SBI Senior Citizen FD vs SBI Senior Citizen RD: Which will provide higher maturity amount on Rs 9 lakh investment in 3 years; see calculations
SBI Senior Citizen FD vs SBI Senior Citizen RD Calculator: Investors make one-time investment in a fixed deposit (FD) scheme, while in a recurring deposit (RD) scheme, the investment is done on a monthly basis.
SBI Senior Citizen FD vs SBI Senior Citizen RD: Fixed deposit (FD) and recurring deposit (RD) are two guaranteed return investment schemes with different styles of investment. In an FD, investors make a lump sum investment and get return in the form of interest. In RD, the investment is monthly, and investors get the maturity amount on the competition of the scheme. Senior citizens with a low-risk appetite and the requirement of monthly income post-retirement opt for FD and RD. State Bank of India (SBI) like many other banks, offers FD and RD. In this write-up, know more about SBI Senior Citizen 3-year FD and 3-year RD and which of the two will give higher returns on Rs 9 lakh investment.
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SBI Senior Citizen 3-year FD interest rate
SBI offers a 7.30 per cent interest rate to senior citizens in the 3-year FD scheme.
SBI Senior Citizen 3-year RD interest rate
The interest rate for SBI 3-year RD is 7.30 per cent.
Investment amount in SBI Senior Citizen FD
The investment amount in SBI Senior Citizen FD will be Rs 9 lakh.
Investment amount in SBI Senior Citizen RD
We will take Rs 9 lakh as the amount to invest in monthly instalments for 3 years.
Investment amount in SBI Senior Citizen RD
So, the monthly investment in the SBI RD will be Rs 25,000.
Interest amount in 3-year SBI Senior Citizen FD
The estimated interest a senior citizen will get in 3 years will be Rs 2,18,138.
Maturity amount in 3-year SBI Senior Citizen FD
The estimated interest a senior citizen will get in 3 years will be Rs 11,18,138.
Interest amount in 3-year SBI Senior Citizen RD
The estimated interest a senior citizen will get in 3 years will be Rs 1,08,159.
Maturity amount in 3-year SBI Senior Citizen RD
The estimated interest a senior citizen will get in 3 years will be Rs 10,08,159.
How much extra will one get in SBI Senior Citizen FD
The extra amount one will earn in SBI Senior Citizen FD will be Rs 1,09,979.
However, this is because of the lump sum investment made in the beginning.