Current SBI Senior Citizen FD Rates: What kind of returns to expect if you invest Rs 3.5 lakh, Rs 7 lakh, Rs 10.50 lakh, or Rs 14 lakh in 1, 3 or 5-year fixed deposit
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 in the Amrit Kalash special scheme, as well as in the 1-year, 3-year, and 5-year FDs. On investment in the 5-year FD, senior citizens will also get tax benefits under Section 80C of the Income Tax Act, 1961.
SBI Senior Citizen Fixed Deposit (FD) Interest Rates 2024, guaranteed return scheme: Senior citizens are likely not to have many income sources as they get older. Only a few have monthly pension schemes; some may get income from rental properties; and a few of them get returns from market-linked and non-market linked investments. Since most of them can't take risks with their money in retirement, many prefer investments in fixed income, guaranteed return schemes. A fixed deposit (FD) scheme is one of them. In an FD, investors make a one-time investment and get return in the form of interest.
They use this income to run their daily expenses. Like many other banks, State Bank of India (SBI) also runs FD schemes of different durations and different interest rates. The country's largest lender runs the 444-day Amrit Kalash, 1-year, 3-year, and 5-year FD schemes for senior citizens. The bank is offering its best interest rate to senior citizens in the Amrit Kalash FD scheme. It's a special scheme that offers 7.75 per cent annual interest rate. 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, we will tell you about the estimated returns on Rs 3.50 lakh, Rs 7 lakh, Rs 10.50 lakh, and Rs 14 lakh investments in SBI Senior Citizen FD schemes of 1, 3, and 5 years.
Photos: Unsplash/Pixabay
In 1-year SBI Senior Citizen FD
The 1-year SBI Senior Citizen FD provides an interest rate of 7.30 per cent, so, on a Rs 3.50 lakh investment, the estimated interest will be Rs 26,258, while the estimated maturity will be Rs 3,76,258.
In 1-year SBI Senior Citizen FD
On a Rs 7 lakh investment in the guaranteed return scheme, senior citizens will get an estimated interest of Rs 52,516 and the estimated maturity of Rs 7,52,516.
In 1-year SBI Senior Citizen FD
A Rs 10.50 lakh investment in the 1-year senior citizen FD will help an investor get estimated interest of Rs 78,774 and the estimated maturity amount of Rs 11,28,774.
In 1-year SBI Senior Citizen FD
On investing Rs 14 lakh in the 1-year SBI FD, one will get an estimated interest of Rs 1,05,032 and the estimated maturity of Rs 15,05,032.
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 3.50 lakh investment in the scheme will help provide an estimated interest of Rs 84,191 and the estimated maturity amount of Rs 4,34,191.
In 3-year SBI Senior Citizen FD
A Rs 7 lakh investment in the 3-year FD will help an investor get an estimated interest of Rs 1,68,383 and the estimated maturity of Rs 8,68,383.
In 3-year SBI Senior Citizen FD
If one invests Rs 10.50 lakh in the fixed income scheme, they will get an estimated interest of Rs 2,52,574 and the estimated maturity of Rs 13,02,574.
In 3-year SBI Senior Citizen FD
A Rs 14 lakh investment in the 3-year FD, meanwhile, can help an investor get an estimated interest of Rs 3,36,766 and the estimated maturity of Rs 17,36,766.
In 5-year SBI Senior Citizen FD
The 5-year SBI Senior Citizen FD provides 7.50 per cent interest, so a Rs 3.50 lakh investment in the guaranteed return scheme can give an estimated interest of Rs 1,57,482 and the estimated maturity amount of Rs 5,07,482.
In 5-year SBI Senior Citizen FD
Senior citizens with a Rs 7 lakh investment in the SBI FD will get an estimated return of Rs 3,14,964 and the estimated maturity of Rs 10,14,964.
In 5-year SBI Senior Citizen FD
If an investor invests Rs 10.50 lakh in the 5-year SBI Senior Citizen FD, they will get an estimated interest of Rs 4,72,445, and the estimated maturity of Rs 15,22,445.
In 5-year SBI Senior Citizen FD
On investing Rs 14 lakh in the SBI FD, a senior citizen will get an estimated interest of Rs 6,29,927 and the estimated maturity of Rs 20,29,927.