SBI Senior Citizen FD Rates: What Rs 3 lakh investment will give you in 1-, 3- and 5-year FDs
The majority of senior citizens are keen on a guaranteed return. It may not be quite high, but it should be regular as it helps them meet their monthly expenditure. Secondly, it also gives them the financial freedom to not depend on others. That's why a lot of them invest their money in fixed deposits (FDs). Banks and non-banking finance companies (NBFCs) offer a higher interest rate to senior citizens than they offer to general citizens. The reason behind that is that they want to encourage them to invest more money in FDs. State Bank of India (SBI) also offers FDs to senior citizens with extended interest rate benefits. The interest rates of SBI FDs for senior citizens are 7.30% in a 1-year FD, 7.25% in a 3-year FD, and 7.50% in a 5-year FD (As per Paisabazaar.com data). Here's what Rs 3 lakh investment in each of the FDs can help you get:
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SBI Senior Citizen FD - 1-year
The lender offers 7.25% interest rate in the 1-year senior citizen FD. If one is investing Rs 300,000 in this FD, they will get Rs 22,507 in interest.
SBI Senior Citizen FD - 1-year
With Rs 22,507 in return, the maturity amount in the 1-year scheme is Rs 3,22,507.
SBI Senior Citizen FD - 3-year
The interest rate in SBI Senior Citizen 3-year FD is 7.25%. If an investor in investing Rs 300,000 in the scheme, they will get Rs 72,164 in return.
SBI Senior Citizen FD - 3-year
The interest rate in SBI Senior Citizen 3-year FD is 7.25%. If an investor invests Rs 300,000 in the scheme, they will get Rs 72,164 in return.
SBI Senior Citizen FD - 5-year
The 5-year SBI Senior Citizen FD offers an interest rate of 7.50%. An investment of Rs 300,000 in the FD will give Rs 1,34,984 in interest.
SBI Senior Citizen FD - 5-year
With Rs 1,34,984 interest, the maturity amount in the 5-year FD will be Rs 4,34,984. The 5-year FD also provides tax benefits on deposits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act.