increased interest rate, SBI Special FD Scheme can give higher returns in less time. The new interest rate on SBI Special FD Scheme has come into effect from May 15, 2024.

According to media reports quoting SBI's website, SBI Special FD Scheme is the best term deposit of the bank. The bank has introduced it for investors only last year.

The aim of this scheme of SBI is to give more benefits to investors in less time. It is being told that after the increase in interest rate, depositors will get more return on SBI Special FD Scheme than the interest received on regular FD.

How much interest increased on SBI Special FD

SBI has increased the deposit interest by 75 bps under the special FD scheme. Under this scheme, the bank is paying 7.4 percent interest for a period of two years. At the same time, 7.10 percent interest is being paid for a period of one year.

The report says that under the SBI Special FD Scheme, senior citizens are being given more interest than ordinary investors. The report says that senior citizens are being given 50 bps (basis points) more interest on deposits under this scheme.

Now under this scheme, senior citizens are being given 7.9 percent interest on 2 year investment and 7.6 percent interest on 1 year investment.

How much interest will big investors get

If a person invests Rs 2 crore or more under this scheme, he will get 7.30 per cent interest on one year investment and 7.40 per cent interest on 2 year investment.

At the same time, senior citizens investing large amounts will get 7.80 percent interest on investing for a period of 1 year and 7.90 percent interest on investing for 2 years.