SBI Senior Citizen FD Scheme: What will be your maturity amount if you invest Rs 2 lakh, Rs 4 lakh, Rs 6 lakh, and Rs 8 lakh in this guaranteed return scheme?
SBI Senior Citizen Latest Fixed Deposit (FD) Interest Rates: Fixed deposit (FD) is a guaranteed return scheme where one-time investment provides you fixed income in the form of interest rate. Investors who don't want to invest in market-linked investments or senior citizens who don't have a risk appetite and need a regular income opt for FDs. Investment in the 5-year FD provides tax benefits of up to Rs 1.50 lakh in a financial year under Section 80C of the Income Tax Act, 1961.
SBI Senior Citizen FD Interest Rates 2024: Post retirement, whether they have a large corpus or not, senior citizens want to invest in instruments where they can get a fixed income. They may not choose market-linked investment options, where their investments may increase or decrease with the performance of the share market. That's quite a reason that many of them choose to invest in fixed deposit (FD) schemes. FDs provide guaranteed returns. One-time investment in FD provides income in the form of interest. Senior citizens can withdraw it on maturity, yearly, quarterly, or monthly, based on the bank's commitment to them. State Bank of India also runs FD schemes for senior citizens. India's biggest lender runs 444 Days Amrit Kalash, 1-year, 3-year, and 5-year FDs for senior citizens. It provides its best interest rate at 7.75 per cent in its special scheme, Amrit Kalash. The interest rates for 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, know estimated maturity amounts on investments of Rs 2 lakh, Rs 4 lakh, Rs 6 lakh, and Rs 8 lakh in SBI Senior Citizen FD schemes of 1 year, 3 years, and 5 years, respectively.
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Maturity amount in 1-year SBI Senior Citizen FD
The 1-year FD provides 7.30 per cent interest rate. So, a Rs 2 lakh investment in it will give an estimated interest of Rs 15,005, and the estimated maturity will be Rs 2,15,005.
Maturity amount in 1-year SBI Senior Citizen FD
If one invests Rs 4 lakh in the 1-year FD, their estimated return will be Rs 30,009 and the estimated maturity will be Rs 4,30,009.
Maturity amount in 1-year SBI Senior Citizen FD
A Rs 6 lakh investment in the guaranteed return scheme will give an estimated return of Rs 45,014 and the estimated maturity of Rs 6,45,014.
Maturity amount in 1-year SBI Senior Citizen FD
If one invests Rs 8 lakh in the 1-year FD, they will get an estimated interest of Rs 60,018, and the estimated maturity amount of Rs 8,60,018.
Maturity amount in 3-year SBI Senior Citizen FD
At an interest rate of 7.25 per cent, a Rs 2 lakh investment in the 3-year FD will give an estimated interest of Rs 48,109 and the estimated maturity amount of Rs 2,48,109.
Maturity amount in 3-year SBI Senior Citizen FD
With a Rs 4 lakh investment in the fixed income scheme, an investor will get an estimated return of Rs 96,219 and an estimated maturity of Rs 4,96,219.
Maturity amount in 3-year SBI Senior Citizen FD
If one invests Rs 6 lakh in the 3-year FD, they will get an estimated return of Rs 1,44,328 and the estimated maturity amount of Rs 7,44,328.
Maturity amount in 3-year SBI Senior Citizen FD
On a Rs 8 lakh investment, the 3-year FD will provide an estimated return of Rs 1,92,438, and the estimated maturity of Rs 9,92,438.
Maturity amount in 5-year SBI Senior Citizen FD
The 5-year FD provides 7.30 per cent interest, so on investing Rs 2 lakh, one will get an estimated return of Rs 89,990 and the estimated maturity of Rs 2,89,990.
Maturity amount in 5-year SBI Senior Citizen FD
A Rs 4 lakh investment in the fixed income scheme, meanwhile, will provide an estimated return of Rs 1,79,979 and the estimated maturity of Rs 5,79,979.
Maturity amount in 5-year SBI Senior Citizen FD
If one invests Rs 6 lakh in the 5-year FD, they will get an estimated return of Rs 2,69,969 and the estimated maturity of Rs 8,69,969.
Maturity amount in 5-year SBI Senior Citizen FD
On a Rs 8 lakh investment in the 5-year FD, the investor will get an estimated return of Rs 3,59,958 and the estimated maturity of Rs 11,59,958.