Senior citizens FD Scheme: A large number of senior citizens who have the capacity to invest and know its benefits opt for investment schemes that can provide them with guaranteed returns.
These schemes may be non-market-linked and may not have as much returns as can be found in equity and mutual funds, but a stable income in the form of returns provides peace of mind to senior citizens.
Also, they do not have to depend on others to meet their monthly expenses. This is why many senior citizens invest their money in fixed deposit (FD) schemes. The advantage of investing in FD is that after a lump sum investment, they can get returns in the form of monthly, quarterly, half-yearly or annual credit in their account.
The second advantage is that most banks and non-banking finance companies (NBFCs) offer higher interest rates to senior citizens than to general citizens in most of their FD schemes. State Bank of India (SBI) also runs FD schemes and offers higher interest rates to senior citizens. It offers its highest interest rate at 7.60 per cent in the 400-day Amrit Kalash Yojana.
SBI’s interest rates for 1-year, 3-year and 5-year FDs are 7.30 per cent, 7.25 per cent and 7.50 per cent, respectively.
The advantage of investing in a 5-year FD is that it also offers tax exemption on deposits up to Rs 1.50 lakh in a financial year.
In this article, we will tell you how much interest and maturity value a senior citizen can get on investing Rs 2 lakh, Rs 4 lakh, Rs 6 lakh and Rs 8 lakh in SBI Senior Citizen FD.
SBI Senior Citizen FD Interest Rates: If you invest Rs 2 lakh
In a 1-year FD, you get 7.30 per cent interest, so an investment of Rs 2 lakh will give you a return of Rs 15,005, and the maturity value will be Rs 2,15,005.
In a 3-year FD, at 7.25 per cent interest rate, the return will be Rs 48,109, while the maturity value will be Rs 2,48,109.
In a 5-year FD, at 7.50 per cent interest rate, the interest will be Rs 89,990, while the maturity value will be Rs 2,89,990.
SBI Senior Citizen FD Interest Rates: If you invest Rs 4 lakh
In a 1-year FD, an investment of Rs 4 lakh will give you a return of Rs 30,009, and the maturity value will be Rs 4,30,009. An investment of Rs 4 lakh in a 3-year FD will fetch you a return of Rs 96,219, while the maturity value will be Rs 4,96,219.
An investment of Rs 4 lakh in a 5-year FD will fetch you an interest of Rs 1,79,979, while the maturity value will be Rs 5,79,979.
SBI Senior Citizen FD Interest Rates: If you invest Rs 6 lakh
An investment of Rs 6 lakh in a 1-year FD will fetch you a return of Rs 45,014, and the maturity value will be Rs 6,45,014.
An investment of Rs 6 lakh in a 3-year FD will fetch you a return of Rs 1,44,328, while the maturity value will be Rs 7,44,328.
On investing Rs 6 lakh in a 5-year FD, you will get an interest of Rs 2,69,969, while the maturity value will be Rs 8,69,969.
SBI Senior Citizen FD Interest Rates: If you invest Rs 8 lakh
On investing Rs 8 lakh in a 1-year FD, you will get a return of Rs 60,018 and the maturity value will be Rs 8,60,018.
On investing Rs 8 lakh in a 3-year FD, you will get a return of Rs 1,92,438, while the maturity value will be Rs 9,92,438.
On investing Rs 8 lakh in a 5-year FD, you will get an interest of Rs 3,59,958, while the maturity value will be Rs 11,59,958.
