SBI Senior Citizen FD Rates: What Rs 5 lakh investment will give you in 1-, 3- and 5-year FDs
A lot of senior citizens want guaranteed income on their investments. That's why they don't want to invest their money in market-linked scheme. SBI fixed deposit (FD) schemes are popular among senior citizens as these investment plans give them some extra interest rate than they provide to general citizens.
Fixed deposits (FDs) are popular among investors who need guaranteed return from their investments. Those who don't want to expose their money to market-linked programmes prefer non-market-linked products. This is the reason why FDs are popular among senior citizens. Most of the banks offer extra interest rate to senior citizens. State Bank of India (SBI) is also one of them. SBI offers 7.30% interest rate in a 1-year FD, 7.25% in a 2-year FD and 7.50% in a 5-year FD to senior citizens. Here's what Rs 5 lakh investment can help one get in each of the schemes.
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SBI Senior Citizen FD - 1-year
In the 1-year FD, on a Rs 5 investment, one will get Rs 37,511 as interest, while their maturity amount after one-year period will be Rs 5,37,511.
SBI Senior Citizen FD - 3-year
At a 7.25 per cent interest rate in the 3-year FD, an investor will get Rs 1,20,273 in interest and their maturity amount will be Rs 6,20,273.
SBI Senior Citizen FD - 5-year
At a 7.25 per cent interest rate in the 5-year FD, an investor will get Rs 2,24,974 in interest and their maturity amount will be Rs 7,24,974.
SBI Senior Citizen FD
This is how one can earn up to Rs 2,24,974 in interest if they invest their Rs 5 lakh in a SBI Senior Citizen FD.