2023-12-28 09:10:47
SBI Bank Announces Hike in Fixed Deposit Interest Rates, Provides Investors with More Profit Opportunities
In a recent announcement, SBI Bank revealed that they will be increasing the interest rates on fixed deposits. The bank has decided to raise the rates by 50 basis points for deposits below Rs 2 crore. This means investors will now have the chance to earn more profit on their fixed deposits with SBI Bank.
With this rise in interest rates, investors are being given more opportunities to make a substantial profit on their investments. The bank’s decision to offer higher interest rates has instilled confidence in investors due to the guaranteed returns they can expect.
Let’s take a closer look at the potential profit one could earn by investing a total of Rs 1 lakh in SBI’s Fixed Deposit Scheme, which has a lock-in period of 3 years. For the general public, the interest rate stands at 6.75%, while senior citizens can avail a 7.25% interest rate.
If an individual were to invest Rs 1 Lakh at a 6.75% interest rate in SBI Fixed Deposit, they would earn an additional Rs 22,239, resulting in a total income of Rs 1,22,239 at the end of the three-year period.
However, when comparing this with mutual funds, the potential profit can be significantly higher. Assuming an average annual return of 12%, an investment of the same amount in a mutual fund for 3 years would yield approximately Rs 1.4 lakh, with an interest income of Rs 40,493.
While mutual funds may provide the opportunity for higher profits, it is important to note that there are no guaranteed returns. On the other hand, SBI Fixed Deposits ensure that investors will receive the calculated amount without fail.
Ultimately, the decision of where to invest depends on an individual’s risk appetite and financial goals. Both options offer their own set of advantages and disadvantages. It’s important for potential investors to carefully consider their options before making a decision.
As the saying goes, “Choose Wisely Folks” – and remember, having money in hand allows you to retire whenever you want.
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