On SBI Line: Tax saving Fixed Deposit (FD) is one of the most attractive investment tools for investors with low risk appetite. Like any other Indian bank, State Bank of India (SBI) also offers FD account to bank depositors. Largest Indian commercial bank also offers tax saver FD account with a lock-in period of 5 years. It allows depositors to open tax savings FD account using SBI net banking as well. Under Section 80C of the Income Tax Act, a bank depositor is eligible to claim income tax exemption on investment in bank fixed deposits for a period of 5 years or more.
SBI Fixed Deposit (FD) Interest Rate
For longer tenures or for a tenure of one year or more, an FD account in SBI can be a good bet as it gives 5.10 per cent to 5.40 per cent on fixed deposits for tenors ranging from one year to 10 years. recently, State Bank of India Have revised their FD interest rates for longer tenure. It increased the interest rate of FDs from 5.10 per cent to 5.20 per cent for 2 years and for tenures less than 3 years. It increased the interest rate of FDs from 5.30 per cent to 5.45 per cent for 3 years and for tenures less than 5 years. However, for tax saving FDs, SBI has increased the interest rate from 5.40 per cent to 5.50 per cent. For senior citizens, the SBI FD interest rate on tax-saver fixed deposits is 6.30 per cent.
This SBI scheme allows 6.5% FD interest on tax saving FDs for senior citizens.
Check out the complete list of SBI FD interest rates below:
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According to SBI website“A special “SBI WeCare” deposit has been introduced for Senior Citizens in the Retail TD segment in which an additional premium of 30 bps (over the existing 50 bps as mentioned in the table above) will be paid to Senior Citizens on their Retail TD. Only for the period ‘5 years and above’. “SBI Wecare” deposit scheme has been extended till 30th September, 2022.”
How to Open SBI Tax Saving Fixed Deposit Account Online
As mentioned above, one can open tax savings FD accounts online using SBI net banking facility using the step-by-step guide given below:
1]Login with your SBI net banking credentials.
2]Click on ‘e-TDR/eSTDR FD’ under ‘Fixed Deposit’ tab.
3]Click on e-TDR/ESTDR under Income Tax Savings Scheme.
4]Click on ‘Proceed’.
5]Select the account, amount and accept the terms and conditions and click on submit.
6]Then, click on ‘Verify’.
Now on the next page you will get the details of your SBI Tax Saving Fixed Deposit (FD).
However, an investor must note that SBI’s tax saving FD account cannot be redeemed before the completion of the lock-in period of 5 years or from the date of deposit unless the depositor dies .
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