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Latest FD Interest Rates for Senior Citizens: SBI, 2 other PSU banks pay these returns in 5 years now
- Written by Anamika Singh
Published: Zee Business| Updated: Zee Business
Senior citizens looking to secure their savings with fixed deposits (FDs) can now explore attractive returns offered by top banks like SBI, PNB, Canara Bank, and others. With the latest FD rates, a 5-year investment of Rs 5 lakh can provide good returns. These rates can help senior citizens grow their savings safely while enjoying higher interest rates compared to regular depositors. In this article, we’ll review the current 5-year FD interest rates for senior citizens and check what they will get in return if they invest Rs 5 lakh in a 5-year fixed deposit.
Photos source: Pixabay/Representational
(Disclaimer: Our calculations are projections and not investment advice. Do your due diligence or consult an expert for financial planning)
1/10
Understanding fixed deposit
1/10A Fixed Deposit (FD) is an investment option, for individuals looking for guaranteed returns and minimal risk. It allows people to invest a lump sum amount for a fixed tenure at a pre-determined interest rate, which is paid either periodically or at maturity. For senior citizens, banks offer higher interest rates compared to regular customers, making FDs a great way to grow savings securely.
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SBI 5-year senior citizen FD interest rate
2/10The interest rate is 7.50 per cent for senior citizens.
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SBI 5-year fixed deposit tax benefits
3/10Tax saving fixed deposit of SBI allows individuals to earn a competitive rate of interest on lump-sum contributions while simultaneously providing tax benefits under Section 80C of the Income Tax Act.
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PNB 5-year senior citizen FD interest rate
4/10Punjab National Bank is offering a 7 per cent interest rate to senior citizens in 5-year FD.
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PNB 5-year fixed deposit tax benefits
5/10Deposits in the scheme will be provided tax benefits up to Rs 1.50 lakh in a financial year.
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Canara Bank 5-year senior citizen FD interest rate
6/10Canara Bank is offering a 7.20 per cent interest rate to senior citizens in 5-year FD.
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Canara Bank 5-year fixed deposit tax benefits
7/10Canara Bank's 5-year tax-saving fixed deposit (FD) offers tax benefits of up to Rs 1.5 lakh per year under Section 80C of the Income Tax Act, 1961.
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SBI 5-year FD: Maturity amount for senior citizen on Rs 5 lakh investment
8/10The estimated corpus will be Rs 7,24,974, and estimated returns will be Rs 2,24,974 on the investment of Rs 5 lakh in a 5-year fixed deposit for senior citizens.
9/10
PNB 5-year FD: Maturity amount for senior citizen on Rs 5 lakh investment
9/10The estimated corpus will be Rs 7,07,389, and estimated returns will be Rs 2,07,389 on the investment of Rs 5 lakh in a 5-year fixed deposit for senior citizens.
10/10
Canara Bank 5-year FD: Maturity amount for senior citizen on Rs 5 lakh investment
10/10The estimated corpus will be Rs 7,14,374, and estimated returns will be Rs 2,14,374.
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