SBI Senior Citizen Latest FD Interest Rates: What will be your maturity amount if you invest Rs 2.50 lakh, Rs 5 lakh, Rs 7.50 lakh, or Rs 10 lakh in 1-, 3-, and 5-year guaranteed return schemes
SBI Senior Citizen Latest FD Rates: Senior citizens invest in fixed deposit (FD) schemes as it gives them regular income post retirement. Banks, including State Bank of India (SBI), provide higher interest rates to senior citizens compared to general citizens in FDs. SBI runs Amrit Kalash special scheme, 1-year, 3-year, and 5-year FDs. If senior citizens invest in the 5-year FD, they get tax benefits under Section 80C of the Income Tax Act, 1961.
SBI Senior Citizen Fixed Deposit (FD) Interest Rates 2024: Senior citizens may have depleted sources of income post retirement, but their expenses remain nearly the same. They may decrease to some extent, but senior citizens need a regular source of income to meet their expenses. Some of them have pension plans, some have rental properties, but most of them depend on others for expenses. However, the best practice to achieve financial freedom is not to depend on anyone and to have your own source of income. Many senior citizens invest in guaranteed return schemes from where they can a fixed amount regularly. The other reason to invest in fixed income sources is that senior citizens don't want to take a risk with their money in old age and so invest in non-market-linked schemes. Fixed deposit (FD) is one of them. Here, senior citizens can invest their money one time, and get income in the form of interest. Like many other banks, SBI also runs FD schemes for senior citizens. The PSU bank runs the 444-day Amrit Kalash, 1-year, 3-year, and 5-year FD schemes for senior citizens. The lender is offering its best interest rate to senior citizens in its Amrit Kalash scheme. It's a special scheme, offering 7.75 per cent annual interest rate. Interest rates in the 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, we will tell you about the estimated returns on Rs 2.50 lakh, Rs 5 lakh, Rs 7.50 lakh, and Rs 10 lakh investments in SBI Senior Citizen FD schemes of 1, 3, and 5 years.
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In 1-year SBI Senior Citizen FD
The 1-year SBI Senior Citizen FD provides an interest rate of 7.30 per cent, so, an investor with Rs 2,50,000 investment in the scheme will get estimated interest of Rs 18,756 and the estimated maturity amount of Rs 2,68,756.
In 1-year SBI Senior Citizen FD
If a senior citizen invests Rs 5,00,000 in the 1-year FD, they will get an estimated interest of Rs 37,511 and the estimated maturity amount of Rs 5,37,511.
In 1-year SBI Senior Citizen FD
A Rs 7,50,000 investment in the SBI FD will help one get estimated interest of Rs 56,267 and the estimated maturity amount of Rs 8,06,267.
In 1-year SBI Senior Citizen FD
On investing Rs 10,00,000, the 1-year SBI FD provides estimated interest of Rs 75,023 and the estimated maturity amount of Rs 10,75,023.
In 3-year SBI Senior Citizen FD
Since the 3-year SBI Senior Citizen FD provides a 7.25 per cent interest rate, on a Rs 2,50,000 investment, a senior citizen will get the estimated interest of Rs 60,137 and the estimated maturity amount of Rs 3,10,137.
In 3-year SBI Senior Citizen FD
On investing Rs 5,00,000 in the 3-year SBI FD, a senior citizen will 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
A Rs 7,50,000 in the senior citizen FD scheme will them get an estimated interest of Rs 1,80,410 and the estimated maturity of Rs 9,30,410.
In 3-year SBI Senior Citizen FD
A senor citizen with Rs 10,00,000 investment in the SBI FD can get an estimated interest of Rs 2,40,547 and the estimated maturity of Rs 12,40,547.
In 5-year SBI Senior Citizen FD
Since the 5-year SBI Senior Citizen FD provides 7.50 per cent interest, a Rs 2,50,000 investment in the guaranteed return scheme will help a senior citizen get estimated interest of Rs 1,12,487 and the estimated maturity amount of Rs 3,62,487.
In 5-year SBI Senior Citizen FD
On a Rs 5,00,000 investment in the SBI FD, a senior citizen will get an estimated return of Rs 2,24,974 and the estimated maturity of Rs 7,24,974.
In 5-year SBI Senior Citizen FD
If a senior citizen makes a one-time investment of Rs 7,50,000 in the 5-year SBI FD, they will get an estimated interest of Rs 3,37,461 and the estimated maturity amount of Rs 10,87,461.
In 5-year SBI Senior Citizen FD
A Rs 10,00,000 investment in the senior citizen FD will help them get an estimated interest of Rs 4,49,948 and the estimated maturity amount of Rs 14,49,948.