SBI Senior Citizen FD Interest Rates: How much monthly payout, maturity amount you will get on investments of Rs 5,55,666 and 7,77,888 in 1-, 3-, and 5-year fixed deposits
Latest SBI Senior Citizen FD Interest Rates: Senior citizens often invest in fixed deposit schemes (FDs) to get regular income for their retirement days. Since they need a regular income, most of them opt for periodic (monthly, quarterly, half-yearly, yearly) payouts. They also opt for maturity on the completion of FD if they don't need the amount in the near future. Like many banks, State Bank of India (SBI) also offers extra interest rates to senior citizens in its FDs compared to what it offers to general citizens.
SBI Senior Citizen FD Interest Rates: When someone reaches their retirement stage, their expenses may remain the same, increase, or decrease, but they need a regular source of income to meet them. However, at that stage, there are chances that they may not have a regular job, business, or other income source. If they face such a situation, their source of earnings may be the returns from their investments. That's the reason a lot of senior citizens opt for fixed deposit (FD) investments in their retirement years. The major reason is that FDs are non-linked investments where they get guaranteed returns. At the time of making investments, senior citizens know how much periodic payouts or maturity amounts they will get in an FD. According to that, they can do their post-retirement financial planning. Banks encourage senior citizens to invest in FDs, for which they offer an extra interest rate to them compared to what they offer to general citizens.
Like many other banks, State Bank of India (SBI) also offers 50 bps (0.5 per cent) extra interest rates to senior citizens in its FDs compared to the rates offered to general citizens. Senior citizens can invest in SBI FDs ranging from 7 days to 10 years. Some of the popular SBI FD durations for senior citizens are 1, 3, and 5 years. SBI special FDs, such as the 400-day Amrit Kalash, 444-day Amrit Vrishti, and SBI Super Green, also offer additional interest rates to senior citizens. The country's top lender also offers periodic payouts in its FDs. Here, we will tell how much monthly payouts and maturity amounts a senior citizen may get if they invest Rs 5,55,666 and 7,77,888 in 1-, 3-, and 5-year FDs.
(FD rates source: Paisabazaar.com)
(Photos: Unsplash/Pixabay/Pexels)
(Disclaimer: These are projections. Actual calculations may vary.)
SBI Senior Citizen FD rate for 1-year FD
The PSU ban provides 7.30 per cent interest rate in the 1-year FD.
SBI Senior Citizen FD Rates: Monthly payout on Rs 5,55,666 investment in 1-year FD
Rs 40,564 overall and Rs 3380.33 monthly
SBI Senior Citizen FD Rates: Maturity amount on Rs 5,55,666 investment in 1-year FD
Interest- Rs 41,688
Maturity- Rs 5,97,354
SBI Senior Citizen FD Rates: Monthly payout on Rs 7,77,888 investment in 1-year FD
Rs 56,786 overall and Rs 4,732.17 monthly
SBI Senior Citizen FD Rates: Maturity amount on Rs 7,77,888 investment in 1-year FD
Interest- Rs 58,359
Maturity- Rs 8,36,247
SBI Senior Citizen FD rate for 3-year FD
The bank provides 7.25 per cent interest rate in the 3-year FD.
SBI Senior Citizen FD Rates: Monthly payout on Rs 5,55,666 investment in 3-year FD
Rs 1,20,857 overall and Rs 3,357.14 monthly
SBI Senior Citizen FD Rates: Maturity amount on Rs 5,55,666 investment in 3-year FD
Interest- Rs 1,33,664
Maturity- Rs 6,89,330
SBI Senior Citizen FD Rates: Monthly payout on Rs 7,77,888 investment in 3-year FD
Rs 1,69,191 overall and Rs 4,699.75 monthly
SBI Senior Citizen FD Rates: Maturity amount on Rs 7,77,888 investment in 3-year FD
Interest- Rs 1,87,119
Maturity- Rs 9,65,007
SBI Senior Citizen FD rate for 5-year FD
The PSU bank provides 7.50 per cent interest rate in the 5-year FD.
SBI Senior Citizen FD Rates: Monthly payout on Rs 5,55,666 investment in 5-year FD
Rs 2,08,375 overall and Rs 3,472.91 monthly
SBI Senior Citizen FD Rates: Maturity amount on Rs 5,55,666 investment in 5-year FD
Interest- Rs 2,50,021
Maturity- Rs 8,05,687
SBI Senior Citizen FD Rates: Monthly payout on Rs 7,77,888 investment in 5-year FD
Rs 2,91,708 overall and Rs 4,861.8 monthly
SBI Senior Citizen FD Rates: Maturity amount on Rs 7,77,888 investment in 5-year FD
Interest- Rs 3,50,009
Maturity- Rs 11,27,897