best stocks to buy13 min ago
SBI Sarvottam FD vs Union Bank Sumvridhi FD For Senior Citizens: What will be returns on Rs 5 lakh investment in each guaranteed return scheme
- Written by ZeeBiz WebTeam
Published: 4:48 PM, Oct 9, 2024
|Updated: 4:49 PM, Oct 9, 2024
Senior citizens looking for secure investment options can choose between SBI Sarvottam FD and Union Bank Sumvridhi FD, two guaranteed return schemes with attractive interest rates. SBI Sarvottam FD offers a non-callable term deposit with no pre-mature withdrawal option, while Union Bank Sumvridhi FD allows early closure with penalties. Both schemes have special rates for seniors and offer stable returns. In this article, we compare their features, interest rates, and potential returns on a Rs 5 lakh investment to help you make an informed decision.
1/12
SBI Sarvottam FD
Eligibility:
Resident Individuals and Non-Individual Customers
Minors and NRI customers are not eligible
2/12
Additional Interest
Interest:
Senior Citizens, Staff, and Staff Senior Citizens receive additional interest
NRI Senior Citizens and NRI Staff are not eligible
3/12
Pre-Mature Withdrawal
Not allowed
4/12
Renewal
Not allowed
Maturity amount will be credited to Customer’s SB/CA/CC/OD account
5/12
Loan Facility
Demand loan available against the deposit with applicable margin
6/12
TDS
Applicable as per Income Tax Rules
7/12
Investment Return (for Rs 5 lakh):
Interest Rate: 7.6%
Time Period: 1 year
Estimated Return: Rs 39,097
Total Value: Rs 5,39,097
8/12
Union Bank Sumvridhi FD
Key Features:
Scheme Code:
Applicable for all domestic term deposits except Monthly Income Schemes (MIS)
9/12
Period
333 days
10/12
Minimum and Maximum Deposit Amount
Minimum Deposit Amount:
Rs 1,000
Maximum Deposit Amount:
Below Rs 3 crore
11/12
Interest Rates (for 333 days):
7.40% for General Customers
7.90% for Senior Citizens
8.15% for Super Senior Citizens
12/12
Investment Return (for Rs 5 lakh)
Interest Rate: 7.9%
Time Period: 1 year
Estimated Return: Rs 40,686
Total Value: Rs 5,40,686
- 1
- 2
- 3
- 4
- 5
- 6