SBI Schemes: Get guaranteed returns of up to ₹32,044 on saving 2 lakhs, know full details
SBI Schemes: State Bank of India (SBI), the biggest public sector bank in the nation, has once again offered investors a fantastic chance. You may earn up to ₹32,044 in fixed and guaranteed income by putting only ₹2 lakh into the bank’s Fixed Deposit (FD) plan. This plan is excellent for anyone seeking steady and secure profits during a period of market volatility.
India’s reliable investment plan
FD is still seen as the safest investment choice by millions of Indians. The primary drivers of this are risk-free capital protection and assured returns. The same tradition is being carried on by this SBI plan.
How much profit will you make if you know the interest rates?
Interest rates for State Bank of India’s FD programme now range from 3.50% to 7.00%. The investment period affects these rates. Senior citizens (those over 60) get even better interest rates, which range from 4.00% to 7.50%. The most crucial factor is that on SBI’s two- to three-year FD:
- The interest rate for the general public is 7.00%.
- Interest rates for senior folks are 7.50%.
How much will you get by making a Rs 2 lakh deposit?
The interest rate on a Rs 2 lakh FD made with SBI will be as follows:
People in general (those under 60):
- Rate of interest: 7.00%
- The assured interest sum is Rs 29,776.
Senior citizens, or those over 60:
- Rate of interest: 7.50%
- Interest amount (guaranteed): Rs 32,044
- This interest is calculated over a two- to three-year period.
The length of FD
You have seven days to ten years to invest in SBI’s FD programme. In other words, you are free to choose the time frame that works best for you. Additionally, it is possible to break it ahead of schedule (under certain restrictions) if necessary.
Who is this plan for?
- Those seeking risk-free, fixed returns
- Seniors or retirees who must budget their monthly salary
- New investors want to securely increase their capital
A crucial aspect
- Interest earned under SBI’s FD plan is subject to taxes.
- TDS may be withheld if your interest income exceeds ₹40,000 annually (₹50,000 for elderly persons).
- If your entire income does not fall inside the tax ambit, you may avoid TDS by completing Form 15G/15H.
