New Year SBI TD Schemes: If you want safe and fixed income without taking market risk in the new year, then the schemes of the country’s largest public sector bank SBI are a good option.
New Year SBI TD Schemes: If you want safe and fixed income without taking market risk in the new year, then the schemes of the country’s largest public sector bank SBI are a good option. The bank’s FD scheme is tremendous for investing in the new year (New Year 2023) with small savings. Recently, interest rates on deposits were increased by the banks. SBI has increased interest rates on deposits to make deposits attractive amid inflation and costlier loans. If you make a deposit of Rs 1 lakh in the new year, then you will have a fixed income in the next 1 year. Currently, SBI is offering 6.75% interest to regular customers and 7.25% to senior citizens on 1-year deposits.
SBI: How much income in 1 year on ₹ 1 lakh deposit
According to FD Calculator, if you make an FD of Rs 1 lakh in SBI’s bank FD for 1 year, the regular customer will get around Rs 1,06,923 lakh on maturity at 6.75 per cent interest per annum. That is, Rs 6,923 lakh will be fixed income from interest. On the other hand, if senior citizens get 1 year FD for Rs 1 lakh, then they will get more than Rs 1,07,450 lakh on maturity. That is, there will be a fixed income of Rs 7,450 as interest in 1 year. 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.
Tax on interest income
Fixed deposits / term deposits of banks are considered safe. This is a good option for risk-averse investors. If you do FD of 5 years, then you can avail tax deduction up to Rs 1.50 lakh under section 80C. 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.
