Opening an SBI FD in your wife’s name is becoming a popular choice for families who want secure savings and guaranteed returns. For many households in India, a fixed deposit is still one of the safest ways to grow money without worrying about market risks. When the investment is made in a spouse’s name, it also helps build long term financial security for the family.
In this article, we look at how much a deposit of ₹2,22,222 can grow in 2 years under the latest SBI FD interest rates.
Current SBI FD Rates for 2-Year Tenure
SBI offers different interest rates depending on the tenure. For a deposit between 2 years and less than 3 years, the interest rates are:
| Category | Interest Rate per year |
|---|---|
| General Public | 6.45% |
| Senior Citizens | 6.95% |
These rates are calculated with quarterly compounding, which helps the amount grow faster over time.
How Much Will ₹2,22,222 Become After 2 Years
Using SBI’s quarterly compounding method, the maturity values are:
| Status | Maturity Amount | Total Interest Earned |
|---|---|---|
| General Public | ₹2,51,770 (approx.) | ₹29,548 |
| Senior Citizen | ₹2,53,605 (approx.) | ₹31,383 |
This shows that senior citizens earn slightly higher returns because of the additional 0.50 percent interest benefit offered on SBI FD accounts.
Why an SBI FD in Wife’s Name Makes Sense
Creating an SBI FD in your wife’s name can help build her financial independence and also provide safety for the future. It works well for families who prefer stable and predictable returns.
Two simple advantages include:
- The FD becomes her financial asset for future needs
- If she has no other income, the interest may fall within tax exemption limits
It also ensures that the money remains secure, and the nomination facility makes it easy for the family to access funds if needed.
Things to Keep in Mind
While an SBI FD is considered a safe option, it is important to remember that breaking the FD before the 2-year period may lead to a penalty. Interest rates may also change in the future, so the returns depend on the rate active on the day you open the account.
For anyone planning stable savings, an SBI FD in the wife’s name with a deposit of ₹2,22,222 can offer a clear and predictable return. This makes it a reliable choice for families looking for low-risk growth over the next two years.