SBI Senior Citizen FDs: What Rs 1 lakh investment in 1-year, 2-year, 3-year and 5-year FDs will give you
Fixed deposit (FD) is a scheme run by post office as well as banks, small finance banks, and non-banking finance companies (NBFCs). Investors keen on non-market-linked investment products invest in FDs since they provide guaranteed returns. Like many other banks, State Bank of India (SBI) also provides additional interest rates to senior citizens on most of its FDs.
SBI Senior Citizen Fixed Deposits: State Bank of India (SBI) runs a number of fixed deposit (FDs) schemes. Like many other banks, small finance banks and non-banking finance companies (NBFCs), SBI also provides extra interest rate of up to 50 bps to senior citizens on most of its FD schemes. Investment in a five-year FD also provides tax benefits on deposits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act.
Here's what senior citizens can get on Rs 1 lakh investment each in 1-year, 2-year, 3-year and 5-year SBI senior citizen FDs.
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Interest rates
Interest rates
Interest rates for SBI senior citizen FDs are- (7.30% for 1-year FD), (7.50% for 2-year FD), (7.25% for 3-year FD), (7.50% for 5-year FD).
Return in 1-year FD
Return in 1-year FD
On Rs 1 lakh investment, you will get Rs 7,502 as interest at 7.30% interest rate and your maturity value after one year will be Rs 107,502.
Return in 2-year FD
Return in 2-year FD
In a two-year senior citizens FD, your interest in two years will be Rs 16,022, while your maturity amount will be Rs 1,16,022.
Return in 3-year FD
Return in 3-year FD
In a three-year SBI senior citizens FD, at 7.25% interest rate, in three years, you will get Rs 24,055 as interest, while your maturity amount will be Rs 1,24,055.
Return in 5-year FD
Return in 5-year FD
If you invest Rs 1 lakh in a five-year SBI senior citizens FD, at 7.50% interest rate, you will get Rs 44,995 as interest, while your maturity amount will be Rs 1,44,995.