2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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3%
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4%
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7%
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5%
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Detailed explanation-1: -SBI has increased the interest rates for the deposits maturing between 7 days to 45 days to 3 percent. Similarly, FDs maturing between 46 days to 179 days, will fetch an interest rate of 4.50 percent.
Detailed explanation-2: -Earn Upto 8%* Interest on FD Rates are subject to change as per the bank’s discretion. SBI offers FD interest rates of 3.00%-6.75% p.a. to the general public and 3.50%-7.25% p.a. to senior citizens for tenures ranging from 7 days to 10 years. The interest rate of SBI Tax Saving FD is 6.25% p.a.
Detailed explanation-3: -This usually ranges between 0.5% and 1%. Some banks do offer premature withdrawal facilities with zero penalty charges. However, if the FD is prematurely closed, before completing 7 days from the date of the booking, the bank or the company is not liable to pay any interest.
Detailed explanation-4: -Tax on SBI Fixed Deposit The lock-in period for this type of account is 5 years, but the account can have a tenure of up to 10 years. This account will provide income tax benefits under Section 80C of the Income Tax Act, 1961. Senior citizens can avail of an additional interest rate of 0.5% on the applicable rate.