Senior Citizens Fixed Deposit: Investing in SBI’s Senior Citizens Term Deposit Scheme) can double your money. Senior citizens are getting good returns under this scheme.
Senior Citizens Fixed Deposit: Today, on 21 August, World Senior Citizens Day is being celebrated. This day is celebrated to honor the contribution of our senior citizens to the society. On such an occasion, the financial security of senior citizens should also be talked about, especially choosing the right investment at the right time is very important. State Bank of India’s Superhit scheme can be your right choice for this. Investing in SBI’s Senior Citizens Term Deposit Scheme) can double your money. Senior citizens are getting good returns under this scheme.
Senior Citizens FD Scheme Interest Rates
The bank is giving interest return at the rate of 7.50% to senior citizens under this scheme. Talking about other tenures, FDs are available for tenures ranging from 7 days to 10 years, on which the interest rate starts from 3.50% to 7.50%. Under the scheme, senior citizens get an additional benefit of 50 bps. You also get the facility of loan on this.
How will 5 lakhs become 10 lakhs?
If you invest money in this scheme for 10 years, then your money will double directly. If you want to invest 5 lakhs, then let’s see the calculation.
Total Investment – Rs 5,00,000
Interest rate- 7.5%
Investment tenure- 10 years
Amount invested – Rs 5 lakh
Interest return – Rs 5,51,175
Total return – Rs 10,51,175
That means your money will be more than double. You will get a benefit of five and a half lakhs directly from the interest.
How will 10 lakhs become 21 lakhs?
If you want to invest 10 lakhs, then the calculus will remain like this.
Total Investment – Rs 10,00,000
Interest rate- 7.5%
Investment tenure- 10 years
Amount invested – Rs 10 lakh
Interest return – Rs 11,02,349
Total return – Rs 21,02,349
Remember that SBI keeps on revising the interest rates on its scheme at an interval, in such a situation this calculation keeps on fluctuating. According to the current interest rate, you must calculate once before investing that how much your return will be.
