SBI Senior Citizen Fixed Deposit (FD) Interest Rates: What you will get on investments of Rs 1 lakh, Rs 3 lakh, Rs 4 lakh, and Rs 5 lakh in this guaranteed return scheme
SBI Senior Citizen FD Interest Rates: State Bank of India (SBI) runs a lot of fixed deposit (FD) schemes for senior citizens, the most prominent of which are Amrit Kalash, 1-year, 3-year, and 5-year FDs. If one invests in the 5-year SBI senior citizen FD, they can get up to Rs 1.50 lakh tax benefits under Section 80C of the Income Tax Act, 1961.
SBI Senior Citizen FD Interest Rates: Senior citizens need regular income post retirement. Those who don't want to take risk with their money and want a regular stream of income invest in guaranteed return schemes, one of which is fixed deposit (FD). In FDs, they can invest one time and get a return in the form of annual interest. Senior citizens can request with their banks to have that interest income on a quarterly or monthly basis. Nearly all banks and small banks offer extra interest rates to senior citizens. Like many other banks, State Bank of India (SBI) also offers extra interest rates to senior citizens in its FD schemes. The leading bank of the country runs the Amrit Kalash, 1-year, 3-year, and 5-year FD schemes for senior citizens. Among all senior citizen FDs, Amrit Kalash offers the highest interest rate at 7.75 per cent. The interest rates for 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, through projections, know what you will get as maturity amounts on investments of Rs 1 lakh, Rs 3 lakh, Rs 4 lakh, and Rs 5 lakh in SBI Senior Citizen FD schemes of 1 year, 3 years, and 5 years, respectively.
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In 1-year SBI Senior Citizen FD
Since it provides an interest rate of 7.30 per cent, a Rs 1 lakh investment in the FD will give an estimated return of Rs 7,502, while the estimated maturity amount will be Rs 1,07,502.
In 1-year SBI Senior Citizen FD
On a Rs 3 lakh investment, an investor will get an estimated interest of Rs 22,507 and the maturity of Rs 3,22,507.
In 1-year SBI Senior Citizen FD
A Rs 4 lakh investment in the 1-year FD means an estimated return of Rs 30,009. The estimated maturity amount thus will be Rs 4,30,009.
In 1-year SBI Senior Citizen FD
If one invests Rs 5 lakh in the 1-year FD, the estimated return will be Rs 37,511, and the estimated maturity amount will be Rs 5,37,511.
In 3-year SBI Senior Citizen FD
At an interest rate of 7.25 per cent, a Rs 1 lakh investment in the 3-year SBI Senior Citizen FD will give an estimated interest of Rs 24,055, and the estimated maturity amount of Rs 1,24,055.
In 3-year SBI Senior Citizen FD
If one invests Rs 3 lakh in the FD, they will get an estimated interest of Rs 72,164 and the estimated maturity of Rs 3,72,164.
In 3-year SBI Senior Citizen FD
A Rs 4 lakh investment in the 1-year FD means an estimated return of Rs 96,219 and an estimated maturity of Rs 4,96,219.
In 3-year SBI Senior Citizen FD
On a Rs 5 lakh investment in the 1-year FD, the estimated interest will be Rs 1,20,273, and the maturity amount will be Rs 6,20,273.
In 5-year SBI Senior Citizen FD
At an interest rate of 7.50 per cent, a Rs 1 lakh investment in the 5-year FD can give an estimated return of Rs 44,995, while the estimated maturity amount will be Rs 1,44,995.
In 5-year SBI Senior Citizen FD
If one invests Rs 3 lakh in the 5-year FD, they will get an estimated return of Rs 1,34,984 and a maturity of Rs 4,34,984.
In 5-year SBI Senior Citizen FD
A Rs 4 lakh investment in the 5-year FD means an estimated interest of Rs 1,79,979 and the estimated maturity amount of 5,79,979.
In 5-year SBI Senior Citizen FD
On a Rs 5 lakh investment in the 5-year FD, the estimated return will be Rs 2,24,974, and the estimated maturity value will be Rs 7,24,974.