SBI FD Interest Rate 2024: SBI FD schemes have been popular for a long time since they give fixed income and guaranteed returns. The income that one gets from SBI FD is not market-linked and is rish-free. Investors know the interest rate at the time of depositing their money in the FD scheme so they can calculate the return that they will get after a certain period. However, interest rates for all SBI FDs are not the same.
They may differ depending on the investment duration.
Like any other bank, SBI also review the interest rates of different FD maturities from time to time and increase or reduce them.
Recently, State Bank of India (SBI) has increased the rates on fixed deposits (FDs) of some selected maturities by up to 0.50 per cent.
The bank has implemented this on deposits of less than Rs 2 crore (SBI FD Interest Rate 2024) from December 27, 2023.
Let's see what will be the corpus of you invest Rs 5 lakh in a SBI FD for 1, 2, 3 and 5 years.
SBI: Interest on Rs 5 lakh FD for 1 year
SBI's interest rate on deposits with maturity of 1 year is 6.80 per cent.
However, interest rates on deposits of 211 days to less than 1 year have been increased from 5.75 per cent to 6 per cent.
If you have deposited Rs 5 lakh for 1 year, you will get Rs 5,34,876 on maturity.
That means you will get fixed income of Rs 34,876 from interest.
SBI: Interest on Rs 5 lakh FD for 2 years
SBI has increased the interest rates on deposits with maturity of 2 years to 7 per cent.
If you have deposited Rs 5 lakh for 2 years, you will get Rs 5,74,440.
In this way, you will get a fixed income of Rs 74,440 from interest.
SBI: Interest on Rs 5 lakh FD for 3 years
SBI has increased the interest rates on deposits with maturity of 3 years from 6.50 per cent to 6.75 per cent.
That is, deposit rates have been increased by 0.25 per cent.
If you have deposited Rs 5 lakh for 3 years, then your maturity amount will be Rs 6,11,196, which would have been Rs 6,06,703 as per the old interest rate.
In this way, you will get more interest of Rs 4493 at the new rates.
SBI: Interest on Rs 5 lakh FD for 5 years
SBI's interest rate on deposits with maturity of 5 years is 6.50 per cent.
If you have deposited Rs 5 lakh for 5 years, your fixed income on maturity will be Rs 6,90,209.
It means, you will get interest of Rs 1,90,209.
SBI Senior Citizen FD Interest Rate 2024
SBI FD Interest Rate 2024: SBI usually offers half a per cent (0.50%) more interest to senior citizens than regular customers at different maturities.
At the same time, under the 'WeCare Deposit' scheme, senior citizens get half per cent more interest on deposits with tenure of 5 years or more.
That means, there will be a total benefit of 1 per cent.
In this way, if a senior citizen deposits Rs 5 lakh in this scheme, the maturity amount will increase from Rs 6,90,209 to Rs 7,24,974.
In this way, at the new rates, the senior citizen will get a benefit of Rs 34,765. The benefit of ‘SBI Wecare’ can be availed till March 31, 2024.
Income Tax on SBI FD
Let us tell you, you can claim deduction up to Rs 1.5 lakh under Income Tax Section 80C on FDs of 5 years.
All customers get the benefit of 5 year tax saver FD. Also know that the interest received on FDs is taxable.
