SBI FD Scheme: Bank scheme is a good option for fixed income in the new financial year 2022-23. In this one scheme is the term deposit of the bank i.e. Fixed Deposit (Bank FDs) schemes.
SBI FD Scheme: Bank scheme is a good option for fixed income in the new financial year 2022-23. A scheme in this is the term deposit or fixed deposit (Bank FDs) schemes of the bank. In a bank FD, a lump sum amount has to be deposited for a fixed tenure. In this, the interest rate is fixed at the time of deposit itself. In this way the customer gets a fixed amount on maturity. Bank FD has the facility of deposit from 7 days to 10 years. The interest rates are different according to the different tenures. In this, investors can invest for a long-term safe and fixed income.
Income in 10 years on 10 lakh deposit
The country’s largest bank SBI is paying 5.50 percent annual interest to the general customer and 6.30 percent to the senior citizen on its 5-year tax saver FD. Tax deduction up to Rs 1.5 lakh can be availed under Section 80C of Income Tax in Tax Saver FD.
According to the FD calculator, if you deposit a lump sum deposit of Rs 10 lakh in SBI for 10 years, then you will get Rs 17,26,771 on maturity. In this, interest of Rs 1,26,771 will be earned. On the other hand, if you are a senior citizen, then on an FD of Rs 10 lakh, you will get Rs 18,68,415 on maturity. In this, there will be an income of Rs 8,68,415 from interest.
Let us tell you, SBI is running SBI Wecare scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent ie 0.80 percent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.
Benefits of Bank FD
Fixed deposits / term deposits of banks are considered safe. This is a good option for risk-averse investors. Tax exemption is available in section 80C on tax saving FDs of 5 years. You can save tax up to Rs 1.5 lakh in banks. It has a lock-in period of 5 years. However, keep in mind that the returns received on maturity of tax saving FDs are taxable. If needed, loan can be taken against bank FD or it can also be used as collateral.
(Note: SBI Bank FD interest rates are taken from the official website. Maturity amount is subject to change due to change in interest rates. Interest rates may vary from bank to bank. Consult your advisor before investing Do it.)
