SBI FD Rates 2024: You can deposit money in fixed deposit (FDs) schemes of government banks for a period ranging from 7 days to 10 years. Banks change interest rates of different maturities from time to time.
SBI FD Rates 2024: You can deposit money in fixed deposit (FDs) schemes of government banks for a period ranging from 7 days to 10 years. Banks change the interest rates of different maturities from time to time. FDs are a scheme in which investors 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 a lump sum fund in fixed term. In the country’s largest bank, State Bank of India (SBI), investors also have the option of deposit for a period ranging from 7 days to 10 years. In this, senior citizens get up to 1 percent more interest.
SBI FD Rates 2024: ₹10 lakh to ₹20 lakh in 10 years
According to the updated interest rates in SBI till December 27, 2023 on deposits of less than Rs 2 crore (SBI FD Interest Rate 2024), regular customers are getting 6.5 percent annual interest on deposits of 10 years. Whereas for senior citizens, the interest rates for the same period are 7.5 per cent per annum (this includes the premium of 50 basis points on the interest rate under the SBI We-care scheme). Now let us understand from the calculation (SBI fixed deposit calculator) how much interest income will be earned on deposit of Rs 10 lakh in 10 years.
For regular customers
- Deposit amount: ₹10 lakh
- Deposit period: 10 years
- Interest Rates: 6.5% per annum
- Amount on maturity: ₹19,05,558
- Interest Income: ₹9,05,558
For senior citizens
- Deposit amount: ₹10 lakh
- Deposit period: 10 years
- Interest Rates: 7.5% per annum
- Amount on maturity: ₹21,02,349
- Interest Income: ₹11,02,349
(Note: Interest rates have been taken from the official website of SBI.)
Tax will be levied on interest income
FD/term deposits of banks are considered safe. This is a good option for investors who do not take risks. You can claim deduction up to Rs 1.5 lakh under section 80C on a 5 year tax saving FD. All customers get the benefit of 5 year tax saver FD.
In this, tax can be saved on investment up to a maximum of Rs 1.5 lakh in a financial year. There is a lock in period of 5 years. This period can extend up to 10 years. However, the interest received from FD is taxable. That is, the interest you will receive on maturity of FD will be considered as your income and tax will have to be paid on the basis of tax slab.
Also Read- 👇👇👇
- SBI and BoB banks are offering green FD, check where you will get more interest by investing your money.
- SBI WeCare FD: Good news! Senior citizens get the benefit of higher interest, know scheme details
- Whole Life Assurance (Suraksha): Benefit of life insurance scheme is also available in post office, know what are the benefits.
