Quick Answer: What Is The Interest Of 1 Lakh In SBI?

What is the interest rate of SBI per month?

24.00 per 1 lakh on a 30-year loan.

The country’s largest lender, State Bank of India (SBI), announced today that it has cut interest rates on saving accounts by 25 basis points….Synopsis.TenorExisting MCLR (In %)Revised MCLR (In %)*One Month7.457.1Three Month7.57.15Six Month7.77.35One Year7.757.43 more rows•Apr 7, 2020.

What is the interest of 1 lakh in post office?

SynopsisInstrumentInterest rate (%) from 01.10.2020Max amt (Rs)Time Deposit#5.50-6.70No limitPost Office Monthly Income Scheme6.60Single: 4.50 lakhPost Office Monthly Income Scheme6.60Joint: 9 lakhKisan Vikas Patra6.90No limit6 more rows•5 days ago

Which bank FD is best?

Fixed Deposit Interest Rates of Top 10 Banks in India for below Rs. 2 croreName of BankFor General Citizens (p.a)For Senior Citizens (p.a)Bank of Baroda2.90% to 5.30%3.40% to 6.30%IDFC Bank3.00% to 7.00%4.00% to 7.50%Bank of India3.25% to 5.25%3.75% to 5.75%Corporation Bank3.50% to 5.45%4.00% to 5.95%6 more rows

How many years FD will double in SBI bank?

14 yearsLet’s say the interest offered on FD is 7.35%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.35 = 9.80. So it will take a little more than 14 years for one’s investment to get doubled in SBI.

What is SBI interest rate?

CRIF HIGH MARK TERMS AND CONDITIONSSBI Savings Account BalanceRate of InterestSavings Deposits Balance up to Rs. 1 lakh2.70% p.a.Savings Deposits Balance above Rs. 1 lakh2.70% p.a.Oct 6, 2020

Can I deposit 50 lakhs in my account?

Deposits in Current Accounts : Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.

How much interest will 5 lakhs earn?

How much monthly income: At an interest rate of 7 per cent, on a principal amount of Rs 5 lakh, the total interest comes to Rs 1,73,983, which yields Rs 2,900 as the monthly interest amount.

Is Post Office FD safe?

However, post office term deposits are totally risk-free as they are backed by the government. Bank FDs are insured only up to R1 lakh. … If you are looking for a safe investment, bank FDs are suitable for you.

Which SBI FD is best?

For tenure of 1 year to 5 years, one can avail the highest FD interest rates SBI of 6.20% per annum on Senior citizen SBI FD. For an investment period of 211 days to less than 2 years, the account holder can avail a 4.90% to 5.60% interest rate on FD in SBI per annum.

What is the monthly interest on 1 lakh in SBI?

Interest rate on SBI savings bank deposits Currently, the interest rate on savings bank deposits on balance up to Rs 1 lakh is 3.5 per cent.

What is the monthly interest on 50 lakhs?

If FD interest rate is 7%, then you get Rs 3.5 lakh on a fixed deposit of Rs 50 lakh in a year. This means you get a monthly interest of Rs 29,167. If FD interest rate is 7.5%, then you get Rs 3.75 lakh on a fixed deposit of Rs 50 lakh in a year. This means you get a monthly interest of Rs 31,250.

How much interest will 10 lakhs earn?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs. 6,15910 Lakh8.50%Rs. 9,84715 Lakh8.60%Rs. 13,11220 Lakh8.70%Rs. 17,610

How can I earn 50 lakhs in 5 years?

How Can You make Rs. 50 lakh in 5 years?1.HDFC Small Cap Fund.2.L&T Emerging Businesses Fund.Parag Parikh Long Term Equity Fund.Mirae Asset India Equity Fund.The Moderate Investor.1.Invesco India Contra Fund.Axis Focused 25 Fund.3.Principal Focused Multicap Growth Fund.More items…•

Is SBI safe for fixed deposit?

Now small banks, new banks and some NBFCs offer higher interest rates on FDs to customers as compared to other top banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, etc. to name a few. … So your bank Fixed Deposits (FDs) are safe.

Can I double my money in 5 years?

The Rule of 72 shows you how quickly you’ll double your money. All you have to do is divide 72 by the interest rate it’s earning. This is the number of years it will take for your money to double. … Or, if your money is earning a 5 percent interest rate, you’ll double it in 14.4 years (72 divided by 5 equals 14.4).

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 7.35%, then the number of years in which your FD will get doubled is 72/7.35= 9.80. Thus, it will take 10 years for your FD to get doubled.

Is FD tax free?

Tax deduction on FD interest The interest earned under an FD is taxable under “income from other sources”. The amount invested under 80C of the Income Tax Act is exempt but interest earned under such investments is taxable.

What is the interest of 10 lakh in SBI?

Balances above Rs 1 lakh and up to Rs 10 lakh will fetch 6 per cent per annum. For savings account balances above Rs 10 lakh, interest rate of 6.75 per cent per annum will be applicable.