SBI Senior Citizen Fixed Deposit (FD) Interest Rates 2024, guaranteed return scheme: The majority of senior citizens don’t want to take risks with their retirement corpus. So, they invest in non-market-linked investment tools where they get guaranteed return at a fixed interest rate and where their money is at the minimum risk. So, a lot of them choose fixed deposit schemes to invest. In FDs, they make a lump sum investment and get income in the form of interest. The good part is that they can get this income at a suitable duration that can be monthly, quarterly, half-yearly, yearly, or on maturity. The other important advantage is that banks offer extra interest rates to senior citizens.
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Like many other banks, State Bank of India (SBI) also has many FD schemes for senior citizens. The country’s largest bank has special FDs such as Amrit Vrishti, Amrit Kalash, Green Deposits, and Savottam. At the same time, it runs traditional FDs of 1 year, 3 years, 5 years, and 10 years. Among all its FDs, the bank is offering its highest interest rate to senior citizens in the Amrit Vrishti scheme. The 444-day special FD offers 7.75 per cent interest rate to them. Interest rates in the 1-, 3-, and 5-year SBI senior citizen FDs are 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively. (Data as per Paisabazaar.com).
In this write-up, know what will be maturity amounts for senior citizens if they invest Rs 6 lakh, Rs 12 lakh, and Rs 18 lakh in the SBI Amrit Vrishti, 1-year, 3-year, and 5-year FDs.
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SBI Amrit Vrishti Senior Citizen FD: Maturity on Rs 6 lakh, Rs 12 lakh, and Rs 18 lakh investments
On a Rs 6 lakh investment, the estimated interest will be Rs 58,722.25, and the estimated maturity will be Rs 6,58,722.25.
If one invests Rs 12 lakh, they will get estimated interest of Rs 117444.50 and the estimated maturity of Rs 13,17,444.50.
On investing Rs 18 lakh, senior citizens will get estimated interest of Rs 1,76,166.76 and the estimated maturity amount of Rs 19,76,166.76.
In 1-year SBI Senior Citizen FD
The estimated interest will be Rs 45,013.68, and the estimated maturity will be Rs 6,45,013.68 on a Rs 6 lakh investment.
On a Rs 12 lakh investment, senior citizens will get estimated interest of Rs 90,027.36 and the estimated maturity of Rs 12,90,027.36.
A Rs 18 lakh investment will help senior citizens get estimated Rs 1,35,041.04 in interest and estimated Rs 19,35,041.04 in maturity.
In 3-year SBI Senior Citizen FD
The estimated interest in the 3-year FD will be Rs 1,44,328.19, and the estimated maturity will be Rs 7,44,328.19.
On an investment of Rs 12 lakh, the estimated interest will be Rs 2,88,656.39, and the estimated maturity will be Rs 14,88,656.39.
An investment of Rs 18 lakh will help senior citizens get estimated Rs 4,32,984.58 in interest and estimated Rs 22,32,984.58 in maturity.
In 5-year SBI Senior Citizen FD
A Rs 6 lakh investment in the tax saver FD will give estimated Rs 2,69,968.82 in interest and estimated Rs 8,69,968.82 in maturity.
On investing Rs 12 lakh, senior citizens will get estimated Rs 5,39,937.63 in interest and estimated Rs 17,39,937.63 in maturity.
If senior citizens invest Rs 18 lakh in the 5-year FD, they will get estimated Rs 8,09,906.45 in interest and estimated Rs 26,09,906.45 in maturity.
