SBI Senior Citizen FD Interest Rates: What will be your maturity amounts on Rs 1.50 lakh, Rs 3 lakh, Rs 4.50 lakh and Rs 6 lakh investments in 1-, 3- and 5-year fixed deposit schemes?

SBI Senior Citizen FD Interest Rates: A fixed deposit (FD) is a popular small savings scheme among many senior citizens who want a regular source of income post retirement. They rely on a guaranteed return scheme where their money is not stuck and they get an income stream, which makes them financially independent. FD fits into their scheme of things. Senior citizens get annual interest on their deposits. They can get this interest monthly, quarterly, half-yearly, or yearly, according to their requirements for money.

Like many banks, State Bank of India (SBI) also runs a number of FD schemes for senior citizens.

SBI has 400-day Amrit Kalash, 1-year, 3-year, and 5-year FDs for senior citizens.

The interest rates in the Amrit Kalash scheme are the highest among all schemes, at 7.60 per cent.

While interest rates in 1-year, 3-year, and 5-year schemes are 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively.

The advantage of investing in the 5-year FD is that you get tax benefits on deposits of up to Rs 1.50 lakh in a financial year under Section 80C of the Income Tax Act.

In this write-up, know what investments of Rs 1.50 lakh, Rs 3 lakh, Rs 4.50 lakh, and Rs 6.00 lakh will give you in the 1-, 3-, and 5-year FD schemes. 

SBI Senior Citizen (1-year FD)

Since a 1-year FD provides an interest rate of 7.30 per cent, a Rs 1.50 lakh investment will give you Rs 11,253 in return, and the maturity amount will be Rs 1,61,253.

If you invest Rs 3 lakh in the same FD, you will get an interest rate of Rs 22,507, and the maturity amount will be Rs 3,22,507.

On an investment of Rs 4.50 lakh, the interest will be Rs 33,760 and the maturity amount will be Rs 4,83,760.

On a Rs 6 lakh deposit, the bank will give you Rs 45,014 in interest, and the maturity amount will be Rs 6,45,014.

SBI Senior Citizen (3-year FD)

Since the 3-year FD provides an interest rate of 7.25 per cent, the interest on the Rs 1.50 lakh deposit will be Rs 36,082, and the maturity amount after three years will be Rs 1,86,082.

A Rs 3 lakh investment in the FD will give you Rs 72,164 in interest, and the maturity value will be Rs 3,72,164.

On investing Rs 4.50 lakh, you will get an interest of Rs 1,08,246 and a maturity value of Rs 5,58,246.

If your investment amount is Rs 6 lakh, your interest amount will be Rs 1,44,328, and the maturity value will be Rs 7,44,328.

SBI Senior Citizen (5-year FD)

The 5-year FD offers an interest rate of 7.50 per cent, so a Rs 1.50 lakh investment will give you Rs 67,492 in interest and Rs 2,17,492 in maturity value.

An investment of Rs 3 lakh in the scheme will provide you with an interest of Rs 1,34,984, and the maturity amount will be Rs 4,34,984. 

If you invest Rs 4.50 lakh in the scheme, you will get an interest of Rs 2,02,477, and your maturity amount will be Rs 6,52,477.

A Rs 6 lakh investment means that you will get Rs 2,69,969 in interest and Rs 8,69,969 in total value.