Here's a look at the interest rates for senior citizens and others on SBI's FD plans with 1-year, 3-year, and 5-year tenures:
)
State Bank of India (SBI) provides both senior and general citizens with a range of investment plans. Senior citizens can earn 7.75 percent interest through SBI's Amrit Vrishti FD scheme, while general citizens can earn 7.25 percent interest.
By offering a safe, low-risk investment option with guaranteed returns, the public lender also offers one-year, three-years, and five-yeard fixed deposit plans to the general and senior citizens. Seniors gain even more from the bank's marginally hiked interest rates, which are essential for generating a steady retirement income.
Here's a look at the interest rates for senior citizens and others on SBI's FD plans with 1-year, 3-year, and 5-year tenures:
The duration of an SBI FD is seven days to ten years.
Additionally, SBI offers a loan facility secured by FD.
With SBI's nomination option, depositors can designate spouses or family members to receive the maturity funds.
Additionally, depositors are eligible for the auto-renewal facility.
A 0.50 percent higher FD interest rate is available to senior citizens who have more than Rs 10,000.
For a one-year term, the bank offers senior citizens 7.30 percent interest rates, while other customers receive 6.80 percent.
For a three-year period, the bank offers senior citizens 7.25 percent interest rates, while other customers receive 6.75 percent.
For five-year tenure, the bank offers senior people interest rates of 7.50 percent, while other customers receive interest rates of 6.50 percent.
SBI FD investors will receive Rs 10,69,754 at maturity, Rs 12,22,393 at three, and Rs 13,80,420 at five years if they invest Rs 10 lakh for a year.
With a one-year investment of Rs 10 lakh in an SBI FD, senior persons will receive Rs 10,75,023 at maturity, Rs 12,40,547 after three years, and Rs 14,49,948 after five years.
Newsletter
