SBI Senior Citizens FD Rates: What will you get on Rs 10 lakh investment in State Bank of India 1-10 year fixed deposits?
SBI has been considered the most trusted Bank by Indians for generations. With an asset base of over Rs 61 trillion and a customer base of over 50 crore, State Bank of India continues to offer attractive fixed deposit interest rates to senior citizens.
SBI offers Fixed Deposit (FD) schemes for senior citizens, providing a stable way to earn interest on their savings. If a senior citizen invests Rs 10,00,000 in SBI's FD schemes, they can earn interest at attractive rates in the following 1-year FD, 3-year FD, 5-year FD, and 10-year FD schemes. On that note, let’s find out how much senior citizens will get on a Rs 10 lakh investment in these fixed deposits.
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What is fixed deposit?
Fixed Deposit (FD) is a type of investment in which you can invest a lump sum for a specific period with a bank or other financial institutions. The period of investment can range from 7 days to 10 years, depending on the investor’s preference.
FD calculation conditions
In this article, we will see what PSU bank SBI is offering to senior citizens on 1-year, 3-year, 5-year, and 10-year FD schemes. We will also calculate the returns on a Rs 10 lakh investment in all these tenures.
SBI senior citizens 1-year FD scheme
The State Bank of India offers a 7.20 per cent interest rate to senior citizens on the 1-year FD scheme.
SBI 3-year FD interest rate for senior citizens
SBI offers a 7.25 per cent interest rate to senior citizens on the 3-year FD scheme.
SBI senior citizens 5-year FD scheme
This PSU bank provides a 7.50 per cent interest rate to senior citizens on the 5-year FD scheme.
SBI 10-year FD interest rate for senior citizens
This PSU bank offers a 7.50 per cent interest rate to senior citizens on the 10-year FD scheme.
SBI 1-Year FD: What will be maturity amount on Rs 10 lakh deposit?
For senior citizens, the estimated maturity amount on Rs 10 lakh investment in one year will be Rs 10,73,967. The estimated interest will be Rs 73,967.
SBI 3-Year FD: What will be maturity amount on Rs 10 lakh deposit?
For senior citizens, the estimated maturity amount on Rs 10 lakh investment in a 3-year FD will be Rs 12,40,546. The estimated interest earned will be Rs 24,05,46.
SBI 5-Year FD: What will be maturity amount on Rs 10 lakh deposit?
For senior citizens, the estimated maturity amount on Rs 10 lakh investment in a 5-year FD will be Rs 14,49,948. The estimated interest will be Rs 4,49,948.
SBI 10-Year FD: What will be maturity amount on Rs 10 lakh deposit?
For senior citizens, the estimated maturity amount on Rs 10 lakh investment in a 10-year FD will be Rs 21,02,349. The estimated interest will be Rs 11,02,349.