Many investors invest their money in Fixed Deposit Schemes (FDs). Banks and Non-Banking Financial Institutions (NBFCs) offer higher interest rates to senior citizens than to general citizens.
The reason behind it is that they want to encourage people to invest more money in fixed deposits.
In this case, SBI also offers FDs with extended interest rate benefits to senior citizens.
SBI FDs for Senior Citizens offer interest rates of 7.30% on 1 year FD, 7.25% on 3 year FD and 7.50% on 5 year FD.
In this way, you can see how much return you will get if you invest Rs.3 lakh.
1 year deposit
SBI offers an interest rate of 7.25% on 1-year senior citizen fixed deposit investment. At this rate of interest one can pay Rs. 3,00,000 invested, they will get interest of Rs.22,507.
3 year F.D
The interest rate for SBI Senior Citizen 3 Year FD is 7.25%. In an investor scheme Rs. 300,000 invested, they will get Rs.72,164 in return.
5 year FD
The interest rate for SBI Senior Citizen 3 Year FD is 7.25%. In an investor scheme Rs. 300,000 will get Rs.72,164 in return.
SBI Senior Citizens 5 Year Deposit
5 Year SBI Senior Citizens FD offers 7.50% interest rate. An investment of Rs 300,000 in an FD will earn you an interest of Rs 1,34,984.
