SBI Superhit FD: How your ₹5 lakh can turn into ₹10 lakh ?,Know interest rate and calculation

 SBI Superhit FD: How your ₹5 lakh can turn into ₹10 lakh ?,Know interest rate and calculation

 SBI Savings Plan: If you want to keep your money safe somewhere for a long time without worrying about the stock market, SBI's Fixed Deposits (FDs) are good for you.  SBI is a major government recognized bank, which offers you FDs that last from 7 days to 10 years.  If you are a regular customer, they will give you annual interest rates of 3% to 6.5%.  If you are a senior citizen, you will get better rates ranging from 3.5% to 7.5%.  SBI's FDs are good for senior citizens who want to invest for long term.

 So friends in today's article we are going to talk about the saving scheme of sbi so see friends if you also want to know about this scheme and saving plan then please read this article carefully and share this article to your friends too.

 SBI Savings Plan: ₹10 lakh in 10 years with ₹5 lakh deposit

 Let's say a regular customer deposits Rs 5 lakh in a 10-year plan with SBI.  As per SBI's FD calculator, when it matures, he will have a total of Rs.  9,52,779 will get.  In this out of interest Rs.  4,52,779 includes fixed income.

Now, if a senior citizen invests a lump sum of Rs.  5 lakhs, he gets a total of Rs.  10,51,175 when it matures with an interest rate of 7.5% per annum.  Out of the interest Rs.  5,51,175 including fixed income.

 SBI FDs: Interest Income

 Fixed Deposit i.e. FD is a safe option for you to invest in a bank.  If you want to invest without risking your money then it is a great option for you, if you opt for five year tax saving FD then you can get tax exemption under section 80C.  But remember, the interest you earn on FD is taxable.  As per Income Tax Rules (IT Rules), Tax Deduction at Source (TDS) is applicable on FD schemes.  This means that when your FD matures, the money you receive will be treated as your income and you will have to pay tax based on your income tax rate.  As per IT rules, you can fill Form 15G/15H to avoid tax deduction in some cases.

 For more information about FD of Sbi you can visit the official website of sbi and get the information, our purpose of writing the article is to give you simple information, it is our suggestion to verify the information through the official department.

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