SBI Senior Citizen FD Interest Rates: When you cross the retirement age, what may you need to run your daily expenses? It is most likely self-reliance, where you don’t have to ask for money for your old-age expenses. In post-retirement life, nothing beats the feeling of financial freedom and self-dependency. But for that, you need a regular source of income, where you need fixed money so that not only can you run your expenses, but you can also adjust them according to your monthly income. This is the reason why a lot of senior citizen in their old age prefer investing their money in fixed deposit schemes (FDs).
It is a guaranteed return scheme that offers them regular income on a one-time investment.
They invest money in FD schemes of different durations and get a return in the form of yearly interest.
They can get this interest in their bank account monthly, quarterly, half-yearly, or yearly.
Some of the benefits that senior citizens get from the FD are that banks offer them higher interest rates than general citizens, and in a five-year FD, deposits up to Rs 1.50 lakh in a financial year are tax-free.
Like many banks, State Bank of India (SBI) also offers FDs to senior citizens.
While it offers its highest interest rate in the 400-day Amrit Kalash scheme at 7.60 per cent, its interest rates for the 1-year, 3-year, and 5-year FD schemes are 7.30 per cent, 7.25 per cent and 7.50 per cent, respectively.
In this write-up, know what you will get on Rs 80,000, Rs 1,60,000, Rs 2,40,000, and Rs 3,20,000 investments in the 1-year, 3-year, and 5-year FDs.
In 1-year SBI Senior Citizen FD (at 7.30 per cent annual interest rate)
A Rs 80,000 investment in the 1-year FD will give you Rs 6,002 in interest, and the maturity amount will be Rs 86,002.
If you invest Rs 1,60,000 in the 1-year FD, you will get Rs 12,004 in interest, and the maturity amount will be Rs 1,72,004.
On an investment of Rs 2,40,000, you will get Rs 18,005 in interest and Rs 2,58,005 in maturity.
A Rs 3,20,000 investment, on the other hand, will provide you with Rs 24,007 in interest and Rs 3,44,007 on maturity.
In 3-year SBI Senior Citizen FD (at 7.25 per cent annual interest rate)
A Rs 80,000 investment in the 1-year FD will give you Rs 19,244 in interest, and the maturity amount will be Rs 99,244.
If you invest Rs 1,60,000 in the 1-year FD, you will get Rs 38,488 in interest, and the maturity amount will be Rs 1,98,488.
On an investment of Rs 2,40,000, you will get Rs 57,731 in interest and Rs 2,97,731 in maturity.
A Rs 3,20,000 investment, on the other hand, will provide you with Rs 76,975 in interest and Rs 3,96,975 in maturity.
In 5-year SBI Senior Citizen FD (at 7.50 per cent annual interest rate)
A Rs 80,000 investment in the 1-year FD will give you Rs 35,996 in interest, and the maturity amount will be Rs 1,15,996.
If you invest Rs 1,60,000 in the 1-year FD, you will get Rs 71,992 in interest, and the maturity amount will be Rs 2,31,992.
On an investment of Rs 2,40,000, you will get Rs 1,07,988 in interest and Rs 3,47,988 in maturity.
A Rs 3,20,000 investment, on the other hand, will provide you with Rs 1,61,981 in interest and Rs 5,21,981 in maturity.
