SBI Senior Fixed Deposit (FD) Interest Rate 2024, Income Guaranteed Scheme: Senior citizens need a source of income to meet their expenses during retirement. As far as investment options are concerned, they prefer guaranteed return schemes, where their funds are relatively safe, over market-linked schemes, which provide regular income. That is why many of them prefer to invest in fixed deposit schemes where they can earn profits in the form of interest. You can receive it at maturity, or monthly, quarterly, semi-annually, or annually.
State Bank of India (SBI) also operates a number of FD schemes. The country’s largest financial institution operates special FDs like Amrit Kalash, Amrit Vrishti and Green Deposit, as well as one-year, three-year and five-year schemes for senior citizens. The bank offers the best interest rates to senior citizens under the Amrit Vrishti scheme. This is a special scheme that offers an interest rate of 7.75%. The interest rates for 1-year, 3-year and 5-year SBI senior FDs are 7.30%, 7.25% and 7.50% respectively. (Data from Paisabazaar.com).
In this article, we will tell you what you will get if you invest Rs 60 Lakh, Rs 1.1 Lakh, Rs 16 Lakh and Rs 2.1 Lakh in SBI Senior Citizen FD Scheme for 1, 3 and 5 years.
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