SBI superhit scheme: Seniors should rejoice! Learn all the information here. Make a single Rs. 1 lakh deposit to receive a Rs. 2.1 lakh payout in ten years

 SBI superhit scheme: Seniors should rejoice! Learn all the information here. Make a single Rs. 1 lakh deposit to receive a Rs. 2.1 lakh payout in ten years

SBI superhit scheme: Seniors should rejoice! Learn all the information here. Make a single Rs. 1 lakh deposit to receive a Rs. 2.1 lakh payout in ten years

SBI superhit scheme: Bank FDs remain a solid choice for fixed income investments. This allows money to be doubled either completely risk-free or with very little risk. Customers of SBI, the biggest bank in the nation, may also choose from a variety of FDs plans with varying terms. Clients may get FDs for a period of seven days to ten years. Regular customers may earn an annual interest rate of 3% to 6.5% on FDs with varying maturities from SBI, while senior people can earn an interest rate of 3.5% to 7.5%.

SBI Plan: ₹2 lakh with a ₹1 lakh contribution over ten years

Assume a frequent client of SBI makes a one-time payment of one lakh rupees into the bank's 10-year maturity plan. The investor would get a total of Rs 1,90,555 at maturity at an interest rate of 6.5 percent annually, based on the SBI FD Calculator. This will have a fixed interest income of Rs 90,555.

A senior person, on the other hand, puts a one-time payment of Rs. one lakh into SBI's 10-year maturity program. Senior folks would get a total of Rs 2,10,234 at maturity at a 7.5 percent annual interest rate, according to the SBI FD Calculator. This will have a fixed interest income of Rs 1,10,234 per year.

SBI FDs: Interest income tax

Bank FDs are often regarded as secure. For those who are risk-averse investors, this is an excellent alternative. For five years of tax savings FD, the advantage of the Section 80C tax deduction is accessible. On the other hand, FD's interest is taxed. Income Tax Rules (IT Rules) provide that FD plans are subject to Tax Deduction at Source (TDS). That is to say, the money you get when your FD matures will be deemed your income, and you will be required to pay tax at the applicable slab rate. The depositor may file Form 15G/15H to be exempt from tax deductions in accordance with IT regulations.

Up to Rs 5 lakh in deposits are protected.

If you are a bank client, you should be aware that you are covered by insurance up to Rs 5 lakh on the amount you have deposited with the bank in the event that your bank fails or files for bankruptcy. The Deposit Insurance and Credit Guarantee Corporation (DICGC) gives this amount to the consumer. The Reserve Bank owns all of the shares of DICGC.

The nation's banks are covered by the DICGC. The government has raised the maximum sum that might be awarded under this Act in the event of a bank failure or insolvency from Rs 1 lakh to Rs 5 lakh. It also covers foreign banks that have branches in India.