This is a BOO money-making scheme; Check how much profit will be made on 5 lakh deposit in 1, 3, 5 years

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SBI FD/TD: Term deposit (bank FD) is a traditional investment option in the country’s banks. This is because bank FDs are the best way to secure and fixed income. Along with raising interest rates on loans, banks are also raising interest rates on deposits. In this regard, FIs of banks have recently become more attractive. As for the largest bank in the country, State Bank of India (SBI), it recently (October 22, 2022) raised interest rates on deposits with different maturities to 0.50 percent. This SBI scheme is a good option for getting fixed money in the short and long term. From the calculation of FD, we understand that after the increase in interest rates on deposits, if an investor invests 5 million rupees, then how much fixed income will he receive in 1, 3 and 5 years.

SBI FD: income on deposits 5 lakhs for 1 year

SBI offers 6.10% per annum for 1 year FD. For the elderly, these rates are 6.60 percent. These interest rates apply from October 22, 2022 for deposits less than Rs 2 crore. With a deposit of 5 lakhs, the ordinary depositor will receive Rs 5,31,205 with a maturity of 1 year. Thus, the income from interest alone will be 31,205 rupees for 1 year. On the other hand, senior citizens will receive Rs 5,33,826 when repaid in 1 year. Thus, from interest alone, an income of 33,826 rupees for 1 year will be received.

SBI FD: 5 lakh deposit income for 3 years

SBI offers 6.10% per annum for 1 year FD. For the elderly, these rates are 6.60 percent. These interest rates apply from October 22, 2022 for deposits less than Rs 2 crore. With a deposit of 5 lakhs, the ordinary depositor will receive Rs 5,31,205 with a maturity of 1 year. Thus, the income from interest alone will be 31,205 rupees for 1 year. On the other hand, senior citizens will receive Rs 5,33,826 when repaid in 1 year. Thus, from interest alone, an income of 33,826 rupees for 1 year will be received.

SBI FDs: income from 5 thousand deposits in 5 years

SBI offers 6.10% per annum for 1 year FD. For the elderly, these rates are 6.90 percent. These interest rates apply from October 22, 2022 for deposits less than Rs 2 crore. With a deposit of 5 lakhs, the ordinary depositor will receive Rs 5,31,205 with a maturity of 1 year. Thus, the income from interest alone will be 31,205 rupees for 1 year.

On the other hand, seniors will receive Rs 5,35,403 when repaid in 1 year. Thus, from interest alone, an income of 35,403 rupees for 1 year will be received. Seniors receive 30 basis points more interest on SBI WeCare term deposits for 5 years or more.

Benefits of the SBI Wecare Scheme until March 31, 2023

SBI operates the SBI Wecare Scheme for Seniors in Retail Term Deposit/Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent, i.e. only 0.80 percent, offered to all senior citizens in NE with a tenure of 5 years or more. The bank extended this scheme until March 31, 2023.

5-Year FD Tax Credit

Term deposits/term deposits of banks are considered safe. This is a good option for risk-averse investors. A tax deduction of up to 1.50 lakh is available under section 80C withholding tax for FD for 5 years at all banks including SBI. However, be aware that interest earned on FDs is taxable. That is, the tax liability is made on income received in the form of interest.

(Note: interest rates for deposits with different maturities are taken from the official website of the BOO.)



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