Sure income of 10 thousand rupees per month sitting at home; Although it may sound surprising, it is not impossible at all. Many people dream of getting regular interest money even outside of their job or business. If at least a part of the monthly household expenses come up in interest money, then the pressure is reduced a lot. The easiest and most familiar way to fulfill that goal is Fixed Deposit or FD. The only question is; how much FD should be deposited to get interest of 10 thousand rupees per month?
At the moment, a special scheme of State Bank of India (SBI) is the 444-day ‘Amrit Vrishti Scheme’. In this scheme, the interest rate for general customers is 6.45 percent. And for those who are Senior Citizens, the interest rate is 6.95 percent. Here, it is assumed that the interest is being accumulated at a compound rate per year. Let’s do the calculation based on this interest rate.
First, let’s take the case of general customers. 10 thousand rupees per month means a total interest of 1 lakh 20 thousand rupees per year. Now if the interest rate is 6.45 percent, then to get this amount of interest per year, the capital required will be approximately 18.6 lakh rupees. That is, approximately 18 lakh 60 thousand rupees will have to be invested in this specific FD scheme of SBI.
About SBI’s Special FD Scheme
If this money is kept in SBI Fixed Deposit for 444 days, i.e. about 1.22 years, then the total amount at the time of maturity can be around Rs 20 lakh. During this time, the interest will be added to approximately Rs 1.4 lakh. If this total amount at maturity is divided into 12 months, then the average monthly income is around Rs 11 to 12 thousand. That is, the target of Rs 10 thousand per month is met in this case.
In the case of Senior Citizens, the picture is a little different. Because, the interest rate here is higher; 6.95 percent. At this rate, to get an interest of Rs 1 lakh 20 thousand per year, you will need a capital of approximately Rs 17.2 to 17.5 lakh. If this money is kept in FD for 444 days, the total amount at the time of maturity can reach around Rs 19 lakh. In this case too, if taken as a monthly income, it is possible to earn more than Rs 10 thousand.
However, it is important to keep one important point in mind. Tax is payable on the interest received from FD. TDS can be deducted in the case of those whose annual income falls within the taxable limit. As a result, the monthly amount of money received may decrease slightly. Therefore, it is necessary to keep this tax calculation in mind before investing.
All in all, in an uncertain market situation, Fixed Deposit is still a place of hope for the middle class. The attraction of guaranteed returns cannot be denied amidst the fluctuations of the stock market, business risks, or job uncertainty. However, if you want to earn 10 thousand taka per month sitting at home, you need to save a large amount. The biggest challenge now is to find a way to save that money.
