SBI FD ₹7 Lakh Deposit for 7 Years: Investing wisely ensures long-term financial stability. While various investment options exist, many come with risks. However, fixed deposits (FDs) are a safe and guaranteed investment. The State Bank of India (SBI) offers attractive interest rates, making it a preferred choice among investors.
SBI Fixed Deposit Interest Rates
SBI provides different interest rates based on the tenure and whether the investor is a general customer or a senior citizen. Here’s a breakdown:
| Tenure | General Customers | Senior Citizens |
|---|---|---|
| 5 to 10 years | 6.50% p.a. | 7.50% p.a. |
| 3 to less than 5 years | 6.75% p.a. | 7.25% p.a. |
| 2 to less than 3 years | 7.00% p.a. | 7.50% p.a. |
Returns on ₹7 Lakh FD for 7 Years
Investors depositing ₹7 lakh for 7 years can expect the following maturity amounts:
- General Customers:
- Total Maturity Amount: ₹10,99,294
- Interest Earned: ₹3,99,294
- Senior Citizens:
- Total Maturity Amount: ₹11,77,583
- Interest Earned: ₹4,77,583
Why Choose SBI Fixed Deposits?
SBI offers safe and assured returns, making it a trusted option for conservative investors. Senior citizens get additional interest benefits, making it even more rewarding. Investors can also opt for flexible tenures and payout options, depending on their financial needs.
FAQs – SBI Fixed Deposit Returns
Yes, SBI allows premature withdrawal, but it may attract a penalty on the applicable interest rate.
Yes, TDS is deducted if the interest earned exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
Yes, you can open an FD online through SBI’s net banking or mobile banking app.