SBI Scheme: SBI offers a variety of secure savings and government schemes, in addition to FDs, providing customers with both safety and higher returns. If you want to steer clear of stock market risks and earn reliable, tax-free returns, consider these three SBI government schemes that offer attractive options. Let’s delve into the interest rates, terms, and advantages of these top three schemes:

1. Senior Citizen Savings Scheme (SBI SCSS): A key support for senior citizens

– For individuals aged 60 and above, the SCSS from SBI is a preferable choice over a regular FD.
– Enhanced interest rates: SCSS offers a fixed interest rate of 8.20%, outperforming the standard FD rates.
– Regular income: Interest is paid out quarterly directly into your SBI savings account.
– Maximum investment limit: Up to Rs 30 lakh can be deposited, with tax benefits under Section 80C.

2. Sukanya Samriddhi Yojana (SBI SSY): Tax-free returns for daughters’ future

– For daughters under 10 years old, the Sukanya Samriddhi Account through SBI ensures superior returns compared to a traditional bank FD.
– Lucrative returns: The scheme offers compound interest at 8.20% annually.
– Tax benefits: Deposits, interest, and maturity proceeds are entirely tax-free.
– Investment range: Deposit between Rs 250 and Rs 1.5 lakh per financial year.

3. Public Provident Fund (SBI PPF): Secure wealth creation with long-term benefits

– PPF is a trusted and secure option for long-term financial objectives and retirement planning.
– Guaranteed returns: The annual interest rate of 7.10% (compounded annually) surpasses standard bank FD rates.
– Tax-free maturity: Similar to the Sukanya Scheme, PPF falls under the EEE category, making it tax-exempt.
– Flexibility: After a 15-year lock-in period, the investment can be extended in 5-year blocks with a minimum deposit of ₹500.

These three SBI schemes cater to individuals of all ages, ensuring financial security and growth.

How to apply for these schemes in SBI?

Applying for these schemes is straightforward:

– Online Mode: Through SBI’s Internet Banking or YONO SBI app, you can open a PPF or Sukanya account online under ‘E-Services / Govt Schemes.’
– Offline Mode: Visit your nearest SBI branch with your Aadhaar card, PAN card, photo, and the required minimum deposit to open an account instantly.