L&T Shares13 min ago
Best 3-year FD for senior citizens: SBI vs PNB vs HDFC Bank; which FD will give highest return on Rs 5 lakh investment
- Written by Anamika Singh
Published: 4:59 PM, Oct 31, 2024
|Updated: 1:01 PM, Nov 11, 2024
Senior citizen fixed deposits are a popular investment choice for those aged 60 and above. These FDs offer attractive interest rates, ensuring guaranteed returns on your savings. So, if you are looking for a profitable and secure investment, senior citizen fixed deposits offer both. They are a smart choice for seniors with higher interest rates than regular FDs.
Photos Source: Pixabay/X/Representational
(Disclaimer: Our calculations are projections and not investment advice. Do your own due diligence or consult an expert for financial planning)
Also read: SBI 5-year FD vs PNB 5-year FD: What will general and senior citizens get on Rs 8 lakh investment
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Benefits of FD for senior citizens
Senior citizens can choose different interest payout options where interest is credited to the depositor's savings account frequently—either monthly, quarterly, half-yearly, or yearly.
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Eligibility for senior citizen FD
If you want to open a senior citizen fixed deposit, then you will need to be a resident of India. You also need to be above the age of 60 years at the time of opening the fixed deposit.
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Taxes on senior citizen FDs
Senior citizens can get a deduction of up to Rs 50,000 on their annual income from interest earned on fixed deposits in banks or post office deposits under Section 80 TTB.
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SBI 3-year senior citizen FD interest rate
The interest rate is 7.25 per cent for general citizens.
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PNB 3-year senior citizen FD interest rate
The interest rate is 7.50 per cent for general citizens.
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HDFC Bank 3-year senior citizen FD interest rate
The interest rate is 7.50 per cent for general citizens.
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SBI 3-year FD: Maturity amount for senior citizen on Rs 5 lakh investment
An estimated corpus of Rs 6,20,273 will be generated on the investment of Rs 5 lakh in the 3-year fixed deposit for senior citizens.
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PNB 3-year FD: Maturity amount for senior citizen on Rs 5 lakh investment
An estimated corpus of Rs 6,24,858 will be generated on the investment of Rs 5 lakh.
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HDFC 3-year FD: Maturity amount for senior citizen on Rs 5 lakh investment
With 7.5 per cent rate of interest, an estimated corpus on the investment of Rs 5 lakh would be Rs 6,24,858.
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