Stay at Home and Earn ₹10,000! Invest in SBI’s FD Scheme Today

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SBI Fixed Deposit Update

SBI FD Calculator: Guaranteed income of 10 thousand rupees per month from home; Although it may sound surprising, it is not impossible at all. Many people dream of getting regular interest money even outside their job or business. If at least a part of the monthly household expenses comes 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 deposited at a compound rate per year. Let’s calculate 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, approximately 18.6 lakh rupees will be required as capital. That is, approximately 18 lakh 60 thousand rupees will have to be invested in this specific FD scheme of SBI.

If this money is kept in SBI Fixed Deposit for 444 days, i.e. about 1.22 years, then the total amount of money at the time of maturity can be around 20 lakh rupees. During this time, the interest will be added to approximately 1.4 lakh rupees. If this total amount at maturity is divided into 12 months, then the average monthly income is equal to about 11 to 12 thousand rupees. That is, the target of 10 thousand rupees 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. To get an interest of 1 lakh 20 thousand rupees per year at this rate, approximately 17.2 to 17.5 lakh rupees will be required as capital. If this money is kept in FD for 444 days, the total amount at the time of maturity can reach around 19 lakh rupees. In this case too, it is possible to earn more than 10 thousand taka per month.

However, it is important to keep one important point in mind. Tax is payable on the interest earned from FD. For those whose annual income falls within the taxable limit, TDS may be deducted. As a result, the monthly amount 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 trust 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 from home, you need to save a large amount. The biggest challenge now is to find a way to save that money.

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