The bank has just launched a unique fixed deposit (FD) product having a 36-month (3-year) period. This new deposit scheme is attracting cash from investors looking for medium-term but stable returns plus it is said to provide a “better than normal” interest rate during the three years. The bank has thus presented the new FD option as a safe, low-risk investment — perfect for those who need guaranteed returns without being exposed to stock-market fluctuations.
Good Interest Rates & Maturity on a ₹2 Lakh Deposit
The article picks a ₹2,00,000 deposit over 36 months as an example of investment. The author explains that the interest rate given under this option for regular customers leads to a big maturity amount by the end of the period. The elderly get an extra rate which boosts the final amount — a clear advantage for retirees or older investors that want a secure income. Besides, since the deposit is with SBI, the amount is secured by one of the biggest public sector banks of India, thus, giving the investors the confidence that their capital is safe and the interest payments will not be delayed.
Various Payouts Choices & Simple Investment Process
Reportedly, under this 36-month FD scheme the investors will have different payout options to choose from — either cumulative (interest that is reinvested leading to a larger lump-sum maturity amount) or non-cumulative (periodic interest payments that are regular). This versatility thus makes the plan suitable both for accumulating wealth and for providing a steady income depending on the investor’s aims. It is easy to open a fixed deposit: you can either go to a bank branch or use SBI’s digital banking platforms (for example, by using the bank’s online banking or mobile banking services), thus making it convenient and accessible.
The New Plan and SBI’s Other FD Rates
As per the most recent official SBI rate sheets, the monthly increments associated with the 36-month FD are as follows: for regular and for seniors, interest rates for the 2-3-year deposit period are approximately 6.45% p.a. and 6.95% p.a., respectively.
The interest rate for a 3-5-year FD is approximately 6.30% p.a. (for regular depositors) and 6.80% p.a. (for seniors). This indicates that the fresh 36-month FD scheme may have an interest rate that is almost similar to or slightly better than the going rates for the standard FDs for this term.
Who May Benefit From This 36-Month FD Plan
The 36-month FD plan might be a favorable option for:
- Individuals who have a medium-term horizon for savings (about 3 years).
- Risk-averse investors who would rather make guaranteed returns than risk their money by participating in market-linked investments.
- Senior citizens or retirees who require a safe financial instrument that provides slightly higher returns and allows for payment flexibility (such as receiving regular interest to cover living expenses).
- Those who appreciate simplicity and security — considering the fact that SBI is a public sector bank and investing in it is trouble-free (either at the branch or online).
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