SBI Senior Citizen FD Interest Rates: What will you get on investments of Rs 5 lakh, Rs 10 lakh, Rs 15 lakh and Rs 20 lakh in this guaranteed return scheme?
SBI Senior Citizen Fixed Deposit Interest Rates: State Bank of India (SBI), like many other banks, offers extra interest rates to senior citizens compared to general citizens. The interest rate for SBI Senior Citizen Amrit Kalash scheme is 7.60 per cent. In the 1-year, 3-year, and 5-year FDs, the interest rates are 7.30 per cent, 7.25 per cent and 7.50 per cent, respectively. The 5-year FD also offers tax benefits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961.
SBI Senior Citizen Latest FD Interest Rates: When people grow old, their sources of income may deplete, but their expenses don't end. They need some monthly income to cover their daily expenses. So, a lot of senior citizens look for an income source for their expenses. Since they don't want to take risks with their income, they prefer investing in sources where they can get a guaranteed return. As a result, many of them invest in senior citizen fixed deposit (FD) schemes. Here, they invest money one-time and get a return in the form of interest. Senior citizens have one benefit over general citizens that banks offer them extra interest in FD schemes. State Bank of India (SBI) also runs FD schemes for senior citizens, of which Amrit Kalash scheme, 1-year, 3-year, and 5-year FDs are popular. The interest rate for SBI Senior Citizen Amrit Kalash scheme is 7.60 per cent. In the 1-year, 3-year, and 5-year FDs, the interest rates are 7.30 per cent, 7.25 per cent and 7.50 per cent, respectively. The 5-year FD also offers tax benefits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961.
In this write-up, know what Rs 5 lakh, Rs 10 lakh, Rs 15 lakh, and Rs 20 lakh in each of the schemes can give on maturity.
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In 1-year SBI Senior Citizen FD
Since the 1-year SBI Senior Citizen FD offers a 7.30 per cent interest rate, a Rs 5 lakh investment in the scheme gives Rs 37,511 in interest and Rs 5,37,511 on maturity.
A Rs 10 lakh investment in the same scheme will give Rs 75,023 in interest and Rs 10,75,023 in maturity.
In 1-year SBI Senior Citizen FD
Investing Rs 15 lakh in the same scheme will fetch Rs 1,12,534 in interest and Rs 16,12,534 in maturity.
One investing Rs 20 lakh, one gets Rs 1,50,046 in interest and Rs 21,50,046 in maturity.
In 3-year SBI Senior Citizen FD
At a 7.25 interest rate in the 3-year SBI Senior Citizen FD, a Rs 5 lakh investment in the scheme gives Rs 1,20,273 in interest and Rs 6,20,273 in maturity.
On an investment of Rs 10 lakh, one gets Rs 2,40,547 in interest and Rs 12,40,547 in maturity.
In 3-year SBI Senior Citizen FD
A Rs 15 lakh investment can help one get Rs 3,60,820 in interest and Rs 18,60,820 in maturity.
Investing Rs 20 lakh in the same will give Rs 4,81,094 in interest and Rs 24,81,094 in maturity.
In 5-year SBI Senior Citizen FD
Since the 5-year SBI Senior Citizen FD offers an interest rate of 7.50 per cent, a Rs 5 lakh investment will give Rs 2,24,974 in interest and Rs 7,24,974 in maturity.
A Rs 10 lakh investment will give Rs 4,49,948 in interest and Rs 14,49,948 in maturity.
In 5-year SBI Senior Citizen FD
A Rs 15 investment in the same FD will give Rs 6,74,922 in interest and Rs 21,74,922 in maturity.
On investing Rs 20 lakh in the same FD, one will get Rs 8,99,896 in interest and Rs 28,99,896 in maturity.