Having a fixed deposit is a kind of investment that is offered by banks where you can deposit a lump sum of money for a higher rate of interest than a savings account. Once the money is invested, it starts earning interest. When you make a fixed deposit you will not be able to withdraw the money before maturity, but you’ll be able to make a withdrawal after paying penalty.
The interest rates for fixed deposit accounts with SBI Bank is 5.30% with a duration of 3 years to less than 5 years. For a duration of 5 years to less than 10 years, the interest rate will be 5.40%. For example, if you invest a lump sum of Rs. 50,000 for a duration of 3 years at an interest rate of 5.30%, the maturity value will be Rs. 58,555, where the interest accumulated would have been Rs. 8555.