This SBI Fixed Deposit will Save Your Tax : 2022
For investors with a low risk appetite, tax-saving fixed deposits (FDs) are an attractive investment option. SBI offers FD accounts to bank depositors, just like any other Indian bank. There are also tax-saving FD accounts offered by SBI with a 5-year lock-in period. Depositors can also access tax saving FD accounts via SBI net banking. Investments in bank fixed deposits for at least five years are eligible for income tax exemption under Section 80C of the income tax act.
SBI FD Interest Rates
SBI’s fixed deposit account which gives 5.10 per cent to 5.40 per cent for one year to 10 years tenure is a good choice if you’re looking for a long-term deposit.
It was recently announced that the State Bank of India had revised its interest rates for long term fixed deposits. Interest rates on FDs were increased from 5.10 percent to 5.20 percent for tenures of two years to less than three years.
Interest rates on FDs for tenures of 3 years to less than 5 years were raised from 5.30 per cent to 5.45 per cent. For tax saving FDs, SBI raised the interest rate from 5.40 per cent to 5.50 per cent. A tax saver fixed deposit with SBI offers a 6.30 percent interest rate to senior citizens.
Steps to be followed to open a SBI Fixed Deposit account online
Follow the step by step guide given below to open SBI Fixed Deposit account online:-
- Sign in to Net Banking using your SBI credentials.
- Click on ‘e-TDR/eSTDR FD’ under the ‘Fixed Deposit’ tab.
- Click on e-TDR / eSTDR under Income Tax Savings Scheme.
- Click on ‘Proceed’.
- Click on “Submit” after selecting the account, amount, and accepting the terms and conditions.
- Click on “Confirm”.
As you move on to the next page, you will be able to access the details of your SBI tax savings FD.
Investors should however keep in mind that tax-saving FDs with SBI are not redeemable before the five-year lockout period is completed or until the depositor passes away.
Visit Money Scaler to be updated with latest trends.
