SBI Senior Citizen & General Citizen FD Schemes: Know what State Bank of India is giving on 1-year, 3-year, and 5-year fixed deposits
SBI Senior Citizen & General Citizen FD Schemes: An FD is an investment scheme in which you can invest a lumpsum amount for a fixed period. The interest is fixed on the fixed deposits (FDs).
SBI (State Bank of India) offers many investment plans for general and senior citizens. One such plan is fixed deposit (Amrit Vrishti) scheme.
FD returns: Senior vs general citizens
Mostly, senior citizens get better returns on investments than general citizens.
What is FD?
An FD is an investment scheme in which you can invest a lumpsum amount for a fixed period. The interest is fixed on the fixed deposits (FDs).
SBI FD rates
This article will discuss what SBI is providing to general and senior citizens on fixed deposits currently.
SBI interest rate on 444-days FD
The public lender provides a 7.25 per cent interest rate on 444-day Amrit Vrishti scheme to general citizens while senior citizens get 7.75 per cent interest on the same.
SBI interest rate on 1-year FD
SBI gives 6.80 per cent interest rate on 1-year FD scheme to general citizens while senior citizens get 7.30 per cent interest on the same.
SBI interest rate on 3-year FD
SBI gives 6.75 per cent interest rate on 3-year FD scheme to general citizens while senior citizens get 7.25 per cent interest on the same.
SBI interest rate on 5-year FD
SBI gives 6.50 per cent interest rate on 1-year FD scheme to general citizens while senior citizens get 7.50 per cent interest on the same.
Tax benefits on FDs
FDs allow to save tax on deposits up to Rs 1.50 lakh in a financial year under Section 80C of the Income Tax Act, 1961.
Senior Citizen FD: Minimum investment
The amount of minimum investment depends on banks. Every bank does not offer same rate of interest on FDs.