SBI Senior Citizen FD Interest Rates: A large number of senior citizens who have the capacity to invest and know its benefits opt for investment schemes that can provide them with a with a guaranteed return. These schemes may be non-market-linked and may not have returns as high as one may get in equities and mutual funds, but a steady income in the form of a return gives senior citizens mental peace. Moreover, they don’t have to depend on others to meet their monthly expenses.
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A regular income from these sources gives them a sense of financial freedom.
That’s the reason a lot of senior citizens invest their money in fixed deposit (FD) schemes.
The benefit of investing in FDs is that after a lump-sum investment, they can get a return in the form of monthly, quarterly, half-yearly, or yearly credit to their account.
The other benefit is that most of the banks and non-banking finance companies (NBFCs) offer higher interest rates to senior citizens than they offer to general citizens in most of their FD schemes.
State Bank of India (SBI) also runs FD schemes and offers higher interest rates to senior citizens.
It offers its highest interest rate in the 400-day Amrit Kalash scheme at 7.60 per cent.
SBI’s interest rates for the 1-year, 3-year, and 5-year FDs are 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively.
The benefit of investing in the 5-year FD is that it also offers tax relaxation on deposits up to Rs 1.50 lakh in a financial year.
In this write-up, we will tell you how much interest and maturity value one senior citizen can get on investments of Rs 2 lakh, Rs 4 lakh, Rs 6 lakh, and Rs 8 lakh in SBI Senior Citizen FD.
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SBI Senior Citizen FD Interest Rates: If you invest Rs 2 lakh
In the 1-year FD, you get 7.30 per cent interest, so an investment of Rs 2 lakh will give you Rs 15,005 in return, and the maturity value will be Rs 2,15,005.
In the 3-year FD, at a 7.25 per cent interest rate, the return will be Rs 48,109, while the maturity value will be Rs 2,48,109.
In the 5-year FD, at a 7.50 per cent interest rate, the interest will be Rs 89,990, while the maturity value will be Rs 2,89,990.
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SBI Senior Citizen FD Interest Rates: If you invest Rs 4 lakh
In the 1-year FD, an investment of Rs 4 lakh will give you Rs 30,009 in return, and the maturity value will be Rs 4,30,009.
In the 3-year FD, on a Rs 4 lakh investment, the return will be Rs 96,219, while the maturity value will be Rs 4,96,219.
In the 5-year FD, a Rs 4 lakh investment will give you Rs 1,79,979 in interest, while the maturity value will be Rs 5,79,979.
SBI Senior Citizen FD Interest Rates: If you invest Rs 6 lakh
In the 1-year FD, an investment of Rs 6 lakh will give you Rs 45,014 in return, and the maturity value will be Rs 6,45,014.
In the 3-year FD, on a Rs 6 lakh investment, the return will be Rs 1,44,328, while the maturity value will be Rs 7,44,328.
In the 5-year FD, a Rs 6 lakh investment will give you Rs 2,69,969 in interest, while the maturity value will be Rs 8,69,969.
SBI Senior Citizen FD Interest Rates: If you invest Rs 8 lakh
In the 1-year FD, an investment of Rs 8 lakh will give you Rs 60,018 in return, and the maturity value will be Rs 8,60,018.
In the 3-year FD, on a Rs 8 lakh investment, the return will be Rs 1,92,438, while the maturity value will be Rs 9,92,438.
In the 5-year FD, a Rs 8 lakh investment will give you Rs 3,59,958 in interest, while the maturity value will be Rs 11,59,958.
