Senior Citizen FD Rates: SBI, PNB, Canara, other PSU banks offer these returns on Rs 5 lakh and Rs 10 lakh investments
SBI vs PNB vs Canara Bank 5-Year Senior Citizen FD: Senior citizens need regular income in their post retirement life. So, a lot of them invest in fixed deposit schemes, where banks offer them higher interest rates than they offer to general citizens.
SBI vs PNB vs Canara Bank 5-Year Senior Citizen FD: In post retirement life, senior citizens need a regular source of income. A lot of them look for investment options with the least risk. It can be in the form of debt mutual funds, government and corporate bonds, sovereign gold bonds, or fixed deposit (FDs). Senior citizens opt for FDs as they help them get regular income in the form of the interest amount. After a one-time investment, senior citizens can get income on maturity, yearly, half-yearly, quarterly, or monthly. The other benefit of investing in senior citizen FDs is that almost all banks offer them higher interest rates than they offer to general citizens. FDs can be from 7 days to 10 years, and interest rates may vary. The benefit of investing in the 5-year FD is that investors get tax benefits up to Rs 1.50 lakh in a financial year. Like many other PSU banks, State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank offer FDs to senior citizens. In this write-up, know what are the interest rates that SBI, PNB, and Canara Bank are offering to senior citizens and what Rs 5 lakh and Rs 10 lakh investments in each guaranteed return scheme will give in maturity in 5 years. (Data Source: Paisabazaar.com)
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Interest rate in SBI Senior Citizen 5-year FD
The interest rate in the SBI 5-year Senior Citizen FD is 7.50 per cent.
Interest rate in PNB Senior Citizen 5-year FD
The interest rate in the PNB 5-year Senior Citizen FD is 7.00 per cent.
Interest rate in Canara Bank Senior Citizen 5-year FD
The interest rate in the Canara Bank 5-year Senior Citizen FD is 7.20 per cent.
Maturity amount on Rs 5 lakh investment in SBI Senior Citizen 5-year FD
On a Rs 5 lakh investment in the SBI FD, the estimated interest amount will be Rs 2,24,974, and the estimated maturity will be Rs 7,24,974.
Maturity amount on Rs 5 lakh investment in PNB Senior Citizen 5-year FD
On a Rs 5 lakh investment in the PNB FD, the estimated interest amount will be Rs 2,07,389, and the estimated maturity will be Rs 7,07,389.
Maturity amount on Rs 5 lakh investment in Canara Bank Senior Citizen 5-year FD
On a Rs 5 lakh investment in the Canara Bank FD, the estimated interest amount will be Rs 2,14,374, and the estimated maturity will be Rs 7,14,374.
Maturity amount on Rs 10 lakh investment in SBI Senior Citizen 5-year FD
On a Rs 10 lakh investment in the SBI FD, the estimated interest amount will be Rs 4,49,948, and the estimated maturity will be Rs 14,49,948.
Maturity amount on Rs 10 lakh investment in PNB Senior Citizen 5-year FD
On a Rs 10 lakh investment in the PNB FD, the estimated interest amount will be Rs 4,14,778 and the estimated maturity will be Rs 14,14,778.
Maturity amount on Rs 10 lakh investment in Canara Bank Senior Citizen 5-year FD
On a Rs 10 lakh investment in the Canara FD, the estimated interest amount will be Rs 4,28,748, and the estimated maturity will be Rs 14,28,748.
Disclaimer
(Our calculations are projections. Actual calculations may vary.)