SBI Guaranteed Return Scheme: This is what PSU bank is giving to senior citizens and others on 1-year, 3-year and 5-year fixed deposits
SBI provides a 7.25 per cent interest rate on 444-day Amrit Vrishti scheme while senior citizens get 7.75 per cent interest on the same.
Fixed deposits (FDs) are investments that have a predetermined maturity date and interest rate. Company fixed deposits may appear more appealing than bank savings, but they carry a larger risk. Fixed deposits are generally illiquid; this means you can’t withdraw the money till the tenure is over. However, there are options for pre-mature withdrawals along with penalties.
State Bank of India FD rates
This article will talk about the State Bank of India's (SBI's) FD rates for senior citizens and others on 1-year, 3-year, and 5-year fixed deposits.
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.
SBI Amrit Vrishti Scheme: How much amount will you get on maturity on the Rs 2 lakh investment?
On an investment of Rs 2,00,000, senior citizens will get an interest of Rs 19,859 at the rate of 7.75 per cent and the maturity amount will be Rs 2,19,859. Whereas general citizens will get Rs 18,532 as interest at the rate of 7.25 per cent and the maturity amount will be Rs 2,18,532.
How much amount you will get on maturity on the Rs 2.5 lakh investment?
On an investment of Rs 2,50,000, senior citizens will get an interest of Rs 24,824 at the rate of 7.75 per cent and the maturity amount will be Rs 2,74,824. Whereas general citizens will get Rs 23,165 as interest at the rate of 7.25 per cent and the maturity amount will be Rs 2,73,165.
How much amount you will get on maturity on the Rs 3 lakh investment?
On an investment of Rs 3,00,000, senior citizens will get an interest of Rs 29,789 at the rate of 7.75 per cent and the maturity amount will be Rs 23,29,789. Whereas general citizens will get Rs 27,798 as interest at the rate of 7.25 per cent and the maturity amount will be Rs 3,27,798.