Are you looking for a good FD scheme? Then todays article is for you. State Bank of India (SBI), a PSU lender, has a variety of fixed deposit (FD) maturity options for both senior citizens and other customers. They have a special scheme called Amrit Vrishti, which offers a 7.75% interest rate for seniors and 7.25% for everyone else. SBI also has one-year, three-year, and five-year FD plans available for both groups.
This article will break down the interest rates for different tenures and help you figure out how much you’ll get back on a Rs 2 lakh investment. The FD tenures range from just seven days up to 10 years. Plus, SBI allows you to nominate family members or spouses to receive the maturity amount.
For senior citizens, if you deposit Rs 10,000 or more, you can earn an extra 0.50% compared to regular depositors. There’s also an auto-renewal option available.
When it comes to one-year FDs, seniors can earn 7.30%, while other depositors get 6.80%. For three-year FDs, the rates are 7.25% for seniors and 6.7% for others. If you’re looking at five-year FDs, seniors earn 7.50%, and other depositors receive 6.50%.
If you put Rs 2 lakh into an SBI FD for one year, you can expect to receive around Rs 2,13,951 when it matures. In a similar vein, the projected amounts after three and five years are around Rs 2,44,479 and Rs 2,76,084, respectively. For senior citizens putting Rs 2 lakh into SBI fixed deposits, they can expect to receive about Rs 2,15,005, Rs 2,48,109, and Rs 2,89,990 at the end of one, three, and five years, according to the calculations.