SBI Senior Citizen FD Interest Rates: How much time does this guaranteed return scheme take to turn your Rs 9 lakh into Rs 13.05 lakh? Know through calculation
SBI Senior Citizen FD Interest Rates: It runs the Amrit Kalash, 1-year, 3-year, and 5-year FD schemes for senior citizens. The interest rates in these FDs are 7.75 per cent, 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively (Data as per Paisabazaar.com).
SBI Senior Citizen FD Interest Rates: What is financial freedom? It is to have financial dependency at any stage in your life. A situation where you have sources that generate income for you and you don't have to depend on your daily earnings and monthly salary for that. The earlier one gets it, the better it is. It makes you more confident in your old age since you don't have to fall back on anyone. You have your income sources that you can use to run your daily expenses. That's the reason a lot of senior citizens invest in fixed deposit (FD) schemes after the retirement age of 60 years. In the guaranteed return scheme, they get income in the form of interest. Like many banks and small finance banks, State Bank of India (SBI) also runs a lot of FD schemes. It runs the Amrit Kalash, 1-year, 3-year, and 5-year FD schemes for senior citizens. The interest rates in these FDs are 7.75 per cent, 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively (Data as per Paisabazaar.com).
In this write-up, know what you will get in return if you invest Rs 3 lakh, Rs 6 lakh, Rs 9 lakh, and Rs 12 lakh in SBI senior citizen FD schemes of 1 year, 3 years, and 5 years.
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In 1-year SBI Senior Citizen FD
At an interest rate of 7.30 per cent, if one invests Rs 3 lakh in the 1-year FD, their interest will be Rs 22,507, while their maturity amount will be Rs 3,22,507.
In 1-year SBI Senior Citizen FD
On a Rs 6 lakh investment in the FD, interest will be Rs 45,014, while the maturity amount will be Rs 6,45,014.
In 1-year SBI Senior Citizen FD
If one starts a Rs 9 lakh 1-year FD, they will get Rs 67,521 in interest and Rs 9,67,521 in maturity.
In 1-year SBI Senior Citizen FD
On an investment of Rs 12 lakh in the 1-year FD, one will get Rs 90,027 in interest and Rs 12,90,027 in maturity.
In 3-year SBI Senior Citizen FD
On investing Rs 3 lakh in the 3-year FD, one will earn Rs 72,164 in interest and Rs 3,72,164 in maturity.
In 3-year SBI Senior Citizen FD
On a Rs 6 lakh FD, the interest earned will be Rs 1,44,328, and the maturity amount will be Rs 7,44,328.
In 3-year SBI Senior Citizen FD
If one invests Rs 9 lakh in the 3-year FD, they will get Rs 2,16,492 in interest and Rs 11,16,492 in maturity.
In 3-year SBI Senior Citizen FD
With an investment of Rs 12 lakh in the 3-year FD, an investor will get Rs 2,88,656 in interest and Rs 14,88,656 in maturity.
In 5-year SBI Senior Citizen FD
On a Rs 3 lakh investment in the 5-year FD, the investor will get Rs 1,34,984 in interest and Rs 4,34,984 in maturity.
In 5-year SBI Senior Citizen FD
After investing Rs 6 lakh in the 5-year FD, the investor will earn Rs 2,69,969 in interest and Rs 8,69,969 in maturity.
In 5-year SBI Senior Citizen FD
A Rs 9 lakh investment in the 5-year FD will help one get Rs 4,04,953 in interest and Rs 13,04,953 in maturity.
In 5-year SBI Senior Citizen FD
If an investor deposits Rs 12 lakh in the 5-year FD, they will get Rs 5,39,938 in interest and Rs 17,39,938 in maturity.