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SBI Senior Citizen FD Interest Rates: Financial independence is essential at any stage, be it young or old. If a person has had an eventful life before retirement where he does not have to depend on others to meet his daily expenses, then his life can be termed as financially successful. But if the same person does not have cash to meet his daily expenses after retirement, then his life will be considered as financially unsuccessful. Financial independence means having financial resources to meet your expenses from start to finish. People who want regular income after retirement invest in investment products like Senior Citizen Fixed Deposit (FD).
They get returns on this investment in the form of interest, which they can withdraw on a monthly, quarterly, half-yearly or yearly basis depending on their needs.
Most banks and non-banking financial companies (NBFCs) offer slightly higher interest rates to senior citizens than to general citizens.
If they invest in a 5-year FD, they also get tax benefits of up to Rs 1.50 lakh on the deposits under Section 80C of the Income Tax Act.
State Bank of India (SBI) also offers FD schemes for senior citizens.
The bank runs 400-day Amrut Kalash, 1-year, 3-year and 5-year FDs for senior citizens.
This public sector bank is offering the highest interest rate of 7.60 per cent to senior citizens under the Amrit Kalash Yojana.
Its interest rates for 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.
Senior citizens can get their principal amount back on completion of the FD scheme.
Know in this article how much interest amount senior citizens will get on investing Rs 2.50 lakh, Rs 5 lakh, Rs 7.50 lakh and Rs 10 lakh in 1-, 3- and 5-year SBI Senior Citizen FD schemes.
SBI Senior Citizen (1-Year FD)
Since the bank offers 7.30 per cent interest rate on a loan of Rs 2.50 lakh in 1-year plan, it will give you Rs 18,756, and the maturity amount will be Rs 2,68,756.
If you invest Rs 5 lakh in this 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 deposit of Rs 10 lakh, SBI will give you Rs 75,023 in interest and Rs 10,75,023 on maturity.
SBI Senior Citizen (3-Year FD)
Since 3-year FD offers an interest rate of 7.25 per cent, the interest on a deposit of Rs 2.50 lakh will be Rs 60,137, while the maturity amount will be Rs 3,10,137.
On investing Rs 5 lakh in a 3-year FD, you will get Rs 1,20,273 in interest and Rs 6,20,273 on maturity.
By investing Rs 7.50 lakh, you will get interest of Rs 1,80,410 and Rs 9,30,410 on maturity.
If your investment amount is Rs 10 lakh, your interest amount will be Rs 2,40,547 and maturity amount will be Rs 12,40,547.
SBI Senior Citizen (5-Year FD)
A 5-year FD offers an interest rate of 7.50 per cent, so on investing Rs 2.50 lakh in FD, you will get Rs 1,12,487 interest and Rs 3,62,487 maturity value.
If you invest Rs 5 lakh in a 5-year scheme, you will get an 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.
On an investment of Rs 10 lakh, you will get Rs 4,49,948 as interest and Rs 14,49,948 on maturity.
