Future Investment: SBI is giving 5.50% annual interest to the general customer and 6.30% to the senior citizens on its 5-year FD. Know below how much you will benefit by saving money in FD.
Future Investment: If you want to save money for the future, then you have a good chance. (Future Planning) Most of the people are investing in bank fixed deposits or term deposits, which are safe as well as beneficial. SBI has recently increased its interest rates to make its FD more interested. In bank FDs, you can make a lump sum deposit and earn a fixed interest on your principal amount. On the other hand, if you have made an FD for 5 years, then you will also get the benefit of tax deduction. SBI is giving 5.50% annual interest to the general customer and 6.30% to the senior citizens on its 5-year FD. Let us know how much you will benefit by saving money in FD.
3.66 lakh interest on 10 lakh deposit
According to the FD calculator, if you make a lump sum deposit of Rs 10 lakh for 5 years in SBI, you will get Rs 13,14,067 on maturity. In this, interest of Rs 3.14 lakh will be available. On the other hand, if you are a senior citizen, then on an FD of Rs 10 lakh, you will get Rs 13,66,900 on maturity. In this interest income will be Rs 3,66,900.
SBI We care Deposit for Senior Citizen
SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit/Fixed Deposit. In this scheme, in addition to 0.50%, 0.30% ie 0.80% more interest is being given to all senior citizens on FDs with a tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.
Benefits of Bank FD
Term deposits/fixed deposits of banks are considered safe. This is a good option for risk averse investors. Tax exemption is available under section 80C on tax saving FDs of 5 years. However, the interest earned from FD is taxable.
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