In these, on maturity, along with the principal, a good income is earned from interest. Know how much you will earn in 1, 2, 3 and 5 years on making an FD of Rs 10 lakh by SBI (SBI FD Interest Rate 2024).

SBI: Interest on ₹10 lakh FD for 1 year

SBI’s interest rate on 1 year maturity deposit is 6.80 percent. If you have deposited Rs 10 lakh for 1 year, you will get Rs 10,69,753 on maturity. That means you will get a fixed income of Rs 69,753 from interest.

SBI: Interest on ₹10 lakh FD for 2 years

SBI has reduced the interest rate on deposits with 2 years maturity to 7%. If you have deposited Rs 10 lakh for 2 years, you will get Rs 11,48,881. In this way, you will get a fixed income of Rs 1,48,881 from interest.

SBI: Interest on ₹10 lakh FD for 3 years

SBI’s interest rate on 3-year maturity deposit is 6.75 percent. If you have deposited Rs 10 lakh for 3 years, then your maturity amount will be Rs 12,22,393. In this way, you will get a fixed income of Rs 2,22,393 from interest.

SBI: Interest on ₹10 lakh FD for 5 years

SBI’s interest rate on 5-year maturity deposit is 6.50 percent. If you have deposited Rs 10 lakh for 5 years, then you will have a fixed income of Rs 13,80,419 on maturity. In this way, you will get an interest of Rs 3,80,419.

Also Read: New Traffic Rules: These traffic rules have changed from today,

SBI Senior Citizen FD Interest Rate 2024

SBI usually offers senior citizens half a percent (0.50%) more interest than regular customers on different maturities. At the same time, under the ‘WeCare Deposit’ scheme, senior citizens get half a percent more interest on deposits with a tenure of 5 years or more. That is, the total benefit will be 1 percent.

In this way, if a senior citizen deposits Rs 10 lakh in this scheme for 5 years, then the maturity amount will be Rs 14,49,948. The benefit of ‘SBI Wecare’ can be availed till March 31, 2024.

Let us tell you, you can claim deduction up to Rs 1.5 lakh on 5-year FDs under Income Tax Section 80C. All customers get the benefit of 5-year tax saver FD. Also know that the interest received on FDs is taxable.

(Note: The details of interest rates have been taken from the official website of SBI. Interest rates are effective from June 15, 2024 for deposits less than Rs 3 crore.)

Related Articles:-

Fastag system will end in India! Government will implement toll collection technology ‘GNSS’

Big Update: New rules of PPF-Sukanya Samriddhi Yojana will be implemented from October 1

Pension Hike: Will the government increase the minimum pension to Rs 7500? Know what the Finance Minister said

The post SBI Superhit Scheme: know how much profit you can earn on depositing ₹10 lakh in 1, 2, 3 and 5 years first appeared on Rightsofemployees.com.

To ensure a smooth old age, everyone does retirement planning. But, there are many people who get so trapped in daily expenses that they do not get a chance to save. Money is not saved for difficult times and by then old age sets in.

For such people, the country’s largest government bank SBI has launched a great plan. Now in old age, you will get money sitting at home and you will not have to pay any tax on the income.

SBI has launched the reverse mortgage scheme, which is a saving grace for senior citizens who have not saved money for retirement. Government banks will give money to such people sitting at home after a certain age, so that they can meet their daily expenses or get treatment. The bank neither asks for this money back nor does it have to pay any tax on the money received for expenditure.

What is reverse mortgage scheme?

This scheme of SBI has been launched especially keeping the elderly in mind. Under this, the bank gives money in exchange for residential property. Reverse mortgage means that the bank will give money against your property.

Neither any interest will be charged on this nor there will be any need to pay EMI. Not only this, the ownership rights of the house will remain with the elderly during the entire period of the mortgage and they will not be evicted from there.

How does this loan work?

Mortgage loan is generally given only after 60 years. SBI’s mortgage loan scheme is for senior citizens above 62 years of age. There is no maximum age limit in this. This loan is given against property, but the best thing is that if you want, you can also use it every month like salary or pension. In case of an elderly couple, the wife’s age should also be at least 55 years.

What is the specialty of this loan?

• The property should be in the name of the person applying for the loan and there should not be any dues or debt on it.
• The property against which loan is being taken should not be more than 20 years old.
• Reverse mortgage loan will be available only on the property on which the couple has been living for at least 1 year.
• The loan amount is decided depending on the property, which can range from Rs 3 lakh to Rs 1 crore.
• If any home loan etc. is going on against the property, then it will be necessary for the applicant to submit No Objection Certificate (NOC).

What are its other conditions

• Most banks charge processing fees ranging from Rs 2,000 to Rs 20,000 on mortgage loans.
  This loan is available only for a maximum period of 15 years.
• You can spend the loan amount anywhere, there is no restriction or rule for this.
• Under Section 10(43) of Income Tax, the mortgage loan amount is considered completely tax free.
• The loan taker is not required to return the money, rather the banks recover their money by selling the property in the absence of the owner or claimant.

The post SBI Superhit Scheme: SBI brings a cool plan for retired people, they will get money sitting at home. See full details. first appeared on Rightsofemployees.com.