SBI FD Calculator: How to use SBI Fixed Deposit Calculator, turn Rs 1 lakh to 1.8 lakh | The Financial Express

SBI FD Calculator: Know how to use SBI Fixed Deposit Calculator, turn Rs 1 lakh to 1.8 lakh

How to use SBI FD Calculator: SBI is currently providing up to 5.65% interest on fixed deposits below Rs 2 crore for a period of 5 years to 10 years.

SBI FD Calculator: Know how to use SBI Fixed Deposit Calculator, turn Rs 1 lakh to 1.8 lakh
Know how to use SBI Fixed Deposit (FD) Calculator. Representational image

SBI Fixed Deposit (FD) Calculator: State Bank of India is the largest bank in India. It is a Government bank with branches in almost all parts of the country. SBI provides depositors with an opportunity to open Fixed Deposit accounts to earn interest by depositing their money. The bank is currently providing up to 5.65% interest on fixed deposits below Rs 2 crore for a period of 5 years to 10 years. For senior citizens, the interest provided on deposits below Rs 2 crore for 5 years to 10 years is 6.45%, according to the official SBI website. (Check Bank of Baroda, Bandhan Bank FD Rates)

The official website of the bank also provides a maturity calculator which you can use to find out the interest you may earn by depositing a certain amount in an SBI Fixed Deposit account for a certain term. (Check SBI RD Calculation)

How to use SBI Fixed Deposit Calculator

Step 1: To use the SBI FD calculator, you should first visit the official SBI maturity calculator page https://sbi.co.in/web/student-platform/maturity-value-calculator.

Step 2: Enter the principal amount that you want to invest.

Step 3: Enter the duration for which you want to invest. It can be from 7 days to 10 years.

Step 4: Enter the expected annual rate of interest. You can find the applicable interest rate for your deposit on the SBI website. The latest SBI Fixed Deposit Interest rates are also mentioned here

Step 5: Once you have provided all the inputs, the calculator will show the maturity value and the value of the interest you will earn.

Screenshot of SBI maturity Calculator. Source: SBI Website

For example, if you invest Rs 1 lakh for a period of 10 years at the rate of 5.6% interest, the calculator shows the maturity value would be approx Rs 1.74 lakh and the interest value will be around Rs 74,000.

In case of senior citizen deposits of 10 years, Rs 1 lakh will grow to approximately Rs 1.8 lakh at 6.4% interest.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.