SBI Scheme: By depositing money in the State Bank of India (SBI) scheme, you can double your money without taking any risk.
To control inflation, central banks’ interest rates are being increased worldwide.
Along with this, to attract more and more deposits, they are also increasing the deposit rates.
The country’s largest bank, SBI, has recently increased interest rates by up to 65 basis points on deposits below Rs 2 crore with different maturities.
In this, regular customers are getting 6.25 per cent interest per annum, and senior citizens are getting 7.25 per cent interest on FD of 10 years. Now in these schemes, your money will double sooner than before.
Rule of 72: At what time will money double
With the help of Rule 72, you can know when your money will double the interest rates you are getting on deposits.
Most experts in the financial market consider this to be an accurate formula.
According to the Rule of 72, to know how much interest you will get annually in a scheme, you have to divide that interest rate by 72. This lets you know at what time your money will double.
Money doubles in the SBI scheme
According to the latest interest rates on SBI deposits, the bank is paying 6.25 per cent interest per annum to its regular customers on FDs of 5 to 10 years.
At the same time, the annual interest rates for senior citizens are 7.25 per cent (including the benefits of the VCare scheme).
According to the Rule of 72, in this scheme of SBI, the regular customer’s money will double in 11.52 years (72/6.25 = 11.52).
Whereas, before this, 6.1 per cent interest was being received annually, and according to that, it would have taken 11.80 years (72/6.10 = 11.80) to double the money.
Similarly, senior citizens’ money in SBI deposits will double in 9.93 years (72/7.25=9.93).
Whereas, before this, 6.90 per cent interest was being received annually, and according to that, it would have taken 10.43 years (72/6.9 = 10.43) to double the money.
Let us inform you these latest interest rates of SBI are applicable from June 13, 2022, on deposits of less than Rs 2 crore.
On the other hand, if SBI staff deposits for the same tenure, they will get 1 per cent more interest.
Benefits of SBI Wecare to senior citizens
In the SBI Wecare Deposit Scheme run for senior citizens, retail term deposits of ‘5 years or more tenure get the benefit of 0.30 per cent additional interest compared to common FDs.
The bank already gives 0.50% additional interest to its senior citizen customers compared to general customers.
In this way, city citizens get 0.80 per cent extra interest on investing under this scheme.
Let us tell you, in the lockdown amid the Corona epidemic, the State Bank of India (SBI) launched ‘SBI WeCare Deposit’ in May 2020 for its senior citizens.
