Updated SBI Senior Citizen FD Rates: How much senior citizens will get on investments of Rs 8 lakh and Rs 15 lakh in Amrit Vrishti, 1-year, 3-year, and 5-year fixed deposits; see examples
SBI Senior Citizen Fixed Deposit Interest Rates 2024: State Bank of India (SBI) has many fixed deposit (FD) schemes for senior citizens. They can invest their money in special FDs such as 444-day Amrit Vrishti, Amrit Kalash, Sarvottam, and Green Deposits. They also have the option to invest in the 1-, 3-, and 5-year FDs. Investment in the 5-year FD provides tax benefits under Section 80C of the Income Tax Act, 1961. Senior citizens also get extra interest rates than the ones SBI offers to general citizens.
SBI Senior Citizen Fixed Deposit (FD) Updated Interest Rates 2024, special FDs, guaranteed return scheme: For senior citizens, one way to live post-retirement life with dignity is not to depend on anyone for their monthly expenses. If they have some income plan, income from rent, or some investment that can give them a return that can help them meet monthly expenses for life, they have achieved financial freedom. To achieve that goal, they can invest in a number of investment options such as market-linked and non-market-linked. Since senior citizens don't want to take much risk with their money in their retirement age, a lot of them invest in guaranteed return schemes such as fixed deposits (FDs), from where they can get fixed returns in the form of interest. They can get that income on maturity or on a monthly, quarterly, or yearly basis.
SBI Senior Citizen FD Interest Rates
Like many other banks, State Bank of India (SBI) also runs many FD schemes for general as well as senior citizens. The country's largest lender runs special FDs such as Amrit Kalash, 444-day Amrit Vrishti, Sarvottam, and Green Deposits. It also runs the 1-, 3-, and 5-year FDs for senior citizens.
SBI Senior Citizen FD Interest Rates
The bank is offering its best interest rate to senior citizens in the Amrit Vrishti scheme. The special FD offers 7.75 per cent interest rate to senior citizens. On the other hand, 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 8 lakh and Rs 15 in SBI Senior Citizen FD schemes such as Amrit Vrishti, 1, 3, and 5 years.
In Amrit Vrishti Senior Citizen FD
Since Amrit Virshti provides 7.75 per cent interest to senior citizens in 444 days, on a Rs 8 lakh investment, the estimated interest will be Rs 78,296.34, and the estimated maturity amount will be Rs 8,78,296.34.
In Amrit Vrishti Senior Citizen FD
On a Rs 15 lakh investment in the special FD, senior citizens will get an estimated interest of Rs 1,46,805.63 and the estimated maturity amount of Rs 16,46,805.63.
In 1-year SBI Senior Citizen FD
The 1-year SBI Senior Citizen FD provides an 7.30 per cent interest rate, so, on a Rs 8 lakh investment, the investor will get an estimated interest of Rs 60,018, and the estimated maturity of Rs 8,60,018.
In 1-year SBI Senior Citizen FD
On a Rs 15 lakh investment in the guaranteed return scheme, senior citizens will get an estimated interest of Rs 1,12,534 and the estimated maturity of Rs 16,12,534.
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 8 lakh investment in the fixed deposit scheme will provide an estimated interest of Rs 1,92,438 and the estimated maturity of Rs 9,92,438.
In 3-year SBI Senior Citizen FD
A Rs 15 lakh investment in the 3-year FD will provide an investor with an estimated interest of Rs 3,60,820 and the estimated maturity of Rs 18,60,820.
In 5-year SBI Senior Citizen FD
The 5-year SBI Senior Citizen FD provides 7.50 per cent interest, so, on a Rs 8 lakh investment in the guaranteed return scheme, one will get an estimated interest of Rs 3,59,958 and the estimated maturity amount of Rs 11,59,958.
In 5-year SBI Senior Citizen FD
Senior citizens with a Rs 15 lakh investment in the SBI FD will get an estimated return of Rs 6,74,922 and the estimated maturity of Rs 21,74,922.