SBI FD Interest Rate 2024: Recently, the country’s largest bank State Bank of India (SBI) has increased the interest rates on some selected maturity fixed deposits (FDs) by up to 0.50 percent. Let us understand how much huge corpus will be formed in 1, 2, 3 and 5 years by fixing Rs 5 lakh in SBI.
SBI FD Interest Rate 2024: Fixed deposits (FDs) of banks are such a scheme in which the investor can make a fixed income without taking market risk. In this, investors are aware of the interest received at the time of deposit, hence it is a good option to make lump sum corpus within a fixed period. Banks review interest rates of different maturities from time to time and increase or reduce them. Recently, the country’s largest bank State Bank of India (SBI) has increased the rates on fixed deposits (FDs) of some selected maturities by up to 0.50 percent. SBI has implemented this on deposits of less than Rs 2 crore (SBI FD Interest Rate 2024) from December 27, 2023. Let us understand, how much huge corpus will become in 1, 2, 3 and 5 years by fixing Rs 5 lakh in SBI.
SBI: Interest on ₹5 lakh FD for 1 year
SBI’s interest rates on deposits with maturity of 1 year are 6.80 percent. However, interest rates on deposits of 211 days to less than 1 year have been increased from 5.75 percent to 6 percent. If you have deposited Rs 5 lakh for 1 year, you will get Rs 5,34,876 on maturity. That means you will get fixed income of Rs 34,876 from interest.
SBI: Interest on ₹5 lakh FD for 2 years
SBI has increased the interest rates on deposits with maturity of 2 years to 7 percent. If you have deposited Rs 5 lakh for 2 years, you will get Rs 5,74,440. In this way you will get fixed income of Rs 74,440 from interest.
SBI: Interest on ₹5 lakh FD for 3 years
SBI has increased the interest rates on deposits with maturity of 3 years from 6.50 percent to 6.75 percent. That is, deposit rates have been increased by 0.25 percent. If you have deposited Rs 5 lakh for 3 years, then your maturity amount will be Rs 6,11,196. Which will be Rs 6,06,703 at the old interest rates. In this way, you will get more interest of Rs 4493 at the new rates.
SBI: Interest on ₹5 lakh FD for 5 years
SBI’s interest rates on deposits with maturity of 5 years are 6.50 percent. If you have deposited Rs 5 lakh for 5 years, then your fixed income on maturity will be Rs 6,90,209. In this way you will get interest of Rs 1,90,209.
SBI Senior Citizen FD Interest Rate 2024
SBI FD Interest Rate 2024: SBI usually offers half a percent (0.50%) more interest to senior citizens than regular customers at different maturities. At the same time, under the ‘WeCare Deposit’ scheme, senior citizens get half percent and more interest on deposits with tenure of 5 years or more. That means, there will be a total benefit of 1 percent. In this way, if a senior citizen deposits Rs 5 lakh in this scheme, the maturity amount will increase by Rs 6,90,209 to Rs 7,24,974. In this way, at the new rates the senior citizen will get a benefit of Rs 34,765. The benefit of ‘SBI Wecare’ can be availed till 31 March 2024.
Let us tell you, you can claim deduction up to Rs 1.5 lakh under Income Tax Section 80C on FDs of 5 years. All customers get the benefit of 5 year tax saver FD. Also know that the interest received on FDs is taxable.
(Note: The details of interest rates have been taken from the official website of SBI.)
