SBI FDs Rates 2022: From December 13, 2022, SBI has increased interest rates on deposits of different maturity by up to 65 basis points. In this, regular customers are getting 6.25 percent interest per annum and senior citizens are getting 7.25 percent interest on 5-year FD.
SBI FDs Rates 2022: To control inflation, there is an increase in interest rates from central banks all over the world. The Reserve Bank (RBI) has also increased the repo rate by 225 basis points (2.25%) so far this year. Because of this, banks are constantly making loans expensive. Along with this, to attract more and more deposits, they are also increasing the deposit rates. The country’s largest bank SBI has increased the interest rates on deposits of different maturity by up to 65 basis points from December 13, 2022. In this, regular customers are getting 6.25 percent interest per annum and senior citizens are getting 7.25 percent interest on 5-year FD.
SBI: How much income in 5 years on ₹ 5 lakh deposit
According to FD Calculator, if you make an FD of Rs 5 lakh in SBI’s bank FD for 5 years, the regular customer will get around Rs 6.82 lakh on maturity at 6.10% per annum interest. That is, there will be fixed income from interest of Rs 1.82 lakh. On the other hand, if senior citizens get a 5-year FD for Rs 5 lakh, they will get more than Rs 7.16 lakh on maturity. That is, in 5 years, there will be a fixed income of more than Rs 2.16 lakh in the form of interest. These revised interest rates of SBI are applicable from June 13, 2022 to deposits of less than Rs 2 crore. On the other hand, if SBI staff deposits for the same tenure, then they will get 1 percent more interest.
Senior citizens get more benefits in SBI Wecare scheme
In the SBI Wecare Deposit Scheme run for senior citizens, retail term deposits of ‘5 years or more’ tenure get the benefit of 0.30 percent additional interest compared to common FDs. The bank already gives 0.50% additional interest to its senior citizen customers as compared to general customers. In this way, on investing under this scheme, city citizens get 0.80 percent extra interest. Let us tell you, in the lockdown amid the Corona epidemic, State Bank of India (SBI) launched ‘SBI WeCare Deposit’ in May 2020 for its senior citizens.
Tax deduction up to Rs 1.5 lakh in section 80C
Fixed deposits / term deposits of banks are considered safe. This is a good option for risk-averse investors. Under Section 80C, you can avail tax deduction up to Rs 1.50 lakh on a 5-year tax saving FD. However, the interest earned on FD is taxable. Bank FD is a very popular scheme among the salaried class and senior citizens due to tax savings and fixed income. If your income does not come under the tax net, then you can avoid tax liability on FD by filing Form 15G and 15H.
(Note: The information about the interest rates available on FD has been taken from the official websites of the banks.)
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