SBI Superhit Scheme: Generally, with increasing age, the risk-taking ability of most people regarding Fixed Deposit investment decreases. After retirement, no common investor wants to take any kind of risk with his money. It is true that money cannot be taken at risk after being a senior citizen, but it is not that the options to make money from money are over (Fixed Deposit Interest Rate)!
SBI Superhit Scheme
New SBI Superhit Scheme
Banks have many such Fixed Deposit schemes for senior citizens in which the benefit of guaranteed income is available. One of these is the Senior Citizen Term Deposit Scheme (Fixed Deposit Interest Rate) of State Bank of India (SBI). If you are a recent retiree and have sufficient corpus, you can invest in SBI Senior Citizen FD Scheme for a longer tenure.
SBI FD Rates 2023: How much will senior citizens benefit
According to the information given on the SBI website, senior citizens can deposit money in SBI’s FD scheme (Fixed Deposit Interest Rate) for a maturity period ranging from 7 days to 10 years. Generally, senior citizens get half a percentage point i.e. 0.50% more interest than regular customers on Fixed Deposit. At the same time, senior citizens get 1 percent more interest on FDs of 5 years to 10 years.
Fixed Deposit Interest Rate: Interest Income Taxable
Fixed deposits / term deposits of banks are considered safe. This is a good option for risk-averse investors. Tax exemption is available under section 80C on 5 year tax saving FD. However, the interest earned on FD is taxable. As per Income Tax Rules (IT Rules), Tax Deducted at Source (TDS) is applicable on FD scheme. That is, the amount received on maturity of Fixed Deposit will be considered as your income and you will have to pay tax according to the slab rate. As per IT rules, the depositor can submit Form 15G/15H for exemption from tax deduction.
These are FD interest rates
According to SBI’s website, regular customers are getting 6.5 per cent annual interest on FDs ranging from 5 years to 10 years (Fixed Deposit Interest Rate), while the bank is offering 7.5 per cent annual interest to senior citizens. In fact, senior citizens get an additional half per cent premium interest under the SBI V-Care Deposit Scheme on Fixed Deposits of 5 to 10 years.
SBI Superhit Scheme: Rs 10 lakh will become Rs 21 lakh in 10 years
Suppose a senior citizen deposits Rs 10 lakh in a 10-year maturity scheme of SBI (Fixed Deposit Interest Rate). According to the SBI FD calculator, on maturity, the investor will get a total of Rs 21,02,349 at an interest rate of 7.5 per cent per annum! There will also be a fixed income of Rs 11,02,349 in the form of interest in Fixed Deposit.
Fixed Deposit Interest Rate
SBI has increased interest rates by 0.25 per cent (Fixed Deposit Interest Rate) on deposits of less than Rs 2 crore from February 15, 2023. Along with making loans costlier, banks are also increasing interest rates on deposits. Earlier, SBI had increased the interest rates on Fixed Deposit on 13 December 2022.
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