SBI Senior Citizen FDs: What Rs 1 lakh investment in 1-year, 2-year, 3-year and 5-year FDs will give you
SBI Senior Citizen Fixed Deposits: State Bank of India (SBI) runs a number of fixed deposit (FDs) schemes. Like many other banks, small finance banks and non-banking finance companies (NBFCs), SBI also provides extra interest rate of up to 50 bps to senior citizens on most of its FD schemes. Investment in a five-year FD also provides tax benefits on deposits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act.
Here's what senior citizens can get on Rs 1 lakh investment each in 1-year, 2-year, 3-year and 5-year SBI senior citizen FDs.
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Interest rates
Interest rates Interest rates for SBI senior citizen FDs are- (7.30% for 1-year FD), (7.50% for 2-year FD), (7.25% for 3-year FD), (7.50% for 5-year FD).
Return in 1-year FD
Return in 1-year FD On Rs 1 lakh investment, you will get Rs 7,502 as interest at 7.30% interest rate and your maturity value after one year will be Rs 107,502.
Return in 2-year FD
Return in 2-year FD In a two-year senior citizens FD, your interest in two years will be Rs 16,022, while your maturity amount will be Rs 1,16,022.
Return in 3-year FD
Return in 3-year FD In a three-year SBI senior citizens FD, at 7.25% interest rate, in three years, you will get Rs 24,055 as interest, while your maturity amount will be Rs 1,24,055.
Return in 5-year FD
Return in 5-year FD If you invest Rs 1 lakh in a five-year SBI senior citizens FD, at 7.50% interest rate, you will get Rs 44,995 as interest, while your maturity amount will be Rs 1,44,995.