New Delhi4 minutes ago
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The bank has not made any changes to its other regular FD interest rates.
State Bank of India i.e. SBI has cut the interest rates of its special fixed deposit scheme “Amrit Vrishti” 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.
However, the bank has not made any changes to its other regular FD interest rates. The new rates will be applicable from 15 June 2025. This move of SBI has come after the repo rate cut of 50 basis points by the Reserve Bank of India (RBI).
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.
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, the FD up to Rs 5 lakh gives an insurance cover, 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.
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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