SBI Senior Citizen Latest FD Interest Rates: Senior citizens need a source of income in their retirement days so that they don’t have to depend on others. They prefer guaranteed return schemes where they get steady income to cover their daily expenses. So, they invest in schemes such as fixed deposits (FD), where they have to invest once and get interest in return.
SBI Senior Citizen FD Interest Rates: Financial freedom at any stage is necessary, be it a young age or the old. If one has an eventful life pre-retirement where they don’t have to depend on others to meet their daily expenses, their life can be said to be financially successful. But if the same person runs out of cash to meet their daily expenses post retirement, their life will be considered a financial failure. Financial freedom means having the financial resources to meet your expenses from start to finish. People who want a regular income stream post retirement invest in investment products such as senior citizen fixed deposits (FDs).
They get a return on this investment in the form of interest, which they can withdraw monthly, quarterly, half-yearly, or annually, depending on their requirements.
Most banks and non-banking finance companies (NBFCs) offer a bit higher interest rates to senior citizens than they offer to general citizens.
If they invest in a 5-year FD, it also provides them with tax benefits of up to Rs 1.50 lakh on deposits under Section 80C of the Income Tax Act.
State Bank of India (SBI) also offers FD schemes to senior citizens.
The bank runs the 400-day Amrit Kalash, 1-year, 3-year, and 5-year FDs for senior citizens.
The PSU bank is offering its highest interest rates to senior citizens in the Amrit Kalash scheme at 7.60 per cent.
Its interest rates for the 1-year, 3-year, and 5-year senior citizen FD schemes are 7.30 per cent, 7.25 per cent, and 7.50 per cent, respectively.
On the completion of the FD scheme, senior citizens can get their principal amount back.
In this write-up, know the interest amounts senior citizens will get on investments of Rs 2.50 lakh, Rs 5 lakh, Rs 7.50 lakh, and Rs 10 lakh in the 1-, 3-, and 5-year SBI senior citizen FD schemes.
SBI Senior Citizen (1-year FD)
Since the bank offers a 7.30 per cent interest rate in the 1-year scheme, on a loan of Rs 2.50 lakh, it will give you Rs 18,756 in return, and the maturity amount will be Rs 2,68,756.
If you invest Rs 5 lakh in the same scheme, you will get interest of Rs 37,511, while your maturity amount will be Rs 5,37,511.
If you invest Rs 7.50 lakh, you will get interest of Rs 56,267, and the maturity amount will be Rs 8,06,267.
On a Rs 10 lakh deposit, SBI will give you Rs 75,023 in interest and Rs 10,75,023 in maturity.
SBI Senior Citizen (3-year FD)
Since the 3-year FD provides an interest rate of 7.25 per cent, interest on the Rs 2.50 lakh deposit will be Rs 60,137, while the maturity amount will be Rs 3,10,137.
A Rs 5 lakh investment in the 3-year FD will give you Rs 1,20,273 in interest and Rs 6,20,273 in maturity.
On investing Rs 7.50 lakh, you will get interest of Rs 1,80,410 and Rs 9,30,410 in maturity.
If your investment amount is Rs 10 lakh, your interest amount will be Rs 2,40,547, and the maturity value will be Rs 12,40,547.
SBI Senior Citizen (5-year FD)
The 5-year FD offers an interest rate of 7.50 per cent, so a Rs 2.50 lakh investment in the FD will give you Rs 1,12,487 in interest and Rs 3,62,487 in maturity value.
Investing Rs 5 lakh in the 5-year scheme will provide you with interest of Rs 2,24,974. The maturity value will be Rs 7,24,974.
If you invest Rs 7.50 lakh in this FD, you will get interest of Rs 3,37,461, and the maturity amount will be Rs 10,87,461.
A Rs 10 lakh investment will help you get Rs 4,49,948 in interest and Rs 14,49,948 in maturity.
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