SBI FD Interest Rate 2023: SBI has increased interest rates by up to 0.25 percent on deposits of less than Rs 2 crore. The bank has increased deposits on maturity of 1, 2, 3 and 5 years. The bank’s new deposit rates have come into effect from February 15, 2023 (SBI FDs Rates 2023).
SBI FD Interest Rate 2023: The country’s largest bank State Bank of India (SBI) has increased the interest rates on fixed deposits (FDs) of different maturities. SBI has increased interest rates by up to 0.25 percent on deposits with maturity of 1, 2, 3 and 5 years of less than Rs 2 crore. The new deposit rates of the bank (SBI FD Interest Rate 2023) have come into effect from 15 February 2023. Along with making loans costlier on behalf of banks, interest rates on deposits are also being increased. Earlier, SBI had increased the interest rates on FD on 13 December 2022. Let us understand how much the profit will increase in 1, 2, 3 and 5 years on FD of Rs 1 lakh after the new rates are implemented.
SBI: ₹1 lakh on 1 year deposit
SBI has increased the interest rates on deposits with maturity of 1 year from 6.75 per cent to 6.80 per cent. That is, the deposit rates have been increased by 0.05 percent. If you have deposited Rs 1 lakh for 1 year, then your profit will increase from Rs 1,06,923 to Rs 1,06,975. In this way, you will get more interest of Rs 52 at the new rates.
SBI: ₹1 lakh for 2 years deposit
SBI has increased the interest rates on deposits with maturity of 5 years from 6.25 per cent to 6.50 per cent. That is, the deposit rates have been increased by 0.25 percent. If you have deposited Rs 1 lakh for 5 years, then your profit will increase from Rs 1,06,398 to Rs 1,06,660. In this way, you will get more interest of Rs 262 at the new rates.
More benefits for senior citizens
SBI FD Interest Rate 2023: SBI offers half a percent (0.50%) more interest to senior citizens. At the same time, senior citizens get half a percent and more interest on deposits with a tenure of 5 years or more under the ‘WeCare Deposit’ scheme. That is, there will be a total benefit of 1 percent. Thus, if senior citizens deposit Rs 1 lakh in this scheme, then the benefit will increase from Rs 1,38,042 to Rs 1,44,995. In this way, at the new rates, the senior citizen will get a benefit of Rs 6,953. The benefit of ‘SBI Wecare’ can be availed till March 31, 2023.
Let us tell you, under Income Tax Section 80C on FD of 5 years, you can claim deduction up to 1.5 lakhs. All customers get the benefit of 5 year tax saver FD. Also know here that the interest received on FD is taxable.
