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SBI vs Canara Bank 10-year FD For Senior Citizens: Compare maturity of Rs 3.5 lakh- Rs 6.5 lakh deposits in both PSU banks
- Written by Bhawna Gupta
Published: Zee Business| Updated: Zee Business
Senior citizens prefer the fixed deposit (FD) investment option most because of its low risk and guaranteed return. Moreover, banks offer a higher FD interest rate to senior citizens than to general citizens. They can also choose to receive interest payouts on FD on a monthly, quarterly, or annual basis. This helps senior citizens plan their retirement financially. In this article, we will compare the State Bank of India (SBI) and Canara Bank FD rates for senior citizens and compare maturity on Rs 3.5 lakh, Rs 4.5 lakh, Rs 5.5 lakh, and Rs 6.5 lakh deposits.
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SBI 10-year FD rate
1/6The PSU bank offers a 7.05 per cent interest rate to senior citizens on the 10-year FD scheme.
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Maturity on Rs 3,50,000 and Rs 4,50,0000 deposits
2/6If a senior citizen deposits Rs 3.5 lakh in SBI's 10-year FD, they will get Rs 7,04,010 on maturity, and will get Rs 9,05,156 on Rs 4.5 lakh deposit.
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Maturity on Rs 5,50,000 and Rs 6,50,000 deposits
3/6If a senior citizen deposits Rs 5.5 lakh in SBI's 10-year FD, they will get Rs 11,06,301 on maturity, and will get Rs 13,07,447 on Rs 6.5 lakh deposit.
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Canara Bank 10-year FD rate
4/6The Canara Bank provides a 7 per cent interest rate to senior citizens on the 10-year FD scheme.
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Maturity on Rs 3,50,000 and Rs 4,50,0000 deposits
5/6If a senior citizen deposits Rs 3.5 lakh in Canara Bank's 10-year FD, they will get Rs 7,00,559 on maturity, and will get Rs 9,00,718 on Rs 4.5 lakh deposit.
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Maturity on Rs 5,50,000 and Rs 6,50,000 deposits
6/6If a senior citizen deposits Rs 5.5 lakh in SBI's 10-year FD, they will get Rs 11,00,878 on maturity, and will get Rs 13,01,038 on Rs 6.5 lakh deposit.
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