SBI Senior Citizen FD Rates: What investors will get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposit schemes
SBI Senior Citizen FD Rate: Senior citizens use fixed deposit (FD) investments for their retirement planning too. They invest a lump sum amount and get return in the form of interest. SBI offers special FDs such as Amrit Vrishti, Amrit Kalash, and traditional FDs such as 1, 3, and 5, and 10 years for senior citizens.
SBI Senior Citizen FD Interest Rates: Retirement planning is an important aspect for a young person, but it is equally pivotal for senior citizens as they need a regular income source to run their monthly expenses. Senior citizens make investments to get return that they use for their expenses. Since most of them don't want to take much risk with their money in old age, a lot of them invest in fixed deposit (FD) schemes. FDs are guaranteed return schemes, where senior citizens can park their lump sum amount for a certain duration and get return on maturity. If they want, they can get this interest on a monthly, quarterly, half-yearly, or annual basis.
Like many other banks, State Bank of India (SBI) also offers a number of FD schemes for senior citizens. Some of them are special FDs such as Amrit Kalash, Amrit Vrishti, Sarvottam, Green Rupee Term Deposit, others are traditional FDs such as 1-, 3-, 5-, and 10 years.
SBI offers its highest interest rate to senior citizens in the Amrit Vrishti Scheme. The 444-day special FD offers 7.75 per cent interest rate to senior citizens, while the rates in the 1-, 3-, and 5-year FDs are 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively.
In this write-up, know how much interest senior citizens will get on investments of Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh in the Amrit Vrishti, 1-, 3-, and 5-year FDs.
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SBI Senior Citizen Amrit Vrishti Special FD: Return on Rs 7 lakh investment
The estimated interest on a Rs 7 lakh investment will be Rs 68,509.29, and the estimated maturity will be Rs 7,68,509.29.
SBI Senior Citizen Amrit Vrishti Special FD: Return on Rs 14 lakh investment
Investors will get estimated Rs 1,37,018.59 in returns and estimated Rs 15,37,018.59 in maturity.
SBI Senior Citizen Amrit Vrishti Special FD: Return on Rs 21 lakh investment
On a Rs 21 lakh investment, the investor will get estimated Rs 2,05,527.88 in interest and estimated Rs 23,05,527.88 in maturity.
SBI Senior Citizen 1-year FD: Return on Rs 7 lakh investment
The estimated interest on a Rs 7 lakh investment in the 1-year senior citizen FD will be Rs 52,515.96, and the estimated maturity will be Rs 7,52,515.96.
SBI Senior Citizen 1-year FD: Return on Rs 14 lakh investment
On investing Rs 14 lakh, senior citizens will get estimated Rs 1,05,031.92 in interest and estimated Rs 15,05,031.92 in maturity.
SBI Senior Citizen 1-year FD: Return on Rs 21 lakh investment
A Rs 21 lakh investment in the senior citizen FD will give Rs 1,57,547.88 in interest and estimated Rs 22,57,547.88 in maturity.
SBI Senior Citizen 3-year FD: Return on Rs 7 lakh investment
In the 3-year FD, senior citizens will get estimated Rs 1,68,382.89 in interest and estimated Rs 8,68,382.89 in maturity.
SBI Senior Citizen 3-year FD: Return on Rs 14 lakh investment
A Rs 10 lakh investment will give estimated Rs 3,36,765.79 in interest and estimated Rs 17,36,765.79 in maturity.
SBI Senior Citizen 3-year FD: Return on Rs 21 lakh investment
On investing Rs 21 lakh, senior citizens will get estimated Rs 5,05,148.68 in interest and estimated Rs 26,051,48.68 in maturity.
SBI Senior Citizen 5-year FD: Return on Rs 7 lakh investment
On investing Rs 7 lakh in the FD, senior citizens will get estimated Rs 314963.62 in interest and estimated Rs 1014963.62 in maturity.
SBI Senior Citizen 5-year FD: Return on Rs 14 lakh investment
The estimated interest on a Rs 14 lakh investment will be Rs 6,29,927.24, and the estimated maturity will be Rs 20,29,927.24.
SBI Senior Citizen 5-year FD: Return on Rs 15 lakh investment
Senior citizens will get estimated Rs 9,44,890.85 in interest and estimated Rs 30,44,890.85 in maturity on investing Rs 15 lakh in the SBI 5-year Senior citizen FD.