look news india
SBI Senior Citizen FD Interest Rates: When you grow old, your income may stop but your daily expenses do not. They may be less than when you were young but they are not zero and need some source to meet them. However, most senior citizens find it difficult to get any work or job after the age of 60. They either have to depend on others (mostly children) to meet their daily expenses or they depend on the returns from their investments. It is always better to have financial independence at every stage of your life where you do not have to depend on anyone. It is best to start your retirement planning early so that you have a big corpus by the age of 60. But if one does not have a retirement corpus by that age, they can invest in many government and private senior citizen schemes whose sole purpose is to help senior citizens get returns in their old age so that they can meet their daily expenses. Senior Citizen Fixed Deposit (FD) is one such scheme where they get returns in the form of interest. This scheme is not market linked and offers guaranteed returns, so there is not much market risk. The 5-year FD also offers tax benefits of up to Rs 1.50 lakh on deposits under Section 80C of the Income Tax Act. Like many other banks, State Bank of India (SBI) also runs several FD schemes for senior citizens.
Of all its senior citizen FD schemes, the bank offers the highest interest rate at 7.60 per cent on the 400-day Amrut Kalash scheme. The lender's interest rates for 1-year, 3-year and 5-year FD schemes are 7.30 per cent, 7.25 per cent and 7.50 per cent, respectively (according to Paisabazaar.com).
Know in this article how much return you will get on investing Rs 1,25,000, Rs 2,50,000, Rs 3,75,000 and Rs 5,00,000 in 1 year, 3 year and 5 year SBI Senior Citizen FD.
1-year SBI Senior Citizen FD (7.30 per cent annual interest rate)
If you invest Rs 1,25,000 in a 1-year FD, the interest amount you will receive will be Rs 9,378, while the maturity amount will be Rs 1,34,378.
On an investment of Rs 2,50,000, you will get an interest amount of Rs 18,756 and the maturity amount will be Rs 2,68,756.
1-year SBI Senior Citizen FD (7.30 per cent annual interest rate)
By investing Rs 3,75,000, you will get interest of Rs 28,134 and the maturity amount will be Rs 4,03,134.
On an investment of Rs 500,000, you will get Rs 37,511 as interest and Rs 5,37,511 on maturity.
3-year SBI Senior Citizen FD (7.25% annual interest rate)
If you invest Rs 1,25,000 in a 1-year FD, the interest amount you will receive will be Rs 30,068, while the maturity amount will be Rs 1,55,068.
On an investment of Rs 2,50,000, you will get an interest amount of Rs 60,137 and the maturity amount will be Rs 3,10,137.
3-year SBI Senior Citizen FD (7.25% annual interest rate)
On an investment of Rs 3,75,000, you will get interest of Rs 90,205 and the maturity amount will be Rs 4,65,205.
On an investment of Rs 500,000, you will get Rs 1,20,273 as interest and Rs 6,20,273 on maturity.
5-year SBI Senior Citizen FD (7.50 per cent annual interest rate)
If you invest Rs 1,25,000 in a 1-year FD, the interest amount you will receive will be Rs 56,244, while the maturity amount will be Rs 1,81,244.
On an investment of Rs 2,50,000, you will get an interest amount of Rs 1,12,487 and the maturity amount will be Rs 3,62,487.
5-year SBI Senior Citizen FD (7.50 per cent annual interest rate)
On investing Rs 3,75,000, you will get interest of Rs 1,68,731 and the maturity amount will be Rs 5,43,731.
On an investment of Rs 500,000, you will get Rs 2,24,974 as interest and Rs 7,24,974 on maturity.