The country’s largest bank SBI has also increased its deposit rates on FDs. In this, regular customers are getting a maximum interest of 6.75 percent and senior citizens are getting up to 7.25 percent. SBI gives extra benefits to senior citizens under ‘SBI Wecare deposit scheme’. The deadline of this scheme has been extended to 31 March 2023.

₹2 lakh interest on ₹5 lakh deposit

SBI WeCare Deposit, a special scheme for senior citizens of SBI, is getting interest of up to 7.25 percent. If he deposits Rs 5 lakh in this scheme, then he will get Rs 7,16,130 on maturity of 5 years. That is, only interest income will be Rs 2,16,130.

In this scheme, apart from 0.50 per cent, 0.30 per cent i.e. a total of 0.80 per cent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. These interest rates are applicable from December 13, 2022, on deposits of less than Rs 2 crore.

SBI FD: Will get the benefit of tax deduction

Fixed deposits / term deposits of banks are generally considered safe. This is a good option for risk-averse investors. Tax deduction up to Rs 1.5 lakh is available under Section 80C on 5-year tax saving FD. However, the interest earned on FD is taxable. It has a lock in of 5 years. This period can extend up to 10 years. Let us tell you, SBI offers 1% more interest than the existing FD rates to its employees and pensioners.

The post SBI Super Plan for Senior Citizen! ₹ 5 lakh deposit plus interest of ₹ 2 lakh, plus tax benefits first appeared on Rightsofemployees.com.

1.83 lakh interest on 5 lakh deposit

According to the FD calculator, if you deposit a lump sum deposit of Rs 5 lakh in SBI for 5 years, then on maturity you will get Rs 6,57,033. In this, interest of Rs 1,57,033 will be earned. On the other hand, if you are a senior citizen, then on an FD of Rs 5 lakh, you will get Rs 6,83,450 on maturity. In this, there will be an income of Rs 1,83,450 from interest.

SBI Wecare Deposit for Senior Citizen

SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent ie 0.80 percent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.

Interest rates of banks

Apart from SBI, Punjab National Bank (PNB) is offering 5.25 per cent annual interest to common customers and 5.75 per cent per annum to senior citizens on its 5-year tax saver FDs. At the same time, HDFC Bank is paying 5.45 percent annual interest to the common customer and 5.95 percent to the senior citizens for FDs above 5 years. Apart from this, if we talk about the tax saver FD of ICICI Bank of the private sector, it is paying 5.45 percent annual interest to common customers and 5.95 percent to senior citizens.

Tax saving on FD up to 1.5 lakhs

Fixed Deposit / Term Deposit of banks is considered safe. This is a good option for risk-averse investors. Tax benefit of tax exemption is available in section 80C on 5 years tax saving FD. You can save tax up to Rs 1.5 lakh in banks. It has a lock-in period of 5 years. However, keep in mind that the return on maturity of the tax saving FD is taxable.

The post Income Tax Payer Good News: Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately first appeared on Rightsofemployees.com.

1.83 lakh interest on 5 lakh deposit

According to the FD calculator, if you deposit a lump sum deposit of Rs 5 lakh in SBI for 5 years, then on maturity you will get Rs 6,57,033. In this, interest of Rs 1,57,033 will be earned. On the other hand, if you are a senior citizen, then on an FD of Rs 5 lakh, you will get Rs 6,83,450 on maturity. In this, there will be an income of Rs 1,83,450 from interest.

SBI Wecare Deposit for Senior Citizen

SBI is running SBI Wecare Scheme for Senior Citizens in Retail Term Deposit / Fixed Deposit. In this scheme, in addition to 0.50 percent, 0.30 percent ie 0.80 percent more interest is being offered to all senior citizens on FDs with tenure of 5 years or more. The bank has extended this scheme till 30 September 2022.

Interest rates of banks

Apart from SBI, Punjab National Bank (PNB) is offering 5.25 per cent annual interest to common customers and 5.75 per cent per annum to senior citizens on its 5-year tax saver FDs. At the same time, HDFC Bank is paying 5.45 percent annual interest to the common customer and 5.95 percent to the senior citizens for FDs above 5 years. Apart from this, if we talk about the tax saver FD of ICICI Bank of the private sector, it is paying 5.45 percent annual interest to common customers and 5.95 percent to senior citizens.

Tax saving on FD up to 1.5 lakhs

Fixed Deposit / Term Deposit of banks is considered safe. This is a good option for risk-averse investors. Tax benefit of tax exemption is available in section 80C on 5 years tax saving FD. You can save tax up to Rs 1.5 lakh in banks. It has a lock-in period of 5 years. However, keep in mind that the return on maturity of the tax saving FD is taxable.

The post Good News Income Tax Payer : Income Tax Payer is getting benefit of Rs 3.5 lakh, know details immediately first appeared on Rightsofemployees.com.