Latest SBI Senior Citizen FD Rates: Know what you can get on Rs 2 lakh, Rs 4 lakh, and Rs 6 lakh investments in Amrit Vrishti scheme
Latest SBI Senior Citizen FD Rates: Under Section 80C of the Income Tax Act, one can take the benefits of up to Rs 1.5 lakh annually on tax-saving FDs.
A senior citizen fixed deposit (FD) is a term deposit plan that provides higher interest rates to senior citizens (aged 60 years or above). Through these FDs, senior citizens can have reliable source of income.
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SBI Amrit Vrishti Scheme
In this article, we will discuss how much one can get on Rs 2 lakh, Rs 4 lakh and Rs 6 lakh investments on SBI Amrit Vrishti scheme.
Benefits of FDs
Before that, let's take a look at the benefits of FDs.
Safe investment option
FDs are considered one of the safest FD options as market volatility doesn't impact fixed deposit returns.
Tax benefits
Under Section 80C of the Income Tax Act, one can take the benefits of up to Rs 1.5 lakh annually on tax-saving FDs.
Higher interest rates
Most of the banks provide higher interest rates to senior citizens than regular FDs.
Flexibility
You can choose any period from minimum seven days to 10 years for an FD.
Super senior citizen FDs
Some banks and NBFCs provide additional interest rates to people aged 80 or more.
444 days - Amrit Vrishti scheme
SBI provides 7.75 per cent interest rates to senior citizens on 444 days- Amrit Vrishti scheme.
Amrit Vrishti scheme: What will you get on Rs 2 lakh investment?
If a senior citizen person invests Rs 2 lakh in Amrit Vrishti scheme, they will get Rs 2,19,859 as the maturity amount. This includes Rs 19,859 as interest.
Amrit Vrishti scheme: What will you get on Rs 4 lakh investment?
If a senior citizen person invests Rs 4 lakh in Amrit Vrishti scheme, they will get Rs 4,39,718 as the maturity amount. This includes Rs 39,718 as interest.
Amrit Vrishti scheme: What will you get on Rs 6 lakh investment?
If a senior citizen person invests Rs 6 lakh in Amrit Vrishti scheme, they will get Rs 6,59,577 as the maturity amount. This includes Rs 59,577 as interest.
Amrit Vrishti scheme: What will you get on Rs 8 lakh investment?
If a senior citizen person invests Rs 8 lakh in Amrit Vrishti scheme, they will get Rs 8,79,436 as the maturity amount. This includes Rs 79,436 as interest.