For those seeking guaranteed and a decent return, Fixed Deposit (FD) schemes have long been a favorite among them. Investors, especially senior citizens, preferred it more because of a fixed return with minimal risk.
Different banks offer different returns for different periods and they have variety of schemes tailored to meet the diverse needs of investors. State Bank of India (SBI), a leading player in the banking sector is one of them.
SBI Senior Citizen Fixed Deposit
SBI’s senior citizen FDs not only provide a safe haven for investment but also offer attractive interest rates. That’s why it is a compelling choice in today’s financial landscape.
Here are details that can make it easy to understand the returns senior citizens can get on Rs 2 lakh FD for different tenures.
SBI Fixed Deposit (FD) Rates 2024
At present, SBI offers annual interest rates ranging from 7.25 per cent to 7.6 per cent on its senior citizen FDs.
Return On Rs 2 Lakh Investment In 1-Year SBI Senior Citizen FD
Invested Amount: Rs 2 lakh
Interest Rate: 7.3 per cent
Interest earned in 1 year: Rs 15,005
Total maturity amount: Rs 2,15,005
Return On Rs 2 Lakh Investment In 3-Year SBI Senior Citizen FD
Invested Amount: Rs 2 lakh
Interest Rate: 7.25 per cent
Tenure: 3 years
Interest Earned: Rs 48,109
Total Maturity Amount: Rs 2,48,109
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Return On Rs 2 Lakh Investment In 5-Year SBI Senior Citizen FD
Invested Amount: Rs 2 lakh
Interest rate: 7.5 per cent
Tenure: 5 years
Interest Earned: Rs 89,990
Total Maturity Amount: Rs 2,89,990
(Disclaimer: The above given data is for informational purposes only. Don’t take it as a financial or investment guide. The figure can change in certain circumstances.)
