SBI Senior Citizen FD Rates 2024: What you can get if you invest Rs 3 lakh, Rs 5 lakh, Rs 7 lakh, and Rs 9 lakh in 1-, 3-, and 5-year FDs
SBI Senior Citizen FD Interest Rates 2024: State Bank of India (SBI) runs many fixed deposit (FD) schemes for senior citizens. They can invest in the Amrit Kalash special scheme, 1-year, 3-year, and 5-year FDs. If senior citizens invest in the 5-year FD, they also get tax benefits under Section 80C of the Income Tax Act, 1961.
SBI Senior Citizen FD Interest Rates 2024: Senior citizens may have depleted sources of income in their post-retirement life, but they have their daily expenses that need to be met from some source of income. They can get it through some rental income, return in the form of interest from a non-market-linked scheme, or growth from a market-linked investment scheme. Many senior citizens who seek regular income from their investments invest in fixed deposit schemes. An FD is a non-market-linked scheme that provides guaranteed returns. After making a one-time investment, senior citizen investors can get interest yearly, half-yearly, quarterly, or monthly as per the FD issuer's conditions. Like many banks, State Bank of India (SBI) also runs FD schemes of different interest rates and durations. SBI runs the Amrit Kalash, 1-year, 3-year, and 5-year FD schemes for senior citizens. SBI offers its highest interest rate to senior citizens in the Amrit Kalash scheme. The 444-day special scheme offers 7.75 per cent interest rate. The interest rates for 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, get to know how your Rs 3 lakh, Rs 5 lakh, Rs 7 lakh, and Rs 9 lakh investments in SBI Senior Citizen FD schemes will grow in the 1-, 3-, and 5-year FD schemes.
Photos: Unsplash/Pixabay
In 1-year SBI Senior Citizen FD
Since the interest rate in the 1-year SBI Senior Citizen FD is 7.30 per cent, on a Rs 3 lakh investment, an investor will get an estimated return of Rs 22,507, and the estimated maturity amount of Rs 3,22,507.
In 1-year SBI Senior Citizen FD
If one invests Rs 5 lakh in it, they will get an estimated interest of Rs 37,511 and an estimated maturity of Rs 5,00,000.
In 1-year SBI Senior Citizen FD
On a Rs 7 lakh investment in the 1-year FD, the investor will get estimated Rs 52,516 in return and Rs 7,52,516 in maturity.
In 1-year SBI Senior Citizen FD
A Rs 9 lakh investment in the 1-year SBI FD can help one get an estimated interest of Rs 67,521 and the estimated maturity of Rs 9,67,521.
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 lakh investment in it will provide an estimated interest of Rs 72,164 and the estimated maturity amount of Rs 3,72,164.
In 3-year SBI Senior Citizen FD
A Rs 5 lakh investment in the scheme, meanwhile, will help an investor get an estimated interest of Rs 1,20,273 and the estimated maturity of Rs 6,20,273.
In 3-year SBI Senior Citizen FD
If one invests Rs 7 lakh in the FD, they will get an estimated interest of Rs 1,68,383 and the estimated maturity amount of Rs 8,68,383.
In 3-year SBI Senior Citizen FD
On a Rs 9 lakh investment in the 3-year FD, one will get an estimated return of Rs 4,81,094 and the estimated maturity of Rs 24,81,094.
In 5-year SBI Senior Citizen FD
The 5-year SBI Senior Citizen FD provides 7.50 per cent interest, so a Rs 3 lakh investment in the scheme will give an estimated interest of Rs 1,34,984 and the estimated maturity amount of Rs 4,34,984.
In 5-year SBI Senior Citizen FD
A senior citizen with a Rs 5 lakh investment in the SBI FD will get an estimated interest of Rs 2,24,974 and an estimated maturity of Rs 7,24,974.
In 5-year SBI Senior Citizen FD
On a Rs 7 lakh investment in the 5-year SBI Senior Citizen FD, one will get an estimated interest of Rs 3,14,964 and the estimated maturity of Rs 10,14,964.
In 5-year SBI Senior Citizen FD
If one invests Rs 9 lakh in the FD, they will get an estimated interest of Rs 4,04,953 and the estimated maturity amount of Rs 13,04,953.