SBI Tax saving FD | 6. Fifty three lakhs will be available on maturity with the benefit of tax relief Detailed information
Can invest in the plan. An investment of up to Rs 1.5 lakh can be deducted under section 80C of the Income Tax Act. The lock-in period of tax-saving FD is 5 years. This makes it a safer option for salaried employees. However, it is important to know that the return on maturity is taxable. In SBI’s FD scheme, a minimum of Rs. 1,000 can open an account. There is no maximum deposit limit.
SBI Tax saving FD Tax deduction will most likely be claimed below share 80C of profits tax on investments up to Rs 1.5 lakh. made in this. Tax saving FDs indulge in a lock-in interval of 5 years:
SBI FD: 1.53 lakh interest on 5 lakh deposit:
Under SBI’s FD scheme, it is currently offering regular customers an annual interest of 5.40% on 5-year term deposits. If you do FD of Rs 5 lakh, you will get Rs 6,53,800 on maturity. In this, you will get an income of Rs. 1,53,800 from interest. Interest on SBI term deposits is compounded on a quarterly basis.
If you are a senior citizen, the FD interest rate will be 6.20% per annum. In that case, if you deposit Rs 5 lakh, you will get Rs 6,80,093 on maturity. It will earn Rs 1,80,093 through interest. SBI is running an SBI Wecare deposit scheme for FDs of 5 years or more for their senior citizens. In addition to the 0.50 percent additional interest available to senior citizens, there is 0.30 percent higher interest available. That is, if you have done FD for 5 years, you will get 6.2% annual interest. However, be aware that the benefits of the SBI WeCare Deposit Scheme can be availed only till 31st March 2022.
Benefits of Tax Saving FD:
Generally, salaried taxpayers invest in bank FDs for last-minute tax savings. In fact, the term deposit of this bank is considered safe. This is a great option for risk-averse investors. Tax-saving FDs get the benefit of tax relief under section 80C. However, interest earned from FDs is taxable. It can save tax on investments up to a maximum of Rs 1.5 lakh in a financial year. He has a lock-in period of 5 years. This period can be extended up to 10 years. As per income tax rules, the depositor can claim tax relief by submitting Form 15G / 15H.