Sbi fd maturity 2024 calculator

 

How to Calculate SBI FD Maturity Value Online

Calculating the maturity value of your Fixed Deposit (FD) with the State Bank of India (SBI) is a simple process. You can either use SBI's online FD maturity calculator or do a manual calculation using the formula for compound interest.

However, before we dive into the calculation, let’s take a look at the interest rates offered by SBI for FD accounts.

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SBI FD Interest Rates 2024

Interest Rates for General Customers:

1. 1 to 2 years: 6.10%
2. 2 to 3 years: 6.25%
3. 3 to 5 years: 6.10%
4. 5 to 10 years: 6.10%

Interest Rates for Senior Citizens (Age 60+):

1. 1 to 2 years: 6.60%
2. 2 to 3 years: 6.75%
3. 3 to 5 years: 6.60%
4. 5 to 10 years: 6.90%

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SBI FD Maturity Amount for ₹1 Lakh Deposit

Below are the maturity amounts for a ₹1 lakh FD with various deposit amounts, for both general and senior citizens, based on different tenures.

For General Customers (Age Below 60):

• 1 Year at 6.10%: ₹1,06,240 (Interest: ₹6,240)
• 2 Years at 6.10%: ₹2,12,481 (Interest: ₹12,481)
• 5 Years at 6.10%: ₹5,31,204 (Interest: ₹31,204)
• 10 Years at 6.10%: ₹10,62,409 (Interest: ₹62,409)
• 20 Years at 6.10%: ₹21,24,819 (Interest: ₹1,24,819)

For Senior Citizens (Age 60 and Above):

• 1 Year at 6.60%: ₹1,06,765 (Interest: ₹6,765)
• 2 Years at 6.60%: ₹2,13,530 (Interest: ₹13,530)
• 5 Years at 6.60%: ₹5,33,825 (Interest: ₹33,825)
• 10 Years at 6.60%: ₹10,67,651 (Interest: ₹67,651)
• 20 Years at 6.60%: ₹21,35,303 (Interest: ₹1,35,303)

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SBI FD Maturity Amount for 2 Years

For General Customers (Age Below 60):

• ₹1 Lakh at 6.25%: ₹1,13,205 (Interest: ₹13,205)
• ₹2 Lakh at 6.25%: ₹2,26,410 (Interest: ₹24,610)
• ₹5 Lakh at 6.25%: ₹5,66,026 (Interest: ₹66,026)
• ₹10 Lakh at 6.25%: ₹11,32,053 (Interest: ₹1,32,053)
• ₹20 Lakh at 6.25%: ₹22,64,107 (Interest: ₹2,64,107)

For Senior Citizens (Age 60 and Above):

• ₹1 Lakh at 6.75%: ₹1,14,324 (Interest: ₹14,324)
• ₹2 Lakh at 6.75%: ₹2,28,649 (Interest: ₹28,649)
• ₹5 Lakh at 6.75%: ₹5,71,624 (Interest: ₹71,624)
• ₹10 Lakh at 6.75%: ₹11,43,248 (Interest: ₹1,43,248)
• ₹20 Lakh at 6.75%: ₹22,86,496 (Interest: ₹2,86,496)

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SBI FD Maturity Amount for 5 Years

For General Customers (Age Below 60):

• ₹1 Lakh at 6.10%: ₹1,35,350 (Interest: ₹35,350)
• ₹2 Lakh at 6.10%: ₹2,70,700 (Interest: ₹70,700)
• ₹5 Lakh at 6.10%: ₹6,76,750 (Interest: ₹1,76,750)
• ₹10 Lakh at 6.10%: ₹13,53,500 (Interest: ₹3,53,500)
• ₹20 Lakh at 6.10%: ₹27,07,000 (Interest: ₹7,07,000)

For Senior Citizens (Age 60 and Above):

• ₹1 Lakh at 6.60%: ₹1,40,784 (Interest: ₹40,784)
• ₹2 Lakh at 6.60%: ₹2,81,568 (Interest: ₹81,568)
• ₹5 Lakh at 6.60%: ₹7,04,420 (Interest: ₹1,04,420)
• ₹10 Lakh at 6.60%: ₹14,07,840 (Interest: ₹4,07,840)
• ₹20 Lakh at 6.60%: ₹28,15,680 (Interest: ₹8,15,680)

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How to Calculate SBI FD Maturity Value Using a Formula

To calculate the maturity value manually, you can use the compound interest formula:

$$A=P\times {(1+\frac{r}{100})}^n$$

Where:

• A = Maturity Amount
• P = Principal (Initial Deposit)
• r = Annual Interest Rate
• n = Number of Years

Example for General Customer:

• Principal (P): ₹1,00,000
• Rate of Interest (r): 6.10%
• Years (n): 1 year

$$A=100000\times {(1+\frac{6.10}{100})}^1=100000\times 1.061=\text{₹}1,06,240$$

So, after 1 year, the maturity amount will be ₹1,06,240, and the interest earned will be ₹6,240.

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SBI FD Maturity Value Calculator Download

To save time and avoid manual calculations, you can download the SBI FD Maturity Value Calculator to easily calculate your FD maturity value online.

Download SBI FD Maturity Calculator

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Conclusion

SBI offers attractive interest rates on fixed deposits, especially for senior citizens. You can easily calculate your FD's maturity value using the formula above, or use the SBI FD Maturity Value Calculator for convenience. Whether you're depositing ₹1 lakh or ₹50 lakh, the process remains straightforward, and you can ensure your investment grows with the power of compound interest.