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Everybody likes to plan for their retirement beforehand. While some opt for market options like mutual funds, the ones who don’t like to take such risks prefer more stable options like fixed deposits. Understanding their needs and demands, banks also offer a comparatively higher interest rate for senior citizens on their FD accounts. State Bank of India (SBI) provides various special FDs like Amrit Kalash, Amrit Vrishti, SBI Sarvottam, and regular FD options in durations of 1, 3, 5, and 10 years for senior citizens, similar to other banks. Senior citizens in Amrit Vrishti special FD can avail the country's highest interest rate of 7.75 per cent from the top lender. Its fixed deposit interest rates are 7.30 percent for 1 year, 7.25 percent for 3 years, and 7.50 percent for 5 years.
SBI's Senior Citizen FD Rates For Rs 3 Lakh, Rs 6 Lakh, and Rs 9 Lakh Investments
Here is a list of how much interest elderly individuals will receive by investing Rs 3 lakh, Rs 6 lakh, or Rs 9 lakh in SBI's Amrit Vrishti, 1-, 3-, and 5-year Fixed Deposits.
Maturity on Rs 3 lakh investment in 1-year SBI Senior Citizen FD
In 1 year, the expected interest on an investment of Rs 3 lakh is Rs 22,507, leading to an estimated maturity of Rs 3,22,507.
Maturity on Rs 6 lakh investment in 1-year SBI Senior Citizen FD
An investment of Rs 6 lakh in a 1-year FD will yield approximately Rs 45,014 in interest and a total maturity amount of around Rs 6,45,014.
Maturity on Rs 9 lakh investment in 1-year SBI Senior Citizen FD
Senior citizens will receive an estimated Rs 67,521 in interest and Rs 9,67,521 in maturity by investing Rs 9 lakh.
Maturity on Rs 9 lakh investment in 3-year SBI Senior Citizen FD
An investment of Rs 9 lakh is expected to yield around Rs 2,16,492 in interest and a total of around Rs 11,16,492 at maturity.
Maturity on Rs 6 lakh investment in 3-year SBI Senior Citizen FD
Investing Rs 6 lakh can yield an estimated Rs 1,44,328 in interest and Rs 7,44,328 in total at maturity.
Maturity on Rs 3 lakh investment in 3-year SBI Senior Citizen FD
Senior citizens will receive Rs 72,164 in interest and Rs 3,72,164 in total on a 3-year FD investment of Rs 3 lakh.
Maturity on Rs 9 lakh investment in 5-year SBI Senior Citizen FD
If a senior citizen puts Rs 9 lakh into a 5-year Fixed Deposit, they can expect to earn an estimated interest of Rs 4,04,953, resulting in an estimated maturity amount of Rs 13,04,953.
Maturity on Rs 6 lakh investment in 5-year SBI Senior Citizen FD
The expected return on a Rs 6 lakh investment is projected to be Rs 2,69,969, with an estimated total of Rs 8,69,969 at maturity.
Maturity on Rs 3 lakh investment in 5-year SBI Senior Citizen FD
An investment of Rs 3 lakh is expected to yield approximately Rs 1,34,984 in interest and Rs 4,34,984 upon maturity.
Maturity on Rs 9 lakh investment in SBI Amrit Vrishti Senior Citizen FD
Senior citizens can expect to receive approximately Rs 88,083.38 in interest and Rs 9,88,083.38 at maturity on an investment of Rs 9 lakh.
Maturity on Rs 6 lakh investment in SBI Amrit Vrishti Senior Citizen FD
Senior citizens will receive approximately Rs 58,722.25 in interest and around Rs 6,58,722.25 in maturity.
Maturity on Rs 3 lakh investment in SBI Amrit Vrishti Senior Citizen FD
The expected return on a Rs 3,00,000 investment is estimated to be Rs 29,361.13, with a projected total of Rs 3,29,361.13 at maturity.