SBI Senior Citizen FD Interest Rates: In how much time can you turn your Rs 10.50 lakh into Rs 15.23 lakh in this guaranteed return scheme?
SBI Senior Citizen FD Interest Rates: Senior citizens need financial freedom in their retirement life, so they need a fixed income source. This income helps them meet their daily expenses in old age, and they don't have to depend on anyone for monetary needs. That's the reason a lot of them prefer investing in the guaranteed return schemes, where they get a fixed income post retirement. Many banks and small banks encourage them to invest and offer extra interest rates on fixed deposits (FDs). State Bank of India (SBI) also offers extra interest rates on FDs compared to rates it offers to general citizens. E.g., SBI's interest rates for general citizens for its Amrit Kalash, 1-year, 3-year, and 5-year FDs are 7.25 per cent, 6.80 per cent, 6.75 per cent, and 6.50 per cent, respectively. However, for senior citizens, the same are 7.75 per cent, 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively (Data as per Paisabazaar.com) .
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In this write-up, know what investments of Rs 3.50 lakh, Rs 7 lakh, Rs 10.50 lakh, and Rs 14 lakh in SBI senior citizen FD schemes of 1 year, 3 years, and 5 years will give you on maturity. Get calculations here-
In 1-year SBI Senior Citizen FD
On an investment of Rs 3.50 lakh in the 1-year FD, the interest earned will be Rs 26,258, and the maturity amount will be Rs 3,76,258.
In 1-year SBI Senior Citizen FD
If one invests Rs 7 lakh in it, the interest earned will be Rs 52,516, and the maturity amount will be Rs 7,52,516.
In 1-year SBI Senior Citizen FD
A Rs 10.50 lakh investment in the 1-year FD will bring you Rs 78,774 in interest and Rs 11,28,774 in maturity.
In 1-year SBI Senior Citizen FD
On investing Rs 14 lakh in the 1-year FD, an investor will get Rs 1,05,032 in interest and Rs 15,05,032 in maturity.
In 3-year SBI Senior Citizen FD
If one invests Rs 3.50 lakh in the 3-year FD, their interest will be Rs 84,191, and the maturity value will be Rs 4,34,191.
In 3-year SBI Senior Citizen FD
On investing Rs 7 lakh in the scheme, one will get interest of Rs 1,68,383, and the maturity amount of Rs 8,68,383.
In 3-year SBI Senior Citizen FD
A Rs 10.50 lakh investment in the 3-year FD will give an investor interest of Rs 2,52,574 and a and a maturity of Rs 13,02,574.
In 3-year SBI Senior Citizen FD
On investing Rs 14 lakh in the 3-year FD, one can get Rs 3,36,766 in interest and Rs 17,36,766 in maturity.
In 5-year SBI Senior Citizen FD
An investment of Rs 3.50 lakh in the 5-year FD will give Rs 1,57,482 in interest and Rs 5,07,482 in maturity.
In 5-year SBI Senior Citizen FD
On investing Rs 7 lakh in the 5-year FD, the interest earned will be Rs 3,14,964, and the maturity will be Rs 10,14,964.
In 5-year SBI Senior Citizen FD
A Rs 10.50 lakh investment in the FD will help one get the interest of Rs 4,72,445 and the maturity amount of Rs 15,22,445.
In 5-year SBI Senior Citizen FD
On investing Rs 14 lakh in the 5-year FD, an investor will earn Rs 6,29,927 in interest and Rs 20,29,927 in maturity.