SBI Senior Citizen FD Rates: Know your maturity amount for investments ranging from Rs 5 lakh to Rs 15 lakh in 1 year, 3-year and 5-year, calculations inside

Share

Tweet

Share

Share

Email

Comments

Fixed deposits are one of the most popular investments because they are safe and provide guaranteed returns. Senior people have the opportunity to earn better interest rates than general citizens through senior citizen fixed deposit plans. However, FD interest rates for older persons vary based on a variety of circumstances, including tenure. This article will discuss what PSU bank State Bank of India (SBI) offers senior citizens on fixed deposits for a 1-year, 3-year, and 5-year tenure.

Read More: SBI 1-year FD vs Central Bank of India 1-year FD: Which one gives higher return on fixed deposits; check maturity amount on Rs 1,00,000, 2,00,000 and 3,00,000 investments

SBI senior citizen FD rates

SBI provides different interest rates to general and senior citizens in different tenures. Senior citizens with more than Rs 10,000 can enjoy a 0.50 per cent higher SBI FD interest rate. Take a look:

SBI 1-year FD scheme: On 1-year FD schemes, SBI gives a 7.30 per cent interest rate to senior citizens.

SBI 3-year FD scheme: On 3-year FD schemes, SBI gives a 7.25 per cent interest rate to senior citizens.

SBI 5-year FD scheme: On 5-year FD schemes, SBI gives a 7.50 per cent interest rate to senior citizens.

Read More: Personal student loans are becoming increasingly popular among students, know all the information related to its benefits, eligibility, and interest rates

Know your maturity amount on Rs 5 lakh investment in 1-year, 3-year, and 5-year tenures

If a senior citizen invests Rs 5 lakh for 1 year, they will get Rs 5,37,511. On a 3-year investment, they will get Rs 6,20,273, while on a 5-year investment, their maturity amount will be Rs 7,24,974.

Know your maturity amount on Rs 10 lakh investment in 1-year, 3-year and 5-year tenures

If a senior citizen invests Rs 10 lakh for 1 year, they will get Rs 10,75,023. On a 3-year investment, they will get Rs 12,40,547 while on a 5-year investment, their maturity amount will be Rs 14,49,948.

Read More: This SBI Term Deposit Scheme Can Help You Earn 7.75% Interest In 444 Days

Know your maturity amount on Rs 15 lakh investment in 1-year, 3-year and 5-year tenures

If a senior citizen invests Rs 15 lakh for 1 year, they will get Rs 16,12,534. On a 3-year investment, they will get Rs 18,60,820 while on a 5-year investment, their maturity amount will be Rs 21,74,922.

SBI FD tenure

The SBI FD tenure ranges from seven days to 10 years.