New Delhi17 minutes ago
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State Bank of India (SBI) has cut the interest rates of fixed deposits (FD) by up to 0.20%. SBI will now get 6.50% interest on providing 1 year FD. The new interest rates have come into force from 16 May 2025. The bank also cut interest rates on 15 April last month.
SBI ‘Amrit Vrishti’ Deposit Scheme Under SBI ‘Amrit Vrishti’, 6.85% interest is being paid for 444 days FD. At the same time, the senior citizens are being given interest at 7.35% annually.
SBI ‘Wekare’ scheme also opportunity to invest SBI is also running another special term deposit (FD) scheme ‘Veekear’. In this scheme of SBI, senior citizens will get extra interest of 50 basis points on deposits (FD) of 5 years or more. Senior Citizen gets 0.50% more interest than the general public on retail term deposits of less than 5 years.
In such a situation, under the ‘Vikare Deposit’ scheme, FD of 5 years or more will get 1% more interest than ordinary citizens. According to this, senior citizens are getting 7.30% interest on providing FD for 5 years or more.
Keep these 3 things in mind while making FD
1. It is necessary to choose the right tenure It is necessary to think about his tenure (duration) before investing in FD. This is because if investors withdraw before maturity, they will have to pay the fine. Before the FD mature, it will have to be given a penalty of up to 1% if it breaks. This may reduce the total interest earned on deposits.
2. Do not put full money in the same FD If you are planning to invest 10 lakh rupees in FD in one bank, then instead invest in more than one bank in more than one FD of 8 FD of 1 lakh rupees and 4 FD of 50 thousand rupees. If you need money in the middle, you can arrange money by breaking FD in the middle according to your need. The rest of your FD will be safe.
Tax exemption is available on 5 -year FD The 5 -year -old FD is called Tax Savings FD. On investing in this, you can claim a cut of Rs 1.5 lakh from your total income under Section 80C of the Income Tax Act. Understand this in easy language, you can reduce your total taxable income by 1.5 lakhs through section 80C.
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