SBI Senior Citizen FD Interest Rates 2024: This guaranteed return scheme provides Rs 2.25 lakh interest after investing Rs 5 lakh

SBI Senior Citizen FD Interest Rates: When you grow old, your income may stop, but your daily expenses do not stop. They may be reduced compared to the time when you were young, but they are not zero and need some source to meet them. However, most senior citizens find it hard to get some work or a job after 60 years of age. They either have to depend on others (mostly children) to meet their daily expenses or they fall back on returns from their investments. It is always better to have financial freedom in every stage of your life, where you don't have to depend on anyone. The best is to start your retirement planning early so that you have a sizeable corpus by the age of 60. But even if one doesn't have a retirement corpus by that age, they may invest in a lot of government and private senior citizen schemes whose sole focus is to help senior citizens get returns in their old age so that they can meet their daily expenses. A senior citizen fixed deposit (FD) is one such scheme where they get a return in the form of interest. The scheme is non-market linked and provides a guaranteed return, so there is not much market risk involved. The 5-year FD also provides tax benefits of up to Rs 1.50 lakh on deposits under Section 80C of the Income Tax Act. Like many other banks, State Bank of India (SBI) also runs a lot of FD schemes for senior citizens. 
Among all its senior citizen FD schemes, the bank offers its highest interest rate in the 400-day Amrit Kalash scheme at 7.60 per cent. The lender's interest rates for the 1-year, 3-year, and 5-year FD schemes are 7.30 per cent, 7.25 per cent and 7.50 per cent, respectively (As per Paisabaazar.com).

In this write-up, know how much return you will get on Rs 1,25,000, Rs 2,50,000, Rs 3,75,000, and Rs 5,00,000 investments in the 1-year, 3-year, and 5-year SBI senior citizen FDs.

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