SBI 5-year FD vs Central Bank of India 5-year FD: Which can give higher monthly payouts to senior citizens on Rs 5,55,555, Rs 9,99,999 and Rs 12,12,121 investments?

SBI 5-year FD vs Central Bank of India 5-year FD: State Bank of India and Central Bank of India both run 5-year fixed deposit (FD) schemes for senior citizens at different interest rates. Both offer monthly payouts to senior citizens on one-time investments. 

ZeeBiz WebTeam | Jan 29, 2025, 05:12 PM IST

SBI 5-year FD vs Central Bank of India 5-year FD: Senior citizens use fixed interest investment schemes to get a regular monthly amount. A return from these investments helps them run their expenses in the retirement stage. This provides them mental peace and surety that their investments will take care of them during their retired life. That's the reason a lot of them invest in fixed deposit (FD) schemes. Banks offer higher interest rates to senior citizens in FDs and special FDs compared to what they offer to general citizens. State Bank of India (SBI) and Central Bank of India both offer a 5-year FD to senior citizens. Know more about senior citizen FDs, their payout structure, SBI and Central Bank of India 5-year FD interest rates, and what estimated monthly payouts can senior citizens get on Rs 5,55,555, Rs 9,99,999, and Rs 12,12,121 investments in both FDs.

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(Disclaimer: This is not investment advice. Do your own due diligence or consult an expert for financial planning.) 

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What is FD investment?

What is FD investment?

In an FD, an investor makes a one-time investment and gets the interest amount along with the principal back on the maturity period. 

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FD as a regular income source

FD as a regular income source

If an investor wants, they can also opt for monthly, quarterly, half-yearly, and yearly payouts. In that case, they get a lesser amount than they get on maturity. Many senior citizens using FD as a retirement tool use them to get regular monthly income. 

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FD tenure

FD tenure

Senior citizens can invest in FDs from 7 days to 10 years. They can also invest in special FDs of different durations. 

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Tax benefits from FD investment

Tax benefits from FD investment

Investments up to Rs 1.50 lakh in a financial year in FDs of 5 years and longer provide tax benefits under Section 80C of the Income Tax Act, 1961. 

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SBI 5-year FD Senior Citizen FD: Interest rate

SBI 5-year FD Senior Citizen FD: Interest rate

State Bank of India provides a 7.50 per cent interest to senior citizens in the 5-year FD.

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Central Bank of India 5-year Senior Citizen FD: Interest rate

Central Bank of India 5-year Senior Citizen FD: Interest rate

Central Bank of India's interest rate for the 5-year FD is 7.25 per cent.

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SBI 5-year FD Senior Citizen FD: Maturity on Rs 5,55,555 investment

SBI 5-year FD Senior Citizen FD: Maturity on Rs 5,55,555 investment

Interest: Rs 2,08,333
Monthly payout: Rs 3,472.21
Maturity amount: Rs 7,63,888

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Central Bank of India 5-year Senior Citizen FD: Maturity on Rs 5,55,555 investment

Central Bank of India 5-year Senior Citizen FD: Maturity on Rs 5,55,555 investment

Interest: Rs 2,01,389
Monthly payout: Rs 3,356.48
Maturity amount: Rs 7,56,944

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SBI 5-year FD Senior Citizen FD: Maturity on Rs 9,99,999 investment

SBI 5-year FD Senior Citizen FD: Maturity on Rs 9,99,999 investment

Interest: Rs 3,75,000
Monthly payout: Rs 6,250
Maturity amount: Rs 13,74,999

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Central Bank of India 5-year Senior Citizen FD: Maturity on Rs 9,99,999 investment

Central Bank of India 5-year Senior Citizen FD: Maturity on Rs 9,99,999 investment

Interest: Rs 3,62,500
Monthly payout: Rs 6,041.66
Maturity amount: Rs 13,62,499

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SBI 5-year FD Senior Citizen FD: Maturity on Rs 12,12,121 investment

SBI 5-year FD Senior Citizen FD: Maturity on Rs 12,12,121 investment

Interest: Rs 4,54,545
Monthly payout: Rs 7,575.75
Maturity amount: Rs 16,66,666

 

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Central Bank of India 5-year Senior Citizen FD: Maturity on Rs 12,12,121 investment

Central Bank of India 5-year Senior Citizen FD: Maturity on Rs 12,12,121 investment

Interest: Rs 4,39,394
Monthly payout: Rs 7,323.23
Maturity amount: Rs 16,51,515

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