What is 1 lakh fixed deposit interest per month in SBI?
It is easy to calculate 1 lakh fixed deposit interest per month in SBI. You can calculate the interest receivable using this formula: Monthly Interest = Annual Interest Rate × Principal / 12 × 100.
So, annual interest rate is 6.45% for general citizens and 6.95% for senior citizens as of now.
Since principal amount is Rs. 1 lakh, the calculation would be as follows:
For General citizens
Monthly interest = 6.45×100000/12×100 = ₹538
For Senior Citizens
Monthly interest = 6.95×100000/12×100 = ₹579
Hope this helps.