Saving money in SBI fixed deposit scheme is one of the safest investment options. Even though the interest rate given by the state bank of India is less when compared with other investment options like direct equities and mutual funds, but safety-wise it is the best option. If you want to double your money without any risk then you can consider SBI fixed deposit scheme.
If you want to know how many years it will take to double your fixed deposit money in SBI then the answer is 14 years with the present interest rate of 5.40% for the general public and for senior citizens, it will take 12 years with the interest rate of 6.20%.
At present, SBI is giving an interest rate of 5.40% for the general public and 6.20% for senior citizens of above 60 years of age if they invest for 5-10 years.
SBI Fixed Deposit Interest Rate for 2020 w.e.f 27 May 2020
If a person deposits an amount of 1,00,000 Rs in the SBI FD scheme with the present interest rate of 5.40% then after 14 years his amount will become 2,11,899 Rs.
If he is a senior citizen then his FD amount will double after 12 years with the present interest rate of 6.20% and the maturity amount will be 2,09,236 Rs.