Check how much amount & interest you can get on maturity if you invest in SBI Senior Citizen FD Interest Rate.
Even after retirement, senior citizens can get guaranteed returns on certain schemes and make a steady income to cover their daily expenses. Fixed deposits (FD) is such a scheme which gives a specific rate of return on your invested amount.
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A 5-year FD, can also provide you a tax benefit of up to Rs 1.50 lakh on deposits under Section 80C of the Income Tax Act. Most of the banks, financial institutions offer better rates of return for senior citizens. SBI has also given a better rate of returns to Senior citizens as compared to the general citizens. State Bank Of India runs the 400-day Amrit Kalash, 1-year, 3-year, and 5-year FDs for senior citizens.
The PSU bank is offering its highest interest rates to senior citizens in the Amrit Kalash scheme at 7.60 per cent. Its interest rates for the 1-year, 3-year, and 5-year senior citizen FD schemes are 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively. Check how much returns you can get on FDs Of Rs 2.50 lakh, Rs 5 lakh, Rs 7.50 lakh & Rs 10 lakh.
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SBI Senior Citizen (1-year FD)
At a 7.30 per cent interest rate in the 1-year scheme, an investment of Rs 2.50 lakh will give you Rs 18,756 in return, and the maturity amount will be Rs 2,68,756.
For Rs 5 lakh investment, you will get interest of Rs 37,511, with maturity amount of Rs 5,37,511.
For Rs 7.50 lakh, you will get interest of Rs 56,267, and the maturity amount will be Rs 8,06,267.
On a Rs 10 lakh deposit, the bank will give you Rs 75,023 in interest and Rs 10,75,023 in maturity.
SBI Senior Citizen (3-year FD)
On the 3-year FD with an interest rate of 7.25 per cent on the Rs 2.50 lakh deposit will be Rs 60,137, while the maturity amount will be Rs 3,10,137.
A Rs 5 lakh investment in the 3-year FD will give you Rs 1,20,273 in interest and Rs 6,20,273 in maturity.
On investing Rs 7.50 lakh, you will get interest of Rs 1,80,410 and Rs 9,30,410 in maturity.
On investment of Rs 10 lakh, your interest amount will be Rs 2,40,547, and the maturity value will be Rs 12,40,547.
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SBI Senior Citizen (5-year FD)
The 5-year FD offers an interest rate of 7.50 per cent, so a Rs 2.50 lakh investment in the FD will give you Rs 1,12,487 in interest and Rs 3,62,487 in maturity value.
On a Rs 5 lakh investment you will get interest of Rs 2,24,974. The maturity value will be Rs 7,24,974.
If you invest Rs 7.50 lakh in this FD, you will get interest of Rs 3,37,461, and the maturity amount will be Rs 10,87,461.
A Rs 10 lakh investment will help you get Rs 4,49,948 in interest and Rs 14,49,948 in maturity.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
