Everyone wants their money to double as soon as possible. But everyone has a desire, as it is, to be stored in a place where it is completely safe. One such safe place is State Bank of India (SBI). There are many types of interest available on depositing money in SBI. This interest is received according to how many days the money is being deposited. While the interest rate for FDs ranging from one year to 2 years is 5 per cent, for 5 years to 10 years, the interest rate of FDs of SBI is more than 5 per cent. SBI also pays a little more interest to senior citizens.
This is the interest rates of FDs of 1 year to 2 years
SBI is giving 5 percent interest to ordinary people on deposits ranging from 1 year to 2 years. At the same time, 5.50 percent interest is being given to senior citizens. In such a situation, if the ordinary citizen continues to pursue his money after completion of FD, then his money will be doubled in 14.4 years. At the same time, the money of senior citizens will be doubled in 13.09 years.
Know the interest rates of 2 years and 3 years
SBI is giving 5.10 percent interest to ordinary people on deposits ranging from 2 years 1 day to 3 years. At the same time, 5.60 percent interest is being given to senior citizens. In such a situation, if the ordinary citizen continues to pursue his money FD after this interest rate, then his money will be doubled in 14.11 years. At the same time, the money of senior citizens will be doubled in 12.85 years.
Know the interest rates of 3 years and 5 years
SBI is giving 5.30 percent interest to ordinary people on deposits ranging from 3 years 1 day to 5 years. At the same time, 5.80 percent interest is being given to senior citizens. In such a situation, if the ordinary citizen continues to pursue his money FD after this interest rate, then his money will be doubled in 13.85 years. At the same time, the money of senior citizens will be doubled in 12.41 years.
Know the interest rates of 5 years and 10 years
SBI is giving 5.40 percent interest to ordinary people on deposits ranging from 5 years 1 day to 10 years. At the same time, 6.20 percent interest is being given to senior citizens. In such a situation, if the ordinary citizen continues to pursue his money FD after this interest rate, then his money will be doubled in 13.33 years. At the same time, the money of senior citizens will be doubled in 11.61 years.
These are SBI’s FD interest rates
2.90% interest is being given on FDs ranging from 7 to 45 days. At the same time, 3.40 percent interest is being given to senior citizens.
Interest of 3.90% is being given on FDs ranging from 46 days to 179 days at this time. At the same time, interest of 4.40 percent is being given to senior citizens.
At present, interest of 4.40% is being given on FDs ranging from 180 days to 210 days. At the same time, interest of 4.90 percent is being given to senior citizens at this time.
From 211 days to 364 days FD, SBI is currently giving interest of 4.40%. At the same time, 4.90 percent interest is being given to senior citizens at this time.
Know the rules of tax deduction on FD
Income tax is deducted from 0 to 30 percent on fixed deposits (FDs). It is decided on the basis of income tax slab of the investor. If you are charging more than Rs 10,000 in 1 year, then you will have to pay 10% TDS. However, for this you will have to submit a copy of your PAN card. If you do not submit PAN card for getting FD, then 20% TDS is deducted on it.
What is the way to avoid TDS
If TDS on FD interest is to be deducted, then you have to submit form 15A to the bank and submit it. This applies to those who do not fall under any income tax slab. At the same time, senior citizens can submit Form 15H to avoid deduction of TDS.
Know the advantages of FD
FD is considered a safe investment option
Money deposited in FD is safe because it has no direct effect of market fluctuations.
Investors can also avail monthly interest on FD
