Latest SBI Senior Citizen FD Rates: What are expected returns on investments of Rs 6 lakh, Rs 11 lakh, Rs 16 lakh, or Rs 21 lakh in 1, 3 or 5-year fixed deposit schemes
SBI Senior Citizen Fixed Deposit Interest Rates 2024: State Bank of India (SBI) runs many fixed deposit (FD) schemes for senior citizens. They can invest in special FDs such as Amrit Kalash, Amrit Vrishti, and Green Deposits, as well as in the 1-year, 3-year, and 5-year FDs. Investments in the 5-year FD also provides tax benefits under Section 80C of the Income Tax Act, 1961.
SBI Senior Citizen Fixed Deposit (FD) Interest Rates 2024, guaranteed return scheme: Senior citizens need income source to meet their expenses in retirement life. As far as investment options are concerned, they prefer guaranteed return schemes where their money is comparatively safer than market-linked schemes, where they get a regular income. That's the reason, a lot of them prefer investing in fixed deposit schemes, where they get returns in the form of interest. They can get it on maturity, or on a monthly, quarter, half-yearly, or annual basis.
State Bank of India (SBI) also runs many FD schemes. The country's largest lender runs special FDs such as Amrit Kalash, Amrit Vrishti, and Green Deposits, as well as in the 1-year, 3-year, and 5-year schemes for senior citizens. The bank is offering its best interest rate to senior citizens in the Amrit Vrishti scheme. It's a special scheme that offers 7.75 per cent interest rate. 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 you get on investments of Rs 6 lakh, Rs 11 lakh, Rs 16 lakh, and Rs 21 lakh in SBI Senior Citizen FD schemes of 1, 3, and 5 years.
Photos: Unsplash/Pixabay
In 1-year SBI Senior Citizen FD
The 1-year SBI Senior Citizen FD provides an interest rate of 7.30 per cent, so, on a Rs 6 lakh investment, the estimated interest will be Rs 45,014, while the estimated maturity will be Rs 6,45,014.
In 1-year SBI Senior Citizen FD
On a Rs 11 lakh investment in the guaranteed return scheme, senior citizens will get an estimated interest of Rs 82,525 and the estimated maturity of Rs 11,82,525.
In 1-year SBI Senior Citizen FD
A Rs 16 lakh investment in the 1-year senior citizen FD will help an investor get estimated interest of Rs 1,20,036 and the estimated maturity amount of Rs 17,20,036.
In 1-year SBI Senior Citizen FD
On investing Rs 21 lakh in the 1-year SBI FD, one will get an estimated interest of Rs 1,57,548 and the estimated maturity of Rs 22,57,548.
In 3-year SBI Senior Citizen FD
Since the 3-year SBI Senior Citizen FD provides a 7.25 per cent interest rate, a Rs 6 lakh investment in the scheme will help provide an estimated interest of Rs 1,44,328 and the estimated maturity amount of Rs 7,44,328.
In 3-year SBI Senior Citizen FD
A Rs 11 lakh investment in the 3-year FD will help an investor get an estimated interest of Rs 3,84,875 and the estimated maturity of Rs 19,84,875.
In 3-year SBI Senior Citizen FD
If one invests Rs 16 lakh in the fixed income scheme, they will get an estimated interest of Rs 2,52,574 and the estimated maturity of Rs 13,02,574.
In 3-year SBI Senior Citizen FD
A Rs 21 lakh investment in the 3-year FD, meanwhile, can help an investor get an estimated interest of Rs 5,05,149 and the estimated maturity of Rs 26,05,149.
In 5-year SBI Senior Citizen FD
The 5-year SBI Senior Citizen FD provides 7.50 per cent interest, so a Rs 6 lakh investment in the guaranteed return scheme can give an estimated interest of Rs 2,69,969 and the estimated maturity amount of Rs 8,69,969.
In 5-year SBI Senior Citizen FD
Senior citizens with a Rs 11 lakh investment in the SBI FD will get an estimated return of Rs 4,94,943 and the estimated maturity of Rs 15,94,943.
In 5-year SBI Senior Citizen FD
If an investor invests Rs 16 lakh in the 5-year SBI Senior Citizen FD, they will get an estimated interest of Rs 7,19,917, and the estimated maturity of Rs 23,19,917.
In 5-year SBI Senior Citizen FD
On investing Rs 21 lakh in the SBI FD, a senior citizen will get an estimated interest of Rs 9,44,891 and the estimated maturity of Rs 30,44,891.