New Delhi11 minutes ago
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Earlier, the bank had also cut interest rates by 0.20% on 16 May last month. (File photo)
State Bank of India (SBI) has cut the interest rates of fixed deposits (FD) by up to 0.25%. SBI will now get 6.25% interest on providing 1 year FD. The new interest rates have come into effect from June 15. Earlier, the bank had also cut interest rates by 0.20% on 16 May last month.
Special Fixed Deposit Scheme ‘Amrit Vrishti’ also low interest SBI has cut its special fixed deposit scheme ‘Amrit Vrishti’s interest rates by 0.25%. Now under the SBI ‘Amrit Vrishti’, 6.60% interest will be paid for 444 days FD. At the same time, senior citizens will get interest at 7.10% 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 7.05% interest on providing FD for 5 years or more.
5 special things of fixed deposit
- Fixed interest rate: In FD, you get the interest rate already fixed. For example, if you put in FD for 5 years at an interest rate of Rs 1 lakh 7%, you will get interest along with the principal when the period is over. This interest can be simple or compound.
- Flexible Tenure: The duration of FD can range from 7 days to 10 years. You can choose a period i.e. tenure according to your need. Short -term FD pays less interest, while long -term FD gets more interest.
- Security: Your money is completely safe in FD, especially if you invest in a reputed bank or NBF. In India, it gives an insurance cover to FD up to 5 lakh rupees, that is, even if the bank drowns, your money will be safe.
- Liquidity: If you need money in the middle, you can break FD ahead of time, but it may have to pay some penalty, and interest will also be less.
- Tax exemption: If you invest in 5 years tax-saving FD, then you can get a tax exemption of up to Rs 1.5 lakh under Section 80C. But remember, the interest from FD is taxable.
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